Fifty-Plus.Net International Inc.
TSX VENTURE : FPN

Fifty-Plus.Net International Inc.

November 02, 2005 12:44 ET

FPN Announces Annual Financial Results

TORONTO, ONTARIO--(CCNMatthews - Nov. 2, 2005) - Fifty-Plus.Net International Inc. (TSX VENTURE:FPN) today announced the financial results for its fiscal year ended June 30, 2005.

Net income for the year ended June 30, 2005 was $162,427 compared to net income of $188,452 for the previous year. Revenues of $844,845 for the year were down $189,206 from revenues of $1,034,051 for the previous year. Most of the reduction in revenues is attributable to the non-renewal on March 1, 2004 of one sponsorship exclusivity agreement, which provided $150,000 of revenue annually. Its loss reduced revenue by $100,000 for the year from the previous year. In addition, a decrease in commissions received from one major customer further reduced revenues by $81,295 for the year.

Expenses for the year were $682,418 compared to $845,599 for the previous year, a reduction of 19%. The majority of the reduction in expenses is attributable to a reduction of wages and benefits. Emphasis has continued to be on very tight cost controls aimed at ensuring the Company's viability long enough for its revenue generating efforts to show results. The Company continues to review all contracts with a goal of cost containment and further potential savings.

Management's continued focus on revenue generation and further cost reduction should improve profitability in the months ahead in accordance with the Company's business plan for fiscal 2006. Both the number of monthly page views and unique visitors are climbing as more visitors are attracted to the Company's website. Management expects that revenues will continue to grow as the website traffic increases.

As at June 30, 2005 the Company had cash on hand of $19,269 and a working capital deficiency, excluding the current portion of deferred revenue, of $241,758. Included in accounts payable and accrued liabilities of $324,582 are amounts totalling $226,198 due to current and former senior management and directors. They have continued their agreement to defer payment of some or all of their compensation until such time as the Company's cash flow permits payment.

The complete financial statements may be viewed in the Investor Section of the Company's website at www.50plus.com and on SEDAR at www.sedar.com.

About Fifty-Plus.Net International Inc.

Fifty-Plus.Net International Inc. owns 50Plus.com, the leading Canadian web portal providing unique content, community and commerce for people over the age of 50. 50Plus.com is the online home of CARP, Canada's Association for the Fifty-Plus, the country's largest 50-plus advocacy group with more than 400,000 members and of 50Plus magazine, Canada's magazine for people over the age of 50, with readership of over 840,000. 50Plus.com is also an anchor partner with AOL Canada and Microsoft Canada for content directed at this audience. Fifty-Plus.Net International Inc. trades under the symbol FPN on the TSX Venture Exchange.

Cautionary Statement on Forward-Looking Statements

Certain statements made in this report are "forward-looking statements" which may include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words "believe", "anticipate", "expect", "estimate", "project", "will be", "will continue" "will likely result" or similar words or phrases. Forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from the forward-looking statements. The risks and uncertainties are detailed from time to time in filings by Fifty-Plus.Net International Inc. with provincial securities commissions. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.

Contact Information

  • Fifty-Plus.Net International Inc.
    Gord Poland, President, Vice President, Finance
    and Chief Financial Officer
    (416) 363-5562 ext. 232
    g.poland@kemur.ca