-- Revenues totaled $21,708,427 for the nine months, three quarters
continued earns, nine months ended June 30, 2008 and 2007 was $0.02
and $(0.02) respectively.
FOSHAN, Guangdong, China, Aug. 5 /Xinhua-PRNewswire/ -- MyStarU.com, Inc. (OTC Bulletin Board: MYST; Frankfurt Stock Exchange: TQF) announced today that it has filed with the SEC a Form 10QSB on August 4, 2008. The company reports its nine months operating statistics for the Period ended June 30, 2008: (please copy and paste the below link into your web browser) http://www.sec.gov/Archives/edgar/data/1139570/000114420408043597/0001144204-08-043597-index.htm
Revenues increased by $4,916,466:
Revenues totaled $21,708,427 for the nine months ended June 30, 2008 compared to $16,791,961 for the nine months ended June 30, 2007. The increase of $4,916,466 is due primarily to the significant growth of the Subaye.com membership business segment, which generated 53% growth, or an additional $2,289,078 in revenues for the nine month period ended June 30, 2008 over the prior period. In addition, the Company’s total revenues included revenues of $2,597,338 from the sale of copyrights and $1,203,269 generated from the sale of the Company’s “Master Franchise Licenses."
Costs of Sales increased by $4,703,858:
Costs of sales totaled $15,480,755 and $10,776,897 for the nine months ended June 30, 2008 and 2007, respectively. The Company’s import and export business segment had higher costs in 2008 versus 2007, which was in line with expectations. Costs of sales for Panyu M&M, which is the sole contributor to the import and export business, totaled $9,121,360 for 2008 versus total costs of $6,620,945 for 2007. The Company also sold certain copyrights and included the adjusted cost of those copyrights, $2,457,273, in costs of sales for the nine months ended June 30, 2008.
Operating Expenses decreased by $4,674,104:
For the nine months ended June 30, 2008, we incurred stock based compensation expenses of $1,201,324 versus $2,062,363 for the nine months ended June 30, 2007. The Company entered into less significant stock based compensation agreements in 2007 and many of the contracts signed in 2005 had been fully amortized as of October 1, 2007. Additionally, during the course of the last quarter of fiscal year 2007 and first quarter of 2008, the Company completed a full review of its accounts receivable balances and determined that it had over-reserved for its potentially uncollectible accounts receivable in past years. The Company recorded a bad debt recovery of approximately $185,000 during the three months ended December 31, 2007 and believes its allowance for doubtful accounts and accounts receivable balances are fairly presented as of June 30, 2008.
OVERALL
We reported net income (loss) for the nine months ended June 30, 2008 and 2007 of $2,364,352 and $2,062,049, respectively. Earnings (loss) per share for the nine and three months ended June 30, 2008 and 2007 was $0.02 and $(0.02) and$0.00 and $0.01, 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 Ltd. ( 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.
