MyPhotoAlbum Inc.
FortuneCity.com: Significantly improved operating and financial results for 2003
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, March 29, 2004 – FortuneCity.com Inc. (“FortuneCity”) announced today
significantly improved operating and financial results for 2003.
FortuneCity showed significantly improved operating and financial results for
the twelve months ending December 31, 2003. Total revenue for 2003 increased 10%
over the prior year to $3.7 million in 2003 compared to $3.3 million in 2002,
the first increase in revenue after two consecutive years of negative growth.
Revenues were derived from online media sales (81%) and paid web services (19%).
Revenue from paid web services increased 17% over the prior
year.
Operating expenses were $4.6 million in 2003, a reduction of 59% compared to
$11.2 million in 2002. FortuneCity’s continued tight cost control measures and
reduction in fixed expenses improved the 2003 net loss 71 % from the prior year.
The net loss per share was $0.11 for the year 2003, compared to $0.40 for 2002.
Total cash consumed by operations was reduced dramatically during the course of
2003. The Company consumed $1.4 million during H1 2003 and $0.4 million during
H2 2003 compared to $3.3 million in H1 2002 and $2.0 million during H2 2002.
In July 2003, FortuneCity secured a funding arrangement whereby 1 million Euros
would be made available to the Company in two equal installments, subject to it
achieving certain cash flow milestones. The Company successfully achieved the
first milestone in November 2003, a four month average cash burn rate of
($75,000), and it achieved the second milestone in January 2004, a four month
average cash burn rate of ($37,500). FortuneCity elected to draw down on
the first 500,000 Euros installment in December 2003.
FortuneCity ended the year with approximately $2 million in cash.
end of ad-hoc-announcement (c)DGAP 29.03.2004
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WKN: 919383; ISIN: US34969P1021; Index:
Listed: Geregelter Markt in Frankfurt (General Standard); Freiverkehr in
Düsseldorf, Hannover und Stuttgart
290741 Mär 04
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