RACINE, Wis., Oct. 19, 2004 (PRIMEZONE) -- Pacific Sands, Inc. (OTCBB:PFSD) Board of Directors is pleased to announce the release of its fiscal year 2004 form 10KSB.
Highlights:
Company reduced net losses from $333,060 (.012 / share) in FY 2003 to $138,771 (.005 / share) in FY 2004.
As a part of the recent management transition, accrued officer's salaries have been reduced by $189,819.
Company has sold to former management the inventory item known as "technical books for resale" for the sum of $121,479.68 in the form of 4,859,187 shares of their Pacific Sands common stock.
As a result of the recent management transition and other transactions, Company will return to treasury, 7,559,187 shares of common stock this coming fiscal year.
STATEMENTS OF CASH FLOWS
YEARS ENDED JUNE 30, 2004 AND 2003
2003
2004 (Restated)
---------- ----------
CASH FLOWS FROM OPERATING
ACTIVITIES
Net loss $(138,771) $(333,060)
Adjustments to reconcile
net loss to net cash used
in operating activities -
Depreciation 1,380 1,840
Loss from disposal of
equipment 1,032 --
Common shares and rights
issued for services and
compensation -- 332,500
Changes in assets and
liabilities -
Trade accounts receivable 62,775 54,644
Inventories (2,654) (143,098)
Prepaid expenses 497 (1,422)
Accounts payable (37,380) 7,120
Other current liabilities 35,028 2,278
Wages payable 67,500 46,500
---------- ----------
Net Cash Used in
Operating Activities (10,593) (32,698)
---------- ----------
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from notes 12,500 20,000
Payment of notes (37,500) (1,500)
Issuance of common stock 75,000 10,000
---------- ----------
Net Cash Provided by
Financing Activities 50,000 28,500
---------- ----------
NET INCREASE (DECREASE)
IN CASH AND CASH EQUIVALENTS 39,407 (4,198)
CASH AND CASH EQUIVALENTS
Beginning of year 4,691 8,889
---------- ----------
End of year $ 44,098 $ 4,691
========== ==========
SUPPLEMENTAL DISCLOSURES OF
CASH FLOW INFORMATION
Cash paid during the year for
Interest $ -- $ --
========== ==========
Income taxes $ -- $ --
========== ==========
SUPPLEMENTAL INFORMATION FROM
NONCASH INVESTING AND FINANCING
ACTIVITIES
Issuance of distribution
rights and shares $ -- $ 40,000
Cancellation of distribution
rights and shares $ (40,000) $ --
Sale of technical and
environmental books to
stockholder for shares of stock $ 150,000 $ --
Forgiveness of accrued
officer/stockholder salaries $ 189,819 $ --
For the complete filing visit the company's website at http://www.pacificsandsinc.com/2004_10KSB.html
Safe Harbor Act Disclaimer
The statements contained in this release and statements that the company may make orally in connection with this release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected in the forward-looking statements, since these forward-looking statements involve risks and uncertainties that could significantly and adversely impact the company's business. Therefore, actual outcomes and results may differ materially from those made in forward-looking statements.