SearchCore Reports Third Quarter 2013 Operating Results Including Increased Revenue of 87% over 2nd Quarter
November 27 2013 - 8:00AM
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 third quarter ended
September 30, 2013.
Third Quarter 2013 Highlights
- Revenue increased 87% over the 2nd quarter from $102,000
to $190,000
- The launch of ManufacturedHomes.com
- Tattoo.com reaches 622 paying subscribers
Management Commentary
"We are continuing to build the foundation of our vertical
finder sites with in depth hyper local content, which is helping to
translate to increased revenues," said Jim Pakulis, CEO of
SearchCore. "Our goal now is to continue our growth through our
most recently launched site, ManfacturedHomes.com."
Brad Nelms, Chief Strategy Officer of SearchCore, stated, "The
launch of ManufacturedHomes.com was a milestone for us since this
represents the first site to offer geo targeted results for
retailers and manufacturers. In addition, we offer both
manufacturers and retailers the ability to utilize our proprietary
Customer Relations Management software solutions. In short, we're
providing exceptional, detailed content to consumers to heighten
the industries brand image and the technology business tools to
manage these consumers more efficiently.
Third Quarter 2013 Financial Results
SearchCore's revenues for the third quarter ended September 30,
2013 totaled $191,000, as compared with $4.33 million for the third
quarter ended September 30, 2012. Third quarter 2013 revenues
reflect the first nine months of SearchCore operations since the
company sold its most successful finder site, www.weedmaps.com, in
December 2012. The sale was in line with the company's stated
strategy to leverage its proven technology platform and expertise
to expand into new internet-supported verticals.
Total operating expenses were $964,000 for the third quarter of
2013, as compared with $3.13 million for the third quarter
of 2012. The decrease in operating expenses reflects the
company's previously announced move to a smaller headquarters
facility and reduction in workforce in order to more closely align
its expense structure with its near term revenue model.
EBITDA loss was $734,000 for the third quarter of 2013, as
compared to EBITDA of $1.28 million for the third quarter of 2012.
Operating loss for the third quarter of 2013 was $773,000, as
compared to operating income of $1.21 million for the third quarter
of 2012.
Loss from continuing operations was $770,000 for the third
quarter of 2013, as compared to income from continuing operations
of $1.04 million for the third quarter of 2012. Income from
continuing operations for the third quarter of 2012 included a
pre-tax, non- cash gain of $201,000 on the change in fair value of
earn-out liability.
Net loss for the third quarter ended September 30, 2013 was
$776,000, or $0.02 per share, as compared to net income of $1.04
million, or $0.02 per share, for the third quarter ended September
30, 2012, which included the above-referenced non-cash gain of
$201,000.
Balance Sheet Overview
At September 30, 2013, SearchCore had cash and cash equivalents
of $42,000 and had total debt of $906,000, as compared with
cash
and cash equivalents of $514,000 and total debt of $615,000 as
of December 31, 2012. At September 30, 2013, the Company had
approximately 39.0 million shares of common stock issued and
outstanding.
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.
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/23475.pdf
CONTACT: Company Contact
SearchCore, Inc.
(855) 266-4663
info@searchcore.com
Investor Relations Contact
Financial Profiles, Inc.
(206) 623-2233
searchcore@finprofiles.com