Basic and Fully Diluted Earnings $0.02 per Common Share Compared to $0.01 for The Three Months Ended December 31, 2007.
FOSHAN, China, Feb. 24 /PRNewswire-Asia/ -- MyStarU.com, Inc. (OTC Bulletin Board: MYST; Frankfurt Stock Exchange: TQF), announced today that it has filed a Form 10Q with the SEC on Feb. 23, 2009 as the Q1 unaudited report for the three months ended December 31, 2008.
Net income increased by $1,702,985 or 221%:
The Company generated net income of $2,473,546 and $770,561 for the three months ended December 31, 2008 and 2007, respectively. The increase in net income is a result of successful decrease in operating costs and the substantial growth of the online membership services and investments in entertainment arts business segments.
Revenues increased by $2,143,799 or 28%:
Revenues were $9,855,752 for the three months ended December 31, 2008 compared to $7,711,953 for the three months ended December 31, 2007. The increase of $2,143,799 is due primarily to the Company's growth in its online membership services business segment and a significant reduction in its importing and exporting business segment.
Costs of Sales increased by $354,202 or 6%:
Costs of sales were $6,139,344 for the three months ended December 31, 2008 compared to $5,785,142 for the three months ended December 31, 2007. The Company's investments in entertainment arts productions business segment had costs of sales of $254,201 for the three months ended December 31, 2008, which included $115,388 in amortization expense associated with the Company's copyrights and $138,813 in amortization expense associated with the Company's websites.
Operating expenses decreased by $117,261 or 13%:
For the three months ended December 31, 2008, we incurred operating expenses of $782,766 as compared to $900,027 for the three months ended December 31, 2007. Stock-based compensation expense decreased $52,779 for the three months ended December 31, 2008 as compared to the three months ended December 31, 2007. During the three months ended December 31, 2008 and 2007 the Company reported a recovery of bad debts of $0 and $185,440, respectively.
Other income increased by $3,868:
Other income was $12,311 for three months ended December 31, 2008 compared to $8,443 for the three months ended December 31, 2007. For the three months ended December 31, 2008 and 2007, the Company had other income, which included interest income, interest expense and other income earned through the importing and exporting business segment for non-operating activities, respectively.
About MyStarU.com, Inc.
MyStarU.com, Inc. (MYST) is a Total Solutions Provider that offers Integrated Communications Network Solutions and Internet Content Service in universal voice, video, data web and mobile communications for interactive media applications, technology and content leaders in interactive multimedia communications. It develops, markets and sells a universal media software solution for enterprise-wide deployment of integrated voice, video, data web and mobile communications and media applications. MyStarU.com, Inc. does business in Asia via its wholly-owned subsidiaries, MyStarU Limited ( http://www.MyStarU.com , http://www.skyestar.com , http://www.icurls.com ) and majority owned subsidiary Subaye.com, Inc. ( http://www.subaye.com , http://www.x381.com , http://www.goongreen.org ).
Safe Harbor
The statements made in this release constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect," or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, changing economic conditions, interest rates trends, continued acceptance of the Company's products in the marketplace, competitive factors and other risks detailed in the Company's periodic report Filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.
