SeaMiles Announces 2008 Second Quarter Results
August 07 2008 - 8:05AM
Marketwired
SeaMiles Limited (the "Company") (TSX VENTURE: SEE), North
America's premier cruise loyalty provider, announced today
financial results for its second quarter ended June 30, 2008. The
Company's revenue in U.S. dollars, its principal source, was
$2,694,574 U.S., a 26% increase from $2,142,363 U.S. last year. The
increase in revenue is primarily a result of the implementation of
management's strategic and operational initiatives to grow its
cruise loyalty program. The Company reported revenue of $2,721,520
Canadian, an increase of 16% compared to $2,352,528 Canadian for
the same period in 2007. The reported revenue in Canadian dollars
in 2008 was impacted by a weakening U.S. dollar. The Company
reported net income for the 2008 second quarter of $409,217 or
$0.04 per share in 2008 versus a net loss of $(2,405,866) or
$(0.21) in 2007.
For the quarter ended June 30, 2008, the Company reported income
from continuing operations of $102,495 or $0.01 per share, compared
to income of $70,783 or $0.01 last year. The 2008 second quarter
results include non-cash, stock-based compensation expense of
$284,606 related to the issuance of stock options to directors,
officers, employees and consultants. SeaMiles also recognized
income of $246,114 related to the forgiveness of debt.
The Company's results include income from discontinued
operations of $306,722 related to the disposal of property held for
sale versus a loss of $(2,476,649) in 2007. The 2007 loss was
primarily due to the Company recording a write down in the value of
its property held for sale of $2,440,407.
For the six months ended June 30, 2008, the Company's revenue in
U.S. dollars was $5,257,030 U.S. as compared to $4,099,920 U.S.
last year, a 28% increase. The Company's reported revenue in 2008
was $5,295,763 Canadian, an increase of 14% compared to $4,637,193
Canadian last year. SeaMiles had net income of $305,020 or $0.03
per share compared to a net loss of $(2,399,335) or $(0.21) per
share the previous year.
"The positive results recorded for the second quarter are the
direct result of the focus we are placing on our cruise loyalty
programs now that we have divested ourselves of all non-cruise
related businesses. There is continued growth in the cruise
industry despite the economy, but consumers now more than ever are
looking for true value when making purchases. With SeaMiles
offering cruisers the most rewards and flexibility of any cruise
loyalty program in the market place, consumers are seeing the true
value in what we have to offer", said Peter Rooney, President.
ABOUT SEAMILES
SeaMiles is North America's premier cruise loyalty provider,
committed to recognizing and rewarding the cruiser through multiple
earning opportunities and best-in-class, maximum award flexibility
based on "Any Cruise Line...Any Time". Additional information can
be found at www.seamiles.com.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: SeaMiles Limited Peter Rooney President (416) 398-1555
Ext. 442 Email: peter.rooney@seamiles.com SeaMiles Limited Steven
Wise Chairman & CEO (416) 631-3400 Email: steven@seamiles.com
Website: www.seamiles.com
Intellectual Capital Group Ltd. (TSXV:SEE)
Historical Stock Chart
From Aug 2024 to Sep 2024
Intellectual Capital Group Ltd. (TSXV:SEE)
Historical Stock Chart
From Sep 2023 to Sep 2024