Lil
03-22-2006, 08:19 AM
GOLETA, Calif., Mar 22 /PRNewswire-FirstCall/ -- NeWave, Inc.
(OTC Bulletin Board: NWWV) today announced record revenue for both the fourth
quarter and full year 2005. Revenue for both the quarter and year ended
December 31, 2005 was $2,319,845 and $7,340,999 respectively. Net loss for
both the quarter and year ended December 31, 2005 was (.02) and (.17) per
share respectively.
NeWave CEO Michael Hill stated, "Although for the second consecutive year
we were able to achieve record revenue, 2005 was a year of significant
transition for us. We discontinued unprofitable and capital intensive
businesses of Auction Liquidator and Discount Online Warehouse and refocused
our efforts on our core competency of fee-based loyalty programs. In doing so
we took charges to our P & L in the year 2005, to set us up with a fresh slate
in 2006."
He added, "Additionally, when you factor in the record setting months
during the fourth quarter of 2005 and first quarter of 2006 for new
memberships, the resulting residual income earned from those members is
typically recorded 30-60 days after enrollment. Consequently, we ended
2005 with substantial momentum in the fourth quarter and given the early
returns so far we expect 2006 will be an outstanding year in terms of
considerable revenue growth and significant improvement to our bottom line."
NeWave CFO Paul Daniel added, "These results highlight what we believe to
be an effective execution of our operational initiatives which began in
mid-2005. We set out to introduce several new quality offerings, increase
both our revenue per customer and retention rate of our members while
decreasing our customer acquisition costs. I believe we are now in the midst
of hitting our stride on all of these milestones and continue to look for even
stronger financial performance as this year progresses."
About NeWave, Inc.
NeWave, Inc. through its websites 'onlinesupplier.com' and
'buydiscount.com", provides ecommerce solutions and thousands of high value
products at significant savings to its online loyalty club customers and
members.
To find out more about NeWave (OTC Bulletin Board: NWWV), visit our
websites at www.newave-inc.com, www.onlinesupplier.com and
www.buydiscount.com. The Company's public financial information and filings
can be viewed at www.sec.gov.
Forward Looking Statements
This release contains forward-looking statements, including, without
limitation, statements concerning our business and possible or assumed future
results of operations. Our actual results could differ materially from those
anticipated in the forward-looking statements for many reasons including: our
ability to continue as a going concern, adverse economic changes affecting
markets we serve; competition in our markets and industry segments; our timing
and the profitability of entering new markets; greater than expected costs,
customer acceptance of our products and services or difficulties related to
our integration of the businesses we may acquire; and other risks and
uncertainties as may be detailed from time to time in our public announcements
and SEC filings. Although we believe the expectations reflected in the
forward-looking statements are reasonable, they relate only to events as of
the date on which the statements are made, and our future results, levels of
activity, performance or achievements may not meet these expectations. We do
not intend to update any of the forward-looking statements after the date of
this document to conform these statements to actual results or to changes in
our expectations, except as required by law.
SOURCE NeWave, Inc.
Contact Information:
Michael Novielli, Chairman of NeWave, Inc., +1-845-575-6770, mnovielli@newave-inc.com
WebSite:
http://www.newave-inc.com
(OTC Bulletin Board: NWWV) today announced record revenue for both the fourth
quarter and full year 2005. Revenue for both the quarter and year ended
December 31, 2005 was $2,319,845 and $7,340,999 respectively. Net loss for
both the quarter and year ended December 31, 2005 was (.02) and (.17) per
share respectively.
NeWave CEO Michael Hill stated, "Although for the second consecutive year
we were able to achieve record revenue, 2005 was a year of significant
transition for us. We discontinued unprofitable and capital intensive
businesses of Auction Liquidator and Discount Online Warehouse and refocused
our efforts on our core competency of fee-based loyalty programs. In doing so
we took charges to our P & L in the year 2005, to set us up with a fresh slate
in 2006."
He added, "Additionally, when you factor in the record setting months
during the fourth quarter of 2005 and first quarter of 2006 for new
memberships, the resulting residual income earned from those members is
typically recorded 30-60 days after enrollment. Consequently, we ended
2005 with substantial momentum in the fourth quarter and given the early
returns so far we expect 2006 will be an outstanding year in terms of
considerable revenue growth and significant improvement to our bottom line."
NeWave CFO Paul Daniel added, "These results highlight what we believe to
be an effective execution of our operational initiatives which began in
mid-2005. We set out to introduce several new quality offerings, increase
both our revenue per customer and retention rate of our members while
decreasing our customer acquisition costs. I believe we are now in the midst
of hitting our stride on all of these milestones and continue to look for even
stronger financial performance as this year progresses."
About NeWave, Inc.
NeWave, Inc. through its websites 'onlinesupplier.com' and
'buydiscount.com", provides ecommerce solutions and thousands of high value
products at significant savings to its online loyalty club customers and
members.
To find out more about NeWave (OTC Bulletin Board: NWWV), visit our
websites at www.newave-inc.com, www.onlinesupplier.com and
www.buydiscount.com. The Company's public financial information and filings
can be viewed at www.sec.gov.
Forward Looking Statements
This release contains forward-looking statements, including, without
limitation, statements concerning our business and possible or assumed future
results of operations. Our actual results could differ materially from those
anticipated in the forward-looking statements for many reasons including: our
ability to continue as a going concern, adverse economic changes affecting
markets we serve; competition in our markets and industry segments; our timing
and the profitability of entering new markets; greater than expected costs,
customer acceptance of our products and services or difficulties related to
our integration of the businesses we may acquire; and other risks and
uncertainties as may be detailed from time to time in our public announcements
and SEC filings. Although we believe the expectations reflected in the
forward-looking statements are reasonable, they relate only to events as of
the date on which the statements are made, and our future results, levels of
activity, performance or achievements may not meet these expectations. We do
not intend to update any of the forward-looking statements after the date of
this document to conform these statements to actual results or to changes in
our expectations, except as required by law.
SOURCE NeWave, Inc.
Contact Information:
Michael Novielli, Chairman of NeWave, Inc., +1-845-575-6770, mnovielli@newave-inc.com
WebSite:
http://www.newave-inc.com