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FortuneCity.com Inc. english
FortuneCity.com Inc. reports 2002 Operating and Financial Results
Ad-hoc-announcement processed and transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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FortuneCity.com Inc. reports 2002 Operating and Financial Results
New York, March 28, 2003 – FortuneCity.com Inc. announced today operating and
financial results for 2002.
The Net Loss without restructuring charges for the year ended Dec. 31, 2002 was
USD 7.7 million compared to USD 17.7 million in the previous year, representing
a decrease of 56%. The decrease in the net loss was primarily attributable to
further reduction in expenses, particularly salaries and related costs and a
reduction hosting co-location and bandwidth costs.
Total revenues for 2002 decreased 27% to USD 3.3 million primarily as a result
of the depressed advertising sales market. Paid hosting services contributed
18% of revenues, constituting a growing revenue stream that will gradually
reduce dependence on advertising income.
At December 31, 2002 FortuneCity’s Consolidated Balance Sheet included USD 3.3
million in cash, cash equivalents and short-term investments. The cash burn was
reduced by 60% compared to the previous year.
end of ad-hoc-announcement (c)DGAP 28.03.2003
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WKN: 919383; ISIN: US34969P1021; Index:
Listed: Geregelter Markt in Frankfurt (General Standard); Freiverkehr in
Düsseldorf, Hannover und Stuttgart
280730 Mär 03
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