FindEx.com Reports Net Income of $419,000 For First Quarter
May 16 2008 - 12:40PM
Marketwired
OMAHA, NEBRASKA announced yesterday its financial results of
operations for the first quarter ended March 31, 2008.
For the first quarter ended March 31, 2008, net income for the
first quarter 2008 was approximately $419,000, an increase of
approximately $425,000 compared to a net loss of approximately
$5,700 in the first quarter of 2007. During the first quarter 2008
the company had non-cash derivative valuation gains of
approximately $306,000 compared to similar gains of only
approximately $27,000 for the comparable period 2007, and a gain on
settlement of derivative liabilities of approximately $451,000 for
the first quarter 2008 and no such liabilities for the first
quarter 2007.
Gross revenue for the first quarter was approximately $672,000,
a 47% decrease of $598,000 ($360,000 due to the sale of the
Membership Plus product line in October 2007) compared to gross
revenue of approximately $1,270,000 in the first quarter 2007.
Gross margin for first quarter 2007 was 53% of gross revenue, a 1%
improvement over the first quarter 2007. Total operating expenses
for the first quarter 2008 increased approximately $12,000 to
approximately $698,000, a 2% change from the approximately $686,000
for the same period in 2007.
During the first quarter 2008, the company paid $150,000 cash to
cancel warrants to purchase up to 21,875,000 shares of our common
stock that accounted for the non-cash gain on settlement of
derivative liabilities. In February 2008, the company used a
combination of cash, debt and equity to purchase the FormTool�
product line, including the www.formtool.com internet domain. Also,
during the first quarter 2008, we did not release any new versions
of QuickVerse� for our Windows�, Mac�, or Mobile device
platforms.
Full details of the company's financials are contained in the
company's Form 10-Q for the fiscal quarter ended March 31, 2008,
filed on the SEC's EDGAR database, which is available at
www.sec.gov.
Kirk Rowland, FindEx.com's Chief Financial Officer commented,
"We were pleased to take the first step in our transformation from
primarily serving the Christian and faith-based demographic to
expanding our market base to extend across both consumer and
business segments with the FormTool� purchase. Further, with the
re-launch of the FormTool.com website which we expect to occur late
in the second quarter, we will have taken the next step towards a
more subscription- and Webcentric-based revenue model. The
technological advancements we have made with the FormTool� site
will also provide us with the tools we need to take our QuickVerse�
website to the next level, also with a directional shift towards
subscriptions and downloads."
Rowland added, "Looking forward, we believe that additional
acquisitions, along with new product initiatives internally, will
enable further enhancement of our existing product lines while
building scale to provide long-term profitability."
About FindEx.com, Inc.
FindEx.com, Inc develops, publishes, markets, distributes and
directly sells consumer and business software products for PC,
Macintosh� and Mobile devices. The company develops its software
products through in-house initiatives supplemented by outside
developers. The company markets and distributes its software
products principally through direct marketing and Internet sales
programs, but also through retailers and distributors.
Key Products
The company's main product is QuickVerse�, a Bible study search
engine tool. Over 1,000,000 copies of QuickVerse� have been sold
since the product's conception. FormTool� offers quality,
professionally designed forms for business, accounting,
construction, real estate, human resources and personal
organization needs. All products are available at the company's
websites www.quickverse.com and www.formtool.com�.
This press release contains forward-looking information within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and is subject to the safe harbor created by those
sections. This material contains statements about expected future
events and/or financial results that are forward-looking in nature
and subject to risks and uncertainties. Such forward-looking
statements by definition involve risks, uncertainties and other
factors, which may cause the actual results, performance or
achievements of FindEx to be materially different from the
statements made herein. Among others, these risks include but are
not limited to the following: (i) limited liquidity and capital
resources; (ii) intense business competition, (iii) fluctuations in
operating results may result in unexpected reductions in revenue
and stock price volatility; (iv) delays in product releases and
introductions may result in unexpected reductions in revenue and
stock price volatility, and (v) errors or defects in products may
cause a loss of market acceptance and result in fewer sales. These,
as well as other risks are described in the company's annual report
on Form 10-KSB for the year ended December 31, 2007.
Contacts: FindEx.com, Inc. Kirk Rowland (402) 333-1900 Email:
qvnvst@quickverse.com
Findex Com (CE) (USOTC:FIND)
Historical Stock Chart
From Jun 2024 to Jul 2024
Findex Com (CE) (USOTC:FIND)
Historical Stock Chart
From Jul 2023 to Jul 2024