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Share Name | Share Symbol | Market | Type |
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Wisdom Homes of America Inc (CE) | USOTC:WOFA | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.000001 | 0.00 | 01:00:00 |
PR Newswire
LAKE FOREST, Calif., April 8, 2013
LAKE FOREST, Calif., April 8, 2013 /PRNewswire/ -- SearchCore, Inc. (OTCQX: SRER), a technology-based Internet marketing services company that connects consumers with brands, products and services, today announced its consolidated financial results for the fiscal year ended December 31, 2012.
(Logo: http://photos.prnewswire.com/prnh/20120106/LA31342LOGO)
Fiscal Year 2012 Highlights
Management Commentary
"Fiscal year 2012 was a turning point for SearchCore as we developed and embarked on a diversification strategy to expand into a portfolio of Internet-supported niche verticals," said Jim Pakulis, CEO of SearchCore, Inc. "We monetized our first vertical with the sale of WeedMaps in the fourth quarter of 2012, and as planned we retained key management, sales personnel and the technology that forms the core of our continued operating platform. Over the past couple of months we have successfully executed on our strategy with our entry into the recreational sports, tattoo, manufactured housing, modular housing, and recreational vehicle industries, and our brands include Sportify.com, Tattoo.com, ManufacturedHomes.com, ModularHomes.com, www.TravelTrailer.com and www.ToyHaulers.com. To date we've generated positive improving user metrics and expanding user engagement across our live portals.
"We will report our first revenues based on these new operations in the first quarter of 2013. We anticipate that our recurring, subscription-based revenues will ramp up throughout the year and expect to be on a quarterly break even revenue run rate by the end of the year. Our new focus and path sets us up for exciting developments in 2013 that we expect will create long-term value for shareholders."
Fiscal Year 2012 Financial Results
SearchCore's revenues for the year ended December 31, 2012 totaled $16.4 million, a year-over-year increase of 38% as compared with $11.9 million for the year ended December 31, 2011.
Total operating expenses were $12.2 million, or 74% of revenue, as compared with $10.5 million, or 88% of revenue for the previous year. The decrease in operating expenses as a percentage of revenue was due to increased efficiencies in our operations and management of our finder sites.
EBITDA for 2012 increased 150% to $4.5 million from $1.8 million for 2011. EBITDA as a percentage of total revenue was 27% for the year ended December 31, 2012, as compared to 15% for the previous year.
Operating income for the year ended December 31, 2012 increased to $4.2 million, as compared to $1.5 million for the year ended December 31, 2011.
Income from continuing operations increased to $17.9 million for the year ended December 31, 2012 compared to income from continuing operations of $0.8 million for the prior year. Income from continuing operations for fiscal year 2012 included a one-time gain on the sale of WeedMaps Media, Inc. of $7.8 million and a non-cash gain of $6.0 million on the change in fair value of earn-out liabilities.
Net income was $15.2 million, or $0.18 per diluted share for the year ended December 31, 2012. This compares with a net loss of $3.2 million or $0.04 loss per share for the previous year.
Balance Sheet Overview
At December 31, 2012, SearchCore had cash and cash equivalents of $514,000 and had total debt of $615,000, as compared with cash and cash equivalents of $1.5 million and total debt of $7.1 million as of December 31, 2011. As of December 31, 2012, the Company had 37.9 million shares of common stock issued and outstanding which included 80.5 million of common stock less 42.6 million of treasury stock.
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. The Company's portfolio of industry verticals includes Recreational Sports (Sportify.com), Tattoo (Tattoo.com), Manufactured Housing (ManufacturedHomes.com), Modular Housing (ModularHomes.com), and Recreational Vehicles (www.TravelTrailer.com and www.ToyHaulers.com). 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.
- financial tables to follow –
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SOURCE SearchCore, Inc.
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