DGAP-Ad hoc: FortuneCity.com Inc. english

Donnerstag, 28.03.2002 07:29 von 

 
FortuneCity.com Inc. reports 2001 Operating and Financial Results 
 
Ad-hoc-announcement processed and transmitted by DGAP. 
The issuer is solely responsible for the content of this announcement. 
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FortuneCity.com Inc. reports 2001 Operating and Financial Results 
 
New York, March 28, 2002 - FortuneCity.com Inc. announced today operating 
and 
financial results for 2001. 
 
The Net Loss without restructuring charges for the year ended Dec. 31, 2001 
was USD 17.7 million compared to USD 36.3 million in the previous year, 
representing a decrease of 51%. The decrease in the net loss was primarily 
attributable to the reduction in salaries and related costs and a reduction 
in 
bandwidth expense. 
 
Total revenues for 2001 decreased 61% to USD 4.5 million primarily as a 
result 
of the depressed advertising sales market. New subscription services 
contributed 11% of revenues, constituting a growing revenue stream which 
will 
gradually reduce dependence on advertising income. 
 
At December 31, 2001 FortuneCity's Consolidated Balance Sheet included 
USD 8.7 million in cash, cash equivalents and short-term investments. The 
cash burn was reduced by 62% compared to the previous year. The company is 
furthermore virtually debt free. 
 
end of ad-hoc-announcement  (c)DGAP 28.03.2002 
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WKN: 919383; ISIN: US34969P1021; Index: 
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, 
Düsseldorf, 
Hamburg, München und Stuttgart

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