FOR IMMEDIATE RELEASE Contact: Eric C. Johnson March 26, 1998 (845) 562-8350 Press Release #11 of 1998 US Chess Federation Shows Strong Third Quarter Performance
USCF SHOWS STRONG THIRD QUARTER PERFORMANCE
The U.S. Chess Federation has released its financial statement
for the 9-month period ending February 28, 1998.
The USCF posted a net gain of $291,019 over the first three
quarters of its fiscal year, based on gross revenues of
$4,923,215 and gross expenses of $4,632,296.
The strong performance continues the dramatic turnaround from
just one year ago. Over the same period last year, the USCF
posted a deficit of ($225,862). The good financial news in the
current period represents a positive change of $516,881 from the
previous year.
The third quarter figures reflect the company's overall
performance, combining operations and its Life Members' Assets
fund (LMA).
USCF Executive Director Michael Cavallo predicts the forecast for
the fourth quarter is equally bright: "Our members are responding
to our initiatives to upgrade services and overall quality,"
During the third quarter, the USCF announced a new partnership
with the Internet Chess Club to provide USCF members with
additional opportunities for online play, reduced book prices by
10 percent, and upgraded its telephone system to accommodate more
customer calls.
The complete financial statement for the period ending
February 28, 1998 is available on the USCF website at
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