Icon Media Holdings, Inc. Reports Third Quarter 2011 Results
December 01 2011 - 8:00AM
Marketwired
Icon Media Holdings, Inc. (PINKSHEETS: ICNM) reported results for
the Third Quarter ended September 30, 2011.
Third Quarter 2011
- Revenue from continuing operations of $564,536
- Net earnings of $40,046
- SG&A expense decreased by $57,379
For the quarter ended September 30, 2011, gross revenue totaled
$564,536 compared to $425,514 in the prior year comparative period,
representing over a 30% increase in revenue. Gross profit was
$430,849 for the quarter, versus $301,973 for the same period last
year. The increase in sales for the quarter is due in part to our
international expansion and increased traffic to our websites.
Selling, general and administrative expenses, or SG&A,
totaled $390,803, compared to $448,182 in the third quarter of
2010. The improvement in SG&A for the period was due in part to
lower employee compensation and benefits, office rent, utilities
and company expenses as a result of the Company's restructuring and
relocation of the corporate headquarters to North Carolina.
In the third quarter, the Company reported net earnings of
$40,046 compared to a net loss of $146,210 for the same period of
the prior year.
CEO Rob Deakin said, "We are excited with the results of this
last financial statement, and the move into profitability. With our
new and expanded avenues of revenue, we should expect to continue
with even more exciting results and increased shareholder
value."
The Company also is pleased to announce that it has entered into
an Investment Banking Agreement with Wall Street investment banking
firm JH Darbie & Company. As part of the engagement, Darbie
will assist the Company with identifying possible joint ventures,
strategic relationships and acquisition targets. Developments will
be released as conditions warrant.
About Icon Media Holdings, Inc.
(ICNM):
Icon Media Holdings, Inc. is a diversified global e-commerce
company. The Company currently owns and/or operates e-commerce
websites, including www.moviegoods.com, www.puntdogposters.com, and
sells on storefronts such as Amazon, Amazon UK and eBay, among
others. The Company also supports e-commerce companies through its
financial services division IFX Financial Group. Corporate website:
www.iconmediaholdings.com.
Forward-Looking Statements & Disclaimers: The information in
this Press Release includes certain "forward-looking" statements
within the meaning of the Safe Harbor provisions of Federal
Securities Laws, as that term is defined in section 27a of the
United States Securities Act of 1933, as amended, and section 21e
of the United States Securities Exchange Act of 1934, as amended.
Statements in this document, which are not purely historical, are
forward-looking statements and include any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Investors are cautioned that such statements are based upon
assumptions that in the future may prove not to have been accurate
and are subject to significant risks and uncertainties, including
the future financial performance of the Company. Although the
Company believes that the expectations reflected in its
forward-looking statements are reasonable, it can give no assurance
that such expectations or any of its forward-looking statements
will prove to be correct. Readers are cautioned not to place undue
reliance on these forward-looking statements that speak only as of
the date of this release, and the Company undertakes no obligation
to update publicly any forward-looking statements to reflect new
information, events, or circumstances after the date of this
release except as required by law.
Contact: Terry Kraemer Phone: 919.237.5700 ext. 203
info@iconmediaholdings.com
Icon Media (PK) (USOTC:ICNM)
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