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I/NET Reports 2001 Results.

Publication: PR Newswire
Publication Date: 28-FEB-02 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
KALAMAZOO, Mich. -- I/NET, Inc. (BULLETIN BOARD: INNI) today announced higher earnings in the fourth quarter and year ended December 31, 2001.

The Kalamazoo, Mich.-based developer of software, Internet and telematics solutions earned $643,081 on net revenues of $308,458 in the fourth quarter of 2001, compared with a net loss of $13,194 on net revenues of $393,371 in the same period last year. The 2001 fourth-quarter results include an income tax benefit of $229,000 related to a loss carryforward and an extraordinary gain of $444,383 related to the retirement of two notes by creditors.

For the year ended 2001, I/NET reported net earnings of $399,114 on net revenues of $1.4 million, versus a net loss of $60,455 on net revenues of $1.5 million last year....

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