Business Editors
TAMPA, Fla.--(BUSINESS WIRE)--May 17, 2000
Reliant Interactive Media Corp. (OTCBB:RIMC) announced today its results for the first quarter, ending March 31, 2000. Reliant significantly increased its revenues and earnings over previous quarters, nearly matching
"We are pleased that Reliant is off to such an excellent start for the year 2000," says Kevin Harrington, Chairman and CEO of Reliant Interactive Media. "Our revenues for just the first quarter of this year nearly equaled our entire revenues for 1999. In our first 12 months of operations we have seen each quarter nearly double the revenues of the immediately-preceding quarter."
For the quarter, Reliant Interactive Media's net sales totaled $20,131,204, increasing by 63.8 percent over the previous quarter's (1999) net sales of $12,285,177. Reliant Interactive's net sales for the first quarter of 1999 totaled $352,477 and the company's total revenues for the year 1999 equaled $21,442,009. Net income for the first quarter of 2000 was $109,968, or a $0.02 per share increase, compared to a loss in the same quarter of 1999 of ($636,267), or ($0.18) per share.
"We have spent this first year building our infrastructure and our reputation in this industry," continues Harrington. "Reliant is now in a position to reap the benefits of these efforts. We are on a course to achieve modest growth in revenues over the remainder of this year and will concentrate on increasing our profitability and earnings per share. Much of our collective effort will be in focusing on enhancing our `AsSeenOnTVpc' Web site and driving customers to this site through the long-form television commercials that we produce."
Reliant's products are primarily sold in response to its long-form commercial productions that generate orders by telephone or through the company's Web sites. Harrington and his brother Tim, President of Reliant, are pioneers in this industry and have accounted for over $2 billion in sales throughout their 16 years in the business. Mel Arthur, Executive Vice President and primary show host for Reliant, has been involved in sales of more than $1 billion in his eight years in the business.
About Reliant
Reliant Interactive Media Corp is a multimedia direct marketing company that sells computers, consumer electronics and other products. These products are primarily sold via long-form television commercial productions and through their Internet Web site, www.AsSeenOnTVpc.com. The company was founded in July of 1998 and is run by brothers Kevin and Tim Harrington, who have advanced the concept of interactive product selling through their television productions and Web site.
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