SSTR » Topics » RESULTS OF OPERATIONS

These excerpts taken from the SSTR 10-K filed Oct 14, 2008.

Results of Operations

 

Due to the acquisition of Empire during fiscal year 2007 the disposal of the assets of Fantasy Sports, in fiscal year 2006 the following management discussion and analysis of financial condition and results of operations may not provide an accurate comparison between the current and past fiscal years.

 

The fiscal year ended June 30, 2007 includes seven months of operating results for Empire. The results for Fantasy Sports are classified as discontinued operations in the fiscal years ended June 30, 2006.

Results of Operations



 



Due to the acquisition of Empire during fiscal year 2007 the disposal of the assets of Fantasy Sports, in fiscal year 2006 the following management discussion and analysis of financial condition and results of operations may not provide an accurate comparison between the current and past fiscal years.



 



The fiscal year ended June 30, 2007 includes seven months of operating results for Empire. The results for Fantasy Sports are classified as discontinued operations in the fiscal years ended June 30, 2006.



This excerpt taken from the SSTR 10-Q filed Nov 14, 2007.

                 RESULTS OF OPERATIONS

 

The following discussion should be read in conjunction with the Company’s condensed consolidated financial statements and the related notes included therein and the Company’s Annual Report on Form 10-K for the year ended June 30, 2007.

This Management’s Discussion and Analysis of Financial Condition and Results of Operations include forward-looking statements. We have based these forward-looking statements on our current plans, expectations and beliefs about future events. Actual results could differ materially because of factors discussed in “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended June 30, 2007.

Background and History

We were incorporated in September 1995. Our business plan is to actively manage and grow our presence in the interactive software entertainment industry both organically and through acquisitions.

We sold our last remaining South African operations in November 2000 although we still have significant assets that are denominated in South African Rand. The assets include cash and notes receivables. Currently we do not have a financial hedging program to protect against the depreciation of the South African Rand against the US dollar and, therefore, as long as we hold assets denominated in South African Rand we will continue to record income statement gains or losses to the extent that the South African Rand’s value fluctuates relative to the US dollar.

On April 21, 2005, we acquired Strategy First, a leading worldwide publisher of entertainment software for the PC. We acquired Strategy First through the jurisdiction of the Montreal bankruptcy court. Pursuant to the approved plan of arrangement, we paid (i) cash consideration to the creditors of Strategy First of $609,000; (ii) issued 377,000 shares of our common stock; (iii) issued warrants to purchase 200,000 shares of our common stock; and (iv) assumed approximately $400,000 in existing bank debt, as well as contingent consideration based on the future profitability of Strategy First.

On December 4, 2006, we announced that we had achieved more than 90% acceptance of our offer to acquire the shares of Empire. Based on these acceptances, we announced a formal closing of the offer to Empire shareholders effective December 1, 2006. We paid consideration to the shareholders as follows: approximately $6.8 million paid at closing; an additional $5.5 million in loan notes payable on October 31, 2007; and further contingent consideration of approximately $3.8 million based on Empire’s EBIDTA for the 12 months ended June 30, 2007 and due on April 30, 2008.

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    SILVERSTAR HOLDINGS LTD - 10-Q            


This excerpt taken from the SSTR 10-K filed Sep 28, 2007.

Results of Operations

Due to the acquisition of Empire during fiscal year 2007 the disposal of the assets of Fantasy Sports, in fiscal year 2006 and the acquisition of Strategy First during fiscal year 2005 the following management discussion and analysis of financial condition and results of operations may not provide an accurate comparison between the current and past fiscal years.

The fiscal year ending June 30, 2007 includes seven months of operating results for Empire. The results for Fantasy Sports are classified as discontinued operations in the fiscal years ending June 30, 2006 and 2005. Two months of operating results for Strategy First are included in the fiscal year ending June 30, 2005.

This excerpt taken from the SSTR 10-K filed Oct 5, 2006.

Results of Operations

Due to the classification of the results from Fantasy Sports as Discontinued Operations and as only two months operating results for Strategy First were included in 2005 the following management discussion and analysis of financial condition and results of operations may not provide an accurate comparison between the current and past fiscal years.

This excerpt taken from the SSTR 10-K filed Sep 28, 2006.

Results of Operations

Due to the classification of the results from Fantasy Sports as Discontinued Operations and as only two months operating results for Strategy First were included in 2005 the following management discussion and analysis of financial condition and results of operations may not provide an accurate comparison between the current and past fiscal years.

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