H-NET.NET Fiscal Year 2001 Revenue Up 62%

Apr 30, 2001, 01:00 ET from H-NET.NET, Inc.

    NIAGARA FALLS, N.Y., April 30 /PRNewswire/ -- H-NET.NET, Inc. (HNSP) today
 announced the company's financial results for fiscal year 2001, which ended
 January 31, 2001.  Total revenue for the year was $1,448,869, an increase of
 62% over the $895,373 reported for fiscal year 2000 reflecting the growth of
 the company's Virtual Trade Show, on-line education programs, web-related
 hardware sales and software products as the company continued to broaden its
 revenue base and transition away from relying solely on PC-based sales.
 Reflecting investments in marketing, sales and on-going development of our
 services, the company reported a net loss of ($525,836) or ($0.03) per share
 for the year compared with a net loss of ($206,288) or ($0.01) reported in the
 previous year.
     H-NET-NET President and CEO Anton Stephens said, "Despite our
 accomplishments and progress, it was not an easy year with the vision care
 industry falling into a severe slump resulting in a number of retail mergers,
 consolidations and shut-downs.  This in turn slowed expenditures by many of
 our customers and potential customers in new technology despite the obvious
 long-term benefits.  Nevertheless, we continued to invest in our e-commerce
 services, technology, sales development and marketing efforts with the
 strategic vision of emerging from this industry slowdown as a dominant and
 highly profitable digital solutions supplier to the global vision care
 industry.
     "Our expense increases reflected investments in marketing, sales, ongoing
 development of services including a new state of the art trade show booth,
 Internet related hardware costs as well as extensive investments in software,
 ASP prototypes, website development and specialized telecom equipment for our
 new hosted services.  Due to the one time nature of some of these outlays, we
 anticipate that our expenses going forward will decline.  Our cash reserves
 declined, but continued to be sufficient to support ongoing expansion.  We
 remain debt free and continue to seek funding to fuel additional growth,"
 Stephens added.
     "Strategically, we will keep building our North American business and work
 our way successfully through the current downturn in the vision care industry.
 We remain committed to our program of international expansion where we believe
 the opportunities we are actively exploring could provide dramatic growth to
 our business in the not too distant future," Stephens said.
     H-NET.NET, Inc. is emerging as the global digital solutions provider for
 the vision care industry.  With its multi-service Internet portal, web hosting
 services, business applications services, and Internet-based transaction
 processing services, H-NET(R) provides services to retail opticians, chains
 home offices, optometrists, ophthalmologists and optical labs.  For more
 information about H-NET.NET visit our website www.h-net.net or contact
 Christine at (905) 475-3249.  Email info@h-net.net.  For other valuable
 information visit Hawk Associates website www.hawkassociates.com or contact
 Frank Hawkins at (305) 852-2383. Email: info@hawkassociates.com.
     "Safe Harbor" statement under the Private Securities Litigation Reform Act
 of 1995: Statements in this press release regarding the expansion of the
 Company's operations are forward-looking statements. Words such as "expects",
 "intends", "anticipates", and "likely" also identify forward-looking
 statements.  Actual results may differ from such forward-looking statements as
 a result of a number of factors.
 
 
                                H-NET.NET, INC.
                            Selected Financial Data
 
 
 
           Year Ended January 31, 2001            2001            2000
 
     Condensed Statement of
      Operations Information:
          Revenue                            $  1,448,869    $   895,373
          Expenses                              2,072,052      1,160,700
          Earnings (loss) before Income Tax      (623,183)      (265,327)
          Net gain (loss)                        (525,836)      (206,288)
 
     Net Earnings Per Share:                       (0.034)        (0.014)
 
          Average shares outstanding           15,661,004*     7,823,002
 
     Condensed Balance Sheet Information:
          Current Assets                        $ 836,472    $ 1,153,375
          Capital Assets                           56,998         73,914
          Total Assets                            893,470      1,310,289
          Total Liabilities                        62,261        114,675
          Stockholders' Equity                    893,470      1,310,289
 
     * Stock split 2-for-1 on 4/3/2000
 
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X72513898
 
 

SOURCE H-NET.NET, Inc.
    NIAGARA FALLS, N.Y., April 30 /PRNewswire/ -- H-NET.NET, Inc. (HNSP) today
 announced the company's financial results for fiscal year 2001, which ended
 January 31, 2001.  Total revenue for the year was $1,448,869, an increase of
 62% over the $895,373 reported for fiscal year 2000 reflecting the growth of
 the company's Virtual Trade Show, on-line education programs, web-related
 hardware sales and software products as the company continued to broaden its
 revenue base and transition away from relying solely on PC-based sales.
 Reflecting investments in marketing, sales and on-going development of our
 services, the company reported a net loss of ($525,836) or ($0.03) per share
 for the year compared with a net loss of ($206,288) or ($0.01) reported in the
 previous year.
     H-NET-NET President and CEO Anton Stephens said, "Despite our
 accomplishments and progress, it was not an easy year with the vision care
 industry falling into a severe slump resulting in a number of retail mergers,
 consolidations and shut-downs.  This in turn slowed expenditures by many of
 our customers and potential customers in new technology despite the obvious
 long-term benefits.  Nevertheless, we continued to invest in our e-commerce
 services, technology, sales development and marketing efforts with the
 strategic vision of emerging from this industry slowdown as a dominant and
 highly profitable digital solutions supplier to the global vision care
 industry.
     "Our expense increases reflected investments in marketing, sales, ongoing
 development of services including a new state of the art trade show booth,
 Internet related hardware costs as well as extensive investments in software,
 ASP prototypes, website development and specialized telecom equipment for our
 new hosted services.  Due to the one time nature of some of these outlays, we
 anticipate that our expenses going forward will decline.  Our cash reserves
 declined, but continued to be sufficient to support ongoing expansion.  We
 remain debt free and continue to seek funding to fuel additional growth,"
 Stephens added.
     "Strategically, we will keep building our North American business and work
 our way successfully through the current downturn in the vision care industry.
 We remain committed to our program of international expansion where we believe
 the opportunities we are actively exploring could provide dramatic growth to
 our business in the not too distant future," Stephens said.
     H-NET.NET, Inc. is emerging as the global digital solutions provider for
 the vision care industry.  With its multi-service Internet portal, web hosting
 services, business applications services, and Internet-based transaction
 processing services, H-NET(R) provides services to retail opticians, chains
 home offices, optometrists, ophthalmologists and optical labs.  For more
 information about H-NET.NET visit our website www.h-net.net or contact
 Christine at (905) 475-3249.  Email info@h-net.net.  For other valuable
 information visit Hawk Associates website www.hawkassociates.com or contact
 Frank Hawkins at (305) 852-2383. Email: info@hawkassociates.com.
     "Safe Harbor" statement under the Private Securities Litigation Reform Act
 of 1995: Statements in this press release regarding the expansion of the
 Company's operations are forward-looking statements. Words such as "expects",
 "intends", "anticipates", and "likely" also identify forward-looking
 statements.  Actual results may differ from such forward-looking statements as
 a result of a number of factors.
 
 
                                H-NET.NET, INC.
                            Selected Financial Data
 
 
 
           Year Ended January 31, 2001            2001            2000
 
     Condensed Statement of
      Operations Information:
          Revenue                            $  1,448,869    $   895,373
          Expenses                              2,072,052      1,160,700
          Earnings (loss) before Income Tax      (623,183)      (265,327)
          Net gain (loss)                        (525,836)      (206,288)
 
     Net Earnings Per Share:                       (0.034)        (0.014)
 
          Average shares outstanding           15,661,004*     7,823,002
 
     Condensed Balance Sheet Information:
          Current Assets                        $ 836,472    $ 1,153,375
          Capital Assets                           56,998         73,914
          Total Assets                            893,470      1,310,289
          Total Liabilities                        62,261        114,675
          Stockholders' Equity                    893,470      1,310,289
 
     * Stock split 2-for-1 on 4/3/2000
 
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X72513898
 
 SOURCE  H-NET.NET, Inc.