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GWIN Report Loss for Q224 March 2003LAS VEGAS--(Press Release)-- GWIN, Inc. (OTCBB:GWNI) announced today second quarter revenue of $2,920,639, an operating loss of ($294,729) and a net loss of ($674,446), or ($0.03) per basic and diluted share for the three-month period ended January 31, 2003. These results represent a 76% improvement over second quarter 2002 revenue of $1,655,955, a 782% improvement over second quarter 2002 operating loss of ($2,300,249), a 350% improvement over second quarter 2002 net loss of ($2,365,778), and a 400% improvement in net loss per basic and diluted share of ($0.12) reported in the second quarter ended January 31, 2002. GWIN, Inc. Chairman and CEO Wayne Allyn Root explained, "As CEO of America's only publicly-traded sports handicapping firm, I am pleased to announce our fiscal second quarter financial results. The results show that GWIN has turned the corner. With year-over-year revenues increasing by a dramatic 75%, from $1.6 million to $2.9 million, and the operating loss reduced from a loss of $2.3 million to a loss of $295,000, the Company is clearly on a track to profitable operations. These results are even more impressive given the very weak economy and the sluggish consumer spending in the months leading up to the war with Iraq." Root continued, "GWIN's business model is built around our TV infomercial driving potential clients (American sports gaming enthusiasts) to our transaction-oriented Web site and talented sales force. It is a model with relatively fixed media and overhead expenditures and high (60%) incremental gross margins. During the past three years, we've dramatically grown GWIN revenues from $1 million in our first calendar year (2000) to over $1 million per month this past October, November and December. For the calendar year 2002, we produced $6.9 million in revenues. These results, coupled with the 75% year-over-year revenue growth being reported today, put the Company on pace for solid profitability starting with fiscal year 2004 (August 03 - July 04). As these operating results clearly indicate, GWIN has rapidly moved from start-up to a high growth company, primed for international expansion as the dominant leader in its industry." GWIN, Inc. is America's only publicly traded sports handicapping company. GWIN specializes in developing and marketing sports handicapping advice and information via television (The Winning EDGE), radio, and the Internet. |