Uniglobe.com Reports Financial Results for 1Q

Online travel leader and cruise specialist, Uniglobe.com Inc., has announced its financial results for the first quarter ended March 31, 2002, in accordance with generally accepted accounting principles in the U.S.

Gross travel bookings in the first quarter of 2002 were US$3.53 million compared with gross travel bookings of US$6.50 million in the first quarter of 2001. Revenues from operations in the first quarter of 2002 were US$432,135 compared with revenues from operations of US$536,954 in the first quarter of 2001. The net loss in the first quarter of 2002 was US$495,068, or US$0.02 per share, compared with a net loss of US$815,083, or US$0.03 per share, in the first quarter of 2001 - a 39% reduction year over year.

“We have carried out all our cost cutting initiatives announced in the fourth quarter of 2001 and are currently focusing on converting more of our customer website inquiries and telephone calls into sales. Our cost cuts have resulted in a 34% reduction year over year in expenses from US$1,330,106 in the first quarter of 2001 to US$884,167 in the first quarter of 2002. Unfortunately, our cost cutting has also resulted in a reduction in gross travel bookings and revenues. Once we near cash-flow breakeven we will be able to place additional energies on marketing initiatives to grow the business and attract more customers,” said Christopher Charlwood , President and Chief Operating Officer of Uniglobe.com.

“Uniglobe.com had US$1.7 million in cash at March 31, 2002. The Company started charging fees for service in the last two quarters and these fees have made up for any lost airline commissions due to the recently announced zero base commissions by the major North American airlines,” said Charlwood.

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(19/02/2002)  Quarterly Results from Uniglobe.com