TerenceNet,
Inc. Announces 94.3% Revenue Increase for First
Quarter 2003
Summary
of Financial Results
First Quarter Ended 03/31/2003 |
| |
1st
Quarter
Ended 03/31/2003 |
1st
Quarter
Ended 03/31/2002 |
| Revenue |
$89,058 |
$45,846 |
| Net
Income |
$(7,816) |
$(33,002) |
| Average
Shares |
7,926,250 |
5,537,333 |
| EPS |
$(0.001) |
$(0.006) |
Ft.
Pierce, FL/May 5, 2003 – TerenceNet, Inc.
(OTC BB: TCET) a Ft. Pierce, FL based e-business
consulting firm with offices in Columbia, MD,
Las Vegas, NV, and Naples, FL, has announced financial
results for the first quarter ended March 31,
2003.
For
the quarter ended March 31, 2003, TerenceNet,
Inc. reported $89,058 in revenue versus $45,846
in the same period during 2002; a 94.3% increase.
Net
loss for the first quarter ended March 31, 2003
was $7,816, or $0.001 per share, versus a net
loss of $33,002, or $0.006 per share, for the
same period in 2002. This represents a narrowing
of 76.3%.
Additionally,
according to the unaudited financial statements,
TerenceNet, Inc. shows a comprehensive profit
of $4,750, or $0.001 per share, when unrealized
gains on available for sale securities are applied
to the income statement.
Terence
Channon, Chief Executive Officer, said, "We
are very pleased with the tremendous growth and
progress we have made during the first quarter
of 2003. We believe that we have made key investments
and strides in implementing our business model
and adding new lines of revenue to achieve these
results. We anticipate continuing to build upon
our growth as these investments in our company
begin to come to fruition.”
TerenceNet,
Inc., is an e-business consulting firm providing
strategic consulting and business advisory services,
web site design and development, web site hosting,
domain name and Internet identity management,
and Internet marketing services.
For
additional information, contact Terence Channon,
CEO, TerenceNet, Inc., 6 Avenue A, Ft. Pierce,
FL 34950 U.S.A. Phone 772-429-1401, email info@terencenet.com.
Information is also available online at www.terencenet.com.
SPECIAL
INFORMATION REGARDING FORWARD LOOKING STATEMENTS
Some of the statements in this communication are
"forward-looking statements." These
forward-looking statements involve certain known
and unknown risks, uncertainties and other factors
which may cause our actual results, performance
or achievements to be materially different from
any future results, performance or achievements
expressed or implied by these forward-looking
statements. These factors include, among others,
the factors set forth above under "Risk Factors."
The words "believe," "expect,"
"anticipate," "intend," "plan,"
and similar expressions identify forward-looking
statements. We caution you not to place undue
reliance on these forward-looking statements.
We undertake no obligation to update and revise
any forward-looking statements or to publicly
announce the result of any revisions to any of
the forward-looking statements in this document
to reflect any future or developments |
