FLEMINGTON, N.J.--(BUSINESS WIRE)--Jan. 6, 2004--Digital Broadband Networks, Inc. (OTCBB
BBD - News)
www.dbni.net today announced that it is anticipating higher revenues for the year ending December 31, 2003 as compared to the year ended December 31, 2002. Revenues for 2003 are expected to be approximately $16 million, about 28% higher than its audited revenue for 2002. DBBD reported cumulative revenues of $11.8 million for the nine months ended September 30, 2003. Higher revenues in 2003 were attributable to higher income from its core business of multimedia content production and revenue received for project consulting services.
In line with the increased revenues, DBBD anticipates a net earning of approximately $850,000 for 2003 compared to net income of $99,000 earned in 2002. For the nine months ended September 30, 2003, DBBD reported a net income of approximately $693,000. DBBD expects the positive trend in its financial performance in 2003 to continue in 2004. In addition, DBBD also expects to improve its revenue in 2004 with contributions from the Asiaco group of companies and Amove Resources.