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Share Name | Share Symbol | Market | Type |
---|---|---|---|
InfoSearch Media Inc (CE) | USOTC:ISHM | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.000001 | 0.00 | 01:00:00 |
InfoSearch Media reported revenues of $1.6 million for the six months ended June 30, 2008, compared to $2.5 million for the six months ended June 30, 2007. Although the Gross Profit Margin decreased slightly to 61.1% from 62.2% for the first fiscal half of 2008 and 2007, respectively, Operating Expenses were more than halved for the same six month periods to $1.6 million from $3.3 million as the Company implemented a number of cost reduction measures during 2008 which resulted in a lower Loss from Operations. Additionally a change in the fair value of warrants previously issued by InfoSearch resulted in a non-cash gain of $0.8 million for the six months ended June 30, 2008.
The Company reported GAAP Net Income of $0.2 million, or $0.00 for per share the first half of fiscal 2008, compared to a GAAP Net Loss of ($1.5 million), or ($0.03) per share, for the first half of 2007.
"The product diversification and customer segmentation initiatives commenced in Q1 are now gaining traction," says Chief Executive Officer George Lichter. "An impressive and growing list of new first tier clients coupled with a healthier revenue mix, positions the Company well as we enter our strongest two quarters of the year."
"The Company has continued to bring expense levels in line with revenues," said Chief Financial Officer Scott Brogi. "The changes move us very close to our goal of achieving sustained cash-flow profitability."
Recent Company Highlights:
-- Award-Winning Products & Services -- InfoSearch Media ranked in top 20 of Website Magazine's Top 50 SEO Firms and Resources of 2008, as it expanded outside of its core of text-based content to add streaming video, link-building and search engine optimization services to its product suite. -- New Clients -- The Company recently signed significant new clients among industry leaders in the online education, automotive, health, travel and consumer goods verticals. -- New Financing -- The Company completed an equity financing round during the quarter with existing investors to provide additional working capital to support new business initiatives. -- New Location -- The Company relocated to more modern offices centrally located in the Culver City area of Los Angeles, and in doing so reduced overhead and improved functionality.
About InfoSearch Media
InfoSearch Media (http://www.InfoSearchMedia.com) is a leading, comprehensive Internet search marketing Company and the largest dedicated provider of cost-effective Web traffic via search-optimized text and video content, pay-per-click and SEO services. InfoSearch Media's network of professional writers, editors, technical specialists and video producers helps businesses succeed on the Web by implementing cost-effective Internet marketing solutions designed to deliver more web traffic for customers of every size. Whether a business needs more local traffic in 100 cities or is a content publisher with an ongoing need for fresh, targeted Web content, InfoSearch Media offers the outsourced solutions, capacity and reputation to help clients secure Internet traffic. Incorporated in 2000, the publicly traded Company is headquartered in Culver City, Calif.
Safe Harbor Statement
This release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from expectations discussed in such forward-looking statements. Management assumes no obligation to comment on or provide an update to its stock purchases or sales in the future except as specifically required by law and by the Securities and Exchange Commission. Factors that might cause such differences include, but are not limited to the challenges of attracting new customers and maintaining existing customers and developing, deploying and delivering InfoSearch services; competition from existing and new competitors; the ability to generate sufficient cash flow or otherwise obtain funds to repay new or outstanding indebtedness; the loss or decline in business from our key customers and other risks described from time to time in InfoSearch's filings with the Securities and Exchange Commission. In particular, see InfoSearch's Annual Report on Form 10-K/A for the year ended Dec. 31, 2007, filed with the Securities and Exchange Commission, copies of which are available upon request from InfoSearch. InfoSearch does not assume any obligation to update the forward-looking information contained in this press release.
INFOSEARCH MEDIA, INC. CONSOLIDATED STATEMENTS OF OPERATIONS For the Three Months For the Six Months Ended Ended June 30, 2008 June 30, 2008 ------------------------ ------------------------ 2008 2007 2008 2007 ----------- ----------- ----------- ----------- CONTENTLOGIC SALES $ 572,594 $ 1,120,194 $ 1,605,023 $ 2,396,109 WEB PROPERTIES SALES 9,116 39,799 25,973 70,749 ----------- ----------- ----------- ----------- NET SALES 581,710 1,159,993 1,630,996 2,466,858 CONTENTLOGIC COST OF SALES 234,806 438,752 588,401 899,927 WEB PROPERTIES COST OF SALES 26,493 16,900 46,452 32,221 ----------- ----------- ----------- ----------- COST OF SALES 261,299 455,652 634,853 932,148 ----------- ----------- ----------- ----------- GROSS PROFIT/MARGINS 320,411 704,341 996,143 1,534,710 ----------- ----------- ----------- ----------- OPERATING EXPENSES General & administrative 467,230 1,349,193 1,126,520 2,371,469 Sales & marketing 208,052 427,384 448,137 961,511 ----------- ----------- ----------- ----------- TOTAL OPERATING COSTS 675,282 1,776,577 1,574,657 3,332,980 ----------- ----------- ----------- ----------- LOSS FROM OPERATIONS (354,871) (1,072,236) (578,514) (1,798,269) ----------- ----------- ----------- ----------- CHANGE IN FAIR VALUE OF WARRANTS 326,551 (61,745) 816,613 234,458 INTEREST INCOME (NET) 655 18,186 5,228 34,966 ----------- ----------- ----------- ----------- EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE TAX (27,665) (1,115,795) 243,327 (1,528,846) TAXES FROM CONTINUING OPERATIONS 800 825 262 2,875 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS (28,465) (1,116,621) 243,065 (1,531,721) ----------- ----------- ----------- ----------- NET EARNINGS (LOSS) (28,465) (1,116,621) 243,065 (1,531,721) =========== =========== =========== =========== EARNINGS (LOSS) PER SHARE FROM CONTINUING OPERATIONS - BASIC (0.00) (0.02) 0.00 (0.03) =========== =========== =========== =========== DILUTED (0.00) (0.02) 0.00 (0.03) =========== =========== =========== =========== WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC 52,493,592 52,547,662 52,493,592 52,132,276 WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED 52,493,592 52,547,662 52,493,592 52,132,276 INFOSEARCH MEDIA, INC. CONSOLIDATED BALANCE SHEETS June 30, December 31, 2008 2007 ----------- ----------- ASSETS CURRENT ASSETS: Cash and cash equivalents $ 130,585 $ 787,239 Restricted cash - 20,000 Accounts receivable 333,248 215,518 Prepaid and other current assets 102,228 141,745 ----------- ----------- TOTAL CURRENT ASSETS 566,061 1,164,202 ----------- ----------- EMPLOYEE ADVANCE 2,300 1,800 PROPERTY AND EQUIPMENT, NET 110,708 130,650 EQUITY WARRANT ASSET 108,014 112,049 ----------- ----------- TOTAL ASSETS 787,083 1,408,701 ----------- ----------- LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) CURRENT LIABILITIES: Accounts payable $ 135,198 $ 228,308 Accrued salaries and bonuses and expenses 44,314 12,553 Accrued expenses 36,320 170,882 Deferred revenue 359,375 526,868 Provision for refunds payable/chargebacks 15,842 15,842 Current tax liability 1,250 1,250 ----------- ----------- TOTAL CURRENT LIABILITIES 592,299 955,703 CAPITAL LEASES, NET OF CURRENT PORTION - INCOME TAX PAYABLE - FAIR VALUE OF WARRANT LIABILITY 147,003 967,651 ----------- ----------- DEPOSIT ON SUBSCRIPTION 230,000 - ----------- ----------- TOTAL LIABILITIES $ 969,302 $ 1,923,354 COMMITMENTS AND CONTINGENCIES (Note 13) STOCKHOLDERS' EQUITY (DEFICIT): Common stock, $.001 par value, authorized 200,000,000 shares; issued and outstanding 52,336,909 and 5, respectively 52,494 52,494 Additional paid in capital 11,426,111 11,336,742 Accumulated deficit (11,660,824) (11,903,889) ----------- ----------- TOTAL STOCKHOLDERS' EQUITY (DEFICIT) (182,219) (514,653) ----------- ----------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 787,083 $ 1,408,701 =========== =========== InfoSearch Media, Inc. Statements of Cash Flows For the six months ended June 30, 2008 2007 ----------- ----------- Cash flows from operating activities: Net Gain (Loss) $ 243,065 $(1,531,721) Adjustments to reconcile net (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 23,832 60,038 Equity Based Compensation 89,369 169,718 Change in fair value of equity warrant liability (820,648) (232,949) Changes in fair value of warrant asset 4,035 - Accounts receivable (118,030) 19,183 Due from Related Parties (500) 34,423 Prepaid Expenses and Other Current Assets 2,017 49,852 Due from employee advances - (3,700) Security Deposit 37,500 - Accounts Payable, Accrued Expenses, and Other Liabilities (195,911) (352,964) Income Tax Payable - 1,250 Provision for refund - (16,482) Deferred Revenue (167,493) (37,325) ----------- ----------- Net cash provided by (used in) operating activities (902,764) (1,840,677) ----------- ----------- Cash flows from investing activities: Restricted cash 20,000 288 Capital expenditures - fixed assets (3,890) (68,250) ----------- ----------- Net cash used in investing activities 16,110 (67,962) ----------- ----------- Cash flows from financing activities: Principal payments of capital lease obligations - (17,162) Warrants exercised - 3,600 Deposit on Subscription 230,000 - Net cash from financing activities 230,000 (13,562) ----------- ----------- Net increase (decrease) in cash and cash equivalents (656,654) (1,922,201) Cash and cash equivalents at beginning of period 787,239 2,495,654 Cash and cash equivalents at end of period $ 130,585 $ 573,453 ----------- -----------
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Contact: Investors Scott Brogi CFO 310.437.7550 scott.brogi@infosearchmedia.com Media Len Simpson 310.301.7741 len.simpson@infosearchmedia.com
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