Pacific Net Financial Results

Pacific Net, Inc. is pleased to announce their financial results for the fourth quarter and the fiscal year ended last December 31st. The company showed an increase of 148.7% for the fiscal year, which comes out to $42,738,000 – which is a huge increase from the $17,186,000 that they reported fiscal year ended 2005.

The company also had a gross profit of $6,521,000 – or 15%. They had a net loss of $19,636,000 due to the telecom services policy that was introduced at the end of the 3rd quarter – as vendors did not take well to it. They charged an aggregate of $18,477,000 for non-cash GAAP provisions from several areas including goodwill impairment, convertible notes, and provisions for investment losses.

The fourth quarter showed revenues of $10,406,000 – which was a slight decrease of 1.1% from the third quarter. However, gross profit for the quarter was up 71.7% over the third quarter – bringing in $1,899,000. Their non-GAAP quarterly operating loss was $1,582,000 and their operating loss was decreased because of the recent accounting changes that had been made de to the VAS provider changes.

Pacific Net is a mobile internet, e-commerce and gaming technology company in China. They have casinos, banks, insurance, marketing, telecom companies, etc. all using their technology. They are considered by many to be the foremost provider of these services.

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