Zapworld.Com Reports Second-Quarter ResultsAugust 23, 2000 by Jeff Shepard
Zapworld.Com (ZAP, Sebastopol, CA) reported its audited financial results for the second quarter of fiscal 2000. Total revenues for the quarter ended June 30, 2000, were $2,283,000, compared to $1,513,000 in the prior year, an increase of $770,000 or 51 percent. Net loss for the same period was $477,000, or $0.09 per share, compared to a net profit of $65,000, or $0.02 per share in 1999."The recent results show that our plans to dominate the personal EV industry market are beginning to gain momentum," said ZAP CEO Gary Starr. "Marketing costs as a percentage of sales are continuing to drop, and sales are continuing to climb. We have had, and will continue to have for the short term, significant expenses associated with acquisitions and new product developments as we continue to build the personal EV industry."Starr continued, "The second-quarter results are not yet reflective of some of the significant events that have taken place in the past couple of months. Last month, we announced that our sales orders in hand have hit an all-time high of $1.5 million. This, in spite of back-to-back record shipping months, has now risen to a record high of $1.9 million. Our second, broader design patent has been allowed on the Zappy, and ZAP now owns 12 patents and several strong trademarks in the EV field. ZAP is in the strongest cash position of its history, with the completion of our preferred stock offering in June. Finally, our recent agreements with partners in Asia will continue to drop our cost of goods, and increase our marketing presence in the near future."