The Murdock Group Releases Third Quarter Financials
November 28, 2000 1:39:00 PM ET
SALT LAKE CITY, Nov. 28 /PRNewswire/ -- The Murdock Group Holding Corporation
(OTC Bulletin Board: TMGS), announced today the release of its third quarter
financial reports. The Murdock Group Holding Corporation recently filed its
quarterly report on Form 10-QSB for the quarter ended September 30, 2000. The
company reports that it has made substantial progress since its last report and
in comparison to the results reported for the quarter ended September 30, 1999
and the year ended December 31, 1999. Those results are summarized in the
following chart:
Results Q3 2000 Q3 1999
Revenues $604,000 $398,000
Gross Profit $408,000 $251,000
2000 YTD FY 1999
Stockholder Deficit $7,000,000 $8,300,000
The company also reported that since September 30, 2000, the company further
reduced its debt by more than $4,000,000. Details of these debt reductions are
included in a discussion of subsequent events in the recently filed 10-QSB, but
are not represented in the total.
Revenues and margins are increasing as operational losses and deficits are
decreasing. The company expects revenues to continue to increase, as the company
pursues an aggressive growth and acquisition strategy and continues to pursue
its plan to restructure and reduce substantial portions of its long- term debt.
The company's management believes that by turning full attention to reducing and
restructuring a large portion of the outstanding obligations through real estate
sales and debt to equity conversions the company will also see improvement in
shareholder value and stock price.
About The Murdock Group
Founded in 1983, The Murdock Group has emerged as a business incubator with
emphasis in the employment industry. The Murdock Group has incubated Internet
offerings MyJobSearch.com, an employment portal, and CareerWebSource, a BtoB
employment information company, as well as a full service brick and mortar
career-coaching provider. The Murdock Group also has a real estate development
group specializing in small to midsize entitlement projects. Forward-looking
Statements. This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. While these statements are made to convey the
company's progress, business opportunities and growth prospects, readers are
cautioned that such forward looking statements represent management's opinion.
Actual company results may differ materially from those described. The company's
operations and business prospects are always subject to risk and uncertainties.
A more extensive listing of risks and factors that may affect the business
prospects of the Company and cause actual results to differ materially from
those described in the forward- looking statements can be found in the reports
and other documents filed by The Murdock Group with the Securities and Exchange
Commission.
For more information contact, Investor Relations, Ron de Jong of de Jong &
Associates, 877-943-9065, or 760-943-9065, fax, 760-943-7164, [email protected];
or Stephen Fitzwater, Executive VP of The Murdock Group, 801-268-3232,
[email protected] (C) 2000 PRNewswire
