Virtual Academics Posts Record Revenues and Earnings for Year End
VirtualAcademics.com, Inc. (OTC Bulletin Board: VADC), announced today that the Company has achieved higher earnings than projected for the year ending June 30, 2001.
Steven M. Bettinger, CEO of VADC, said today, “For Fiscal 2001, we had a 128.7% increase in earned revenues to $2,632,037 from $1,150,664 for the fiscal year ended June 30, 2000. We are very pleased with the Company’s performance this year. VADC continues its remarkable growth pace as additional revenue streams are being established through new wireless applications and product development. As a result of the foregoing factors, we recognized net income of $322,766 or $.04 per share for fiscal 2001 as compared to a net loss of ($408,546) or ($.06) per share for fiscal 2000.”
Mr. Bettinger added, “For fiscal 2001 and 2000, we had a positive cash flow from operating activities of $820,818 and $115,932, respectively.
VirtualAcademics.com, Inc. is an education solutions provider that owns and operates online distance learning schools offering Internet and wireless training. VADC offers certificate and degree programs in multiple languages to students from over 80 countries around the world. The wireless solutions subsidiary company, VADC Wireless, develops turnkey wireless applications serving academic, enterprise, and government organizations.