SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Sept. 14, 2000--Hot Products Inc.com (OTCBB:HPIC) Thursday announced the release of its first quarter results, ended July 31, for its fiscal year 2001.
Hot Products is pleased to report a net income of $16,430, as compared to a $988,823 loss for the same period fiscal 2000. Net revenues were $417,568 as compared to $296,782 for the same period fiscal 2000.
Gross profit was $284,750, as compared to $9,260 for the same period fiscal 2000, and total operating expenses decreased 50 percent to $294,918 as compared to $598,004 for the same period fiscal 2000. These results clearly illustrate the effectiveness of the company's aggressive global restructuring efforts.
The introduction of the company's new products, coupled with a total marketing redirection are taking the company in the right direction in its objective to generate a profit for this fiscal year. Wide spread interest is being received for the company's new line of road emergency, auto-survival and outdoor survival products.
The company's NUON peripherals division is experiencing positive growth as major manufacturers, Samsung and Toshiba have commenced DVD player shipments into the U.S. market. Both companies incorporate the NUON technology into selected DVD players, and these sales are now creating a demand for HPI's expanding line of NUON peripheral products that have been under development for the past two years.
HPI is positioned to capitalize on many sales opportunities associated to its new lines of products. HPI will maintain a special emphasis on the emerging global NUON arena, where it expects major sales growth at both the retail and OEM levels over the next few years.
Management of the company is pleased with its turnaround efforts and remains focused on achieving higher sales revenues and in reaching profitability for fiscal 2001.
Hot Products Inc.com (HPI) is a publicly traded company and a diversified developer of innovative products that focus on the retail, corporate and OEM channels for the consumer electronics, automotive road emergency, automotive and outdoor survival categories. The company holds numerous U.S. technology patents which it licenses for use to other multi-national corporations.
HPI is a strategic licensed partner of VM Labs Inc., NUON technology, and its NUON peripherals division engineers and markets an expanding line of products to major international DVD player and set-top box manufacturers who support the NUON technology platform.
Contact: Hot Products Inc.com, Scottsdale
Rick Greenberg, 480/607-6325
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