POMONA, Calif., April 24, 2000 - Auto-Graphics, Inc. (OTCBB:AUGR) reported 1999 net income of $105,188 ($.03 per share) on revenues of $8.4 million representing a turnaround from losses of $1.06 million on revenues of $9.1 million in 1998. Reported 1999 net income includes a $47,000 tax benefit.
The Company increased capital through the sale of stock in 1999, more than doubling total stockholders' equity at December 31, 1999 to $4.1 million (up from $1.6 million at the end of 1998). Shares outstanding increased from 3,193,434 to 4,784,934 at December 31, 1999, following a 3-for-1 stock split at the end of February 2000. The Company's cash position at year-end increased from $300,000 at the end of 1998 to $3.8 million at the end of 1999. (In February 2000, the Company sold an additional 225,000 shares for gross proceeds of $930,000, increasing net of repurchased total shares issued and outstanding at March 31, 2000 to 4,822,734). All the per share amounts referred to herein have been adjusted to reflect such stock split.
The Company's plan is to invest heavily in its several new Internet ventures in an effort to generate substantial future growth. In addition to further investment in the Company's computer and communications infrastructure, supporting its Internet outsourced Web "hosting" business, the Company will invest approximately $2.5 million during 2000 to develop and promote its new Dataquad, Inc. and LibraryCard, Inc. subsidiaries. LibraryCard™ is a Web "portal" site (www.LibraryCard.com) offering library and related information and products to consumers. Dataquad™ sells a proprietary SGML/XML based software system which provides customers with the ability to convert, create, organize, manage and distribute/publish information on an enterprise-wide basis for internal and external use via Internet connectivity and incorporating e-commerce capabilities with vendors, suppliers and others. Although the Company's Internet/Web "hosting" business is expected to be profitable again in 2000, planned investment in Dataquad™ and LibraryCard™ are expected to result in an overall loss for 2000 in the range of $750,000-$1 million.
The Company's 1999 10-K Report is available through the Company's Web site at www.auto-graphics.com at "Investor".