MyPhotoAlbum Inc.
FortuneCity.com Inc.
Ad-hoc-announcement processed and transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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New York, August 30, 2004 – FortuneCity.com Inc. (“FortuneCity”) announced
today operating and financial results for the first six months of 2004.
Total revenue in 1H 2004 increased 24% over 1H 2003 to $2.2 million, with
revenue from subscription based web hosting Services increasing 37%.
The Gross Profit margin increased to a record 61%, as a result of increasing
revenues and continued cost control. The Company believes that it continues to
lay the foundations for future cash flow break-even and profitability.
The Net Loss, excluding restructuring charges and non cash stock option
compensation charges, was reduced 61% to $816,000 in 1H 2004 from US$ 2.1
million in 1H 2003. The Loss per Share, excluding restructuring charges and non
cash stock Option compensation charges. was reduced from US$ (0.07) to US$
(0.02). At the end of Hl 2004 the Company had cash and cash equivalents totaling
$1.1 million.
FortuneCity considers that it has now emerged from a significant period of
consolidation, to a period of new growth. The Company’s web Services business,
offering premium hosting, domain, email and design solutions to small businesses
and individuals, continues to grow monthly and is establishing for the Company
a steady predictable revenue stream. FortuneCity continues to acquire customers
by relying on its top rankings on the major search engines and by internal
advertising on its own websites. Consequently, it has been able to avoid the
high marketing costs many of the Company’s competitors are required. to make to
achieve growth in this market.
In Q2 2004 FortuneCity launched MyPhotoAlbum.com, an online photo album
product that provides digital camera enthusiasts the ability to store, share and
print their photographs. This service exploits the Company’s existing Computer
infrastructure and knowledge of building and managing large online hosting
Services, The number of daily registrations is doubling approximately every four
weeks. The Company believes that MyPhotoAlbum.com can deliver multiple revenue
opportunities in the future, including paid premium subscription Services,
Standard photo printing and special printing on gift
items, as well as online advertising displayed on all user photo albums.
ForturieCity is seeking to further diversify its revenues by launching the
content website OnlineReviewGuide.com, and through further development obits
online games website HotGames. OnlineReviewGuide.com provides detailed help
topics for users of digital cameras, portable music players, and other personal
digital products. HotGames, through partnerships with iWin and Real, offers free
online tournament games and paid downloadable games.
Peter Macnee, President and CEO commented. “We continue to remain positive about
the future of FortuneCity and are excited by the potential growth prospects for
our new Services and continued growth of our subscription based hosting
services.”
end of ad-hoc-announcement (c)DGAP 30.08.2004
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WKN: 919383; ISIN: US34969P1021; Index:
Listed: Geregelter Markt in Frankfurt (General Standard); Freiverkehr in
Düsseldorf, Hannover und Stuttgart
300759 Aug 04
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