Findex Releases Q4 and Full Year Results

Apr 16, 2001, 01:00 ET from Findex.Com, Inc.

    OMAHA, Neb., April 16 /PRNewswire/ -- Findex.Com
 (OTC Bulletin Board:   FIND) announced results today for the fourth quarter and
 year ended December 31, 2000.
     For the fourth quarter ended December 31, 2000 the Company reported net
 sales of  $2,533,473 as compared to $3,714,516.  While this represented a
 decline in sales of almost 32%, it should be noted that in 1999 the company
 had two separate releases including QuickVerse 6 and Membership Plus 6, as
 compared to only one release QuickVerse 7, during the fourth quarter of 2000.
 Income also declined for the quarter from a net of $739,146 in 1999 to a loss
 of ($1,874,801) in the current quarter.
     Sales for the fiscal year ended December 31, 2000 increased 10% to
 $7,154,964 from $6,513408 for the period ended December 1999.  Net income also
 declined from $1,057,352 in the year ended December 1999 to a loss of
 ($2,354,139).
     In discussing the results Steven Malone, President of Findex said,
 "The fiscal year 2000 was a year of dramatic transition.  Early in the first
 quarter of the year Mattel abandoned it's agreement to be the secular
 marketing arm of the company and we had to start from ground zero to build a
 marketing organization for ourselves.  While this has been accomplished and we
 are moving forward, it took the better part of the fiscal year to do the job
 correctly and completely.  We didn't want to 'band-aid' over the problem and
 have to worry about it again in the future.  We also had a change in the upper
 management late in the year, as well as a change in the degree that we are
 willing to issue new shares.  All these problems have now been addressed and
 we are looking forward to a much better fiscal year 2001."
     In discussing the operating results the spokesperson for the company
 stated that "While the Earnings Before Interest, Taxes, Depreciation and
 Amortization (EBITDA) for the twelve months ended December 31, 2000 was a loss
 of $3,258,000, the loss included several non-cash expenses related to
 Corporate and Investor Services. These charges related to consultants hired
 for Business Development and to aid the Company in raising new funds.  The
 charges totaled $3,237,000 and completely offset the fact that the Company had
 positive cash flow from operations totaling $979,000.  This compared to
 $559,393 the prior year, a gain of over 75% in this important measure of
 operations."  The spokesperson added, "As Mr. Malone stated in his comments,
 we have changed the degree to which we are willing to issue new shares.  From
 this point on, the Company will offer more incentive based plans in the areas
 of business development and fundraising."
 
 

SOURCE Findex.Com, Inc.
    OMAHA, Neb., April 16 /PRNewswire/ -- Findex.Com
 (OTC Bulletin Board:   FIND) announced results today for the fourth quarter and
 year ended December 31, 2000.
     For the fourth quarter ended December 31, 2000 the Company reported net
 sales of  $2,533,473 as compared to $3,714,516.  While this represented a
 decline in sales of almost 32%, it should be noted that in 1999 the company
 had two separate releases including QuickVerse 6 and Membership Plus 6, as
 compared to only one release QuickVerse 7, during the fourth quarter of 2000.
 Income also declined for the quarter from a net of $739,146 in 1999 to a loss
 of ($1,874,801) in the current quarter.
     Sales for the fiscal year ended December 31, 2000 increased 10% to
 $7,154,964 from $6,513408 for the period ended December 1999.  Net income also
 declined from $1,057,352 in the year ended December 1999 to a loss of
 ($2,354,139).
     In discussing the results Steven Malone, President of Findex said,
 "The fiscal year 2000 was a year of dramatic transition.  Early in the first
 quarter of the year Mattel abandoned it's agreement to be the secular
 marketing arm of the company and we had to start from ground zero to build a
 marketing organization for ourselves.  While this has been accomplished and we
 are moving forward, it took the better part of the fiscal year to do the job
 correctly and completely.  We didn't want to 'band-aid' over the problem and
 have to worry about it again in the future.  We also had a change in the upper
 management late in the year, as well as a change in the degree that we are
 willing to issue new shares.  All these problems have now been addressed and
 we are looking forward to a much better fiscal year 2001."
     In discussing the operating results the spokesperson for the company
 stated that "While the Earnings Before Interest, Taxes, Depreciation and
 Amortization (EBITDA) for the twelve months ended December 31, 2000 was a loss
 of $3,258,000, the loss included several non-cash expenses related to
 Corporate and Investor Services. These charges related to consultants hired
 for Business Development and to aid the Company in raising new funds.  The
 charges totaled $3,237,000 and completely offset the fact that the Company had
 positive cash flow from operations totaling $979,000.  This compared to
 $559,393 the prior year, a gain of over 75% in this important measure of
 operations."  The spokesperson added, "As Mr. Malone stated in his comments,
 we have changed the degree to which we are willing to issue new shares.  From
 this point on, the Company will offer more incentive based plans in the areas
 of business development and fundraising."
 
 SOURCE  Findex.Com, Inc.