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Business Editors
HAMILTON, Bermuda--(BUSINESS WIRE)--Aug. 14, 2002
Creator Capital Limited (OTCBB:CTORF) ("CCL") is pleased to release its revenue and results of operations for the second quarter ended June 30, 2002.
Three Months Six Months
Ended June 30, Ended June 30,
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2001 2002 2001 2002
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Revenue $ 144,385 $ 90,014 $ 295,595 $ 209,262
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Operating Expenses
Depreciation and
amortization 70,212 22,950 201,222 45,901
Consulting and contract
labor 24,500 21,775 57,012 61,733
General and administrative 40,778 38,206 84,756 64,500
Legal - 9,067 2,119 14,383
Marketing 5,068 2,475 5,068 8,058
Sky Play Management 44,000 - 80,000 12,067
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$ 184,558 $ 94,473 $ 430,177 $ 206,642
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Other (Income) and Expense
Interest income (1,116) (266) (1,581) (397)
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Net Income (loss) $( 39,057)$ (4,193)$(133,001)$ 3,017
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BASIC AND DILUTED LOSS PER
SHARE
Numerator for basic and diluted
loss per share:
Net Income (loss) (39,057) (4,193) (133,001) 3,017
Preferred stock dividends (86,740) (49,294) (86,740) (100,982)
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Gain (loss) to common
shareholders $(125,797)$(53,487)$(219,741)$ (97,965)
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Denominator for basic and
diluted loss per share:
Weighted average shares
outstanding 50,583,529 50,583,529
90,424,191 90,424,191
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Net loss per share $ 0.002 $ 0.0006 $ 0.004 $ 0.011
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Revenue from operations for the six months ended June 30, 2002 was $209,262 compared to $295,595 during the six months ended June 30, 2001. Revenue consisted of fees generated from the Sky Play amusement games acquired with the purchase of IIL. The decrease in revenue reflects the fact that the number of airlines and subsequently, the number of aircraft licensed to use the Company's software has decreased. This result is directly attributable to the current budgetary constraints of the airline industry in general and increased competition.
Net gain of $3,017 for the six months ended June 30, 2002 compared to a loss of $133,001 for the six months ended June 30, 2001 reflects the continuing efforts of management to contain expenses, along with the significant decrease in the depreciation and amortization expenses.
General and administrative expense decreased from $84,756 in the 2001 period to $64,500 in the 2002 period.
Consulting and contract labor expenses have increased from $57,012 to $61,733. Product marketing increased from $5,068 to $8,058 and legal expense increased from $2,119 to $14,383. The increase in legal fees is attributable to aggressive trademark and logo registrations, and fees incurred with respect to the termination of the previous managers of the SkyPlay business in April 2001.
Depreciation and amortization expenses decreased from $201,222 to $45,901.
Steve Rosenberg resigned as a Director effective July 12, 2002 due to professional commitments. He remains active as a consultant to the Company. On August 1, 2002, J. B. (Jack) Isles passed away suddenly. His valuable advice and active interest in CCL will be sorely missed. About Creator Capital
Creator Capital Limited is a Bermuda exempted company. CCL holds an investment in a China Lotteries Project. The Company introduced the in-flight interactive gaming experience to international airline passengers as a method of creating additional revenues for airlines. Creator Capital's two products are Sky Games and Sky Play. Sky Games consists of interactive gaming, such as Blackjack (21), Draw Poker, and Slots. Sky Play consists of interactive PC amusement games such as Mah Jong, Solitaire and Chess.
ON BEHALF OF THE BOARD OF DIRECTORS
Deborah Fortescue-Merrin, President
Safe Harbour statements under the Private Securities Litigation Reform Act of 1995; - this release contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21B of the Securities Exchange Act of 1934. Any statements which express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact, may be foreword looking statements. Forward looking statements are based upon expectations, estimates and projections at the time the statements are made, which involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated.
COPYRIGHT 2002 Business Wire
COPYRIGHT 2002 Gale Group
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