SearchCore Reports Second Quarter 2013 Operating Results
August 13 2013 - 7:00AM
SearchCore, Inc. (OTCQX: SRER), a technology-based
Internet marketing services company that connects consumers with
brands, products, and services through content rich,
hyper-local websites, today announced its financial results for the
second quarter ended June 30, 2013.
Second Quarter 2013 Highlights
- Increase in Revenue from Q1 to Q2 of 278%; from $27,000 to
$102,000
- Consistently boarding greater than 125 new tattoo subscription
clients monthly
- Sportify.com beta version approved in Apple Store
- Commenced alpha testing of ManufacturedHomes.com
- Karate.com nears completion of Phase 2 - Discovery and Planning
stage
Management Commentary
"We are continuing to follow our strategy of consistently
boarding new subscription based clients on Tattoo.com, as well as
aggressively pushing forward our development for our other sites
including Manufacturedhomes.com, Sportify.com and Karate.com." said
Jim Pakulis, CEO of SearchCore. "Our sizeable sequential
revenue increase from the prior quarter reflects the steady
expansion of our subscription-based monthly fees and incremental
fees for add-on and ancillary services."
Second Quarter 2013 Financial Results
Second quarter 2013 represents the second full quarter of
SearchCore's operations since the company sold www.Weedmaps.com in
December of 2012. In line with its strategy to leverage its
proven technology platform and expertise to expand into new
internet-supported vertical finder sites, SearchCore's revenues for
the second quarter ended June 30, 2013 totaled $102,000, as
compared with $27,000 for the first quarter ended March 31,
2013.
Total operating expenses were $698,000 for the second quarter of
2013, as compared with $665,000 for the first quarter of 2013, and
$3.3 million for the second quarter of 2012.
EBITDA loss was $560,000 for the second quarter of 2013, as
compared to EBITDA loss of $595,000 for the first quarter of 2013,
and EBITDA of $1.0 million for the second quarter of 2012.
Operating loss for the second quarter of 2013 was $596,000, as
compared to operating loss of $638,000 for the first quarter of
2013, and operating income of $906,000 for the second quarter of
2012.
Loss from continuing operations was $590,000 for the second
quarter of 2013, as compared to loss from continuing operations of
$632,000 for the first quarter of 2013, and income from continuing
operations of $3.3 million for the second quarter of 2012.
Income from continuing operations for the second quarter of 2012
included a pre-tax, non-cash gain of $2.6 million on the change in
fair value of earn-out liabilities.
Net loss for the second quarter ended June 30, 2013 was
$595,000, or $0.02 per share, as compared to net loss of $639,000,
or $0.01 per share, for the first quarter ended March 31, 2013, and
net income of $3.3 million, or $0.04 per share, for the second
quarter ended June 30, 2012, which included the above-referenced
non-cash gain of $2.6 million.
Weighted average shares outstanding for the second quarter of
2013, the first quarter of 2013, and the second quarter of 2012
were 38.0 million, 54.5 million and 83.3 million, respectively.
Balance Sheet Overview
At June 30, 2013, SearchCore had cash and cash equivalents of
$51,000 and had total debt of $748,000, as compared with cash and
cash equivalents of $514,000 and total debt of $615,000 as of
December 31, 2012.
About SearchCore, Inc.
SearchCore, Inc. is a technology-based Internet marketing
services company that offers customers an integrated suite of
services including media, technology, marketing and information
through its industry-focused internet finders sites. Founded
in 2010, SearchCore is headquartered in Lake Forest,
California. The Company's common stock trades on the OTC
Market's highest tier, OTCQX, under the ticker symbol "SRER."
www.SearchCore.com
Safe Harbor Notice
Certain statements contained herein are "forward-looking
statements" (as defined in the Private Securities Litigation Reform
Act of 1995). SearchCore, Inc. cautions that statements made
in this news release constitute forward-looking statements and
makes no guarantee of future performance. Forward-looking
statements are based on estimates and opinions of management at the
time statements are made. These statements may address issues that
involve significant risks, uncertainties, estimates and assumptions
made by management. Actual results could differ materially
from current projections or implied results. SearchCore, Inc.
undertakes no obligation to revise these statements following the
date of this news release.
A file accompanying this release is available
at:http://media.globenewswire.com/cache/27527/file/21425.docx
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