Marathon Acquisition Corp. Announces Financial Results for the Year From January 1, 2007 Through December 31, 2007
March 19 2008 - 5:00PM
Marketwired
NEW YORK, NY (the "Company") announced today results for the
year from January 1, 2007 through December 31, 2007. Attached below
are the financial highlights for the year from January 1, 2007
through December 31, 2007, which were included in the Company's
Annual Report on Form 10-K for the year ended December 31, 2007, as
previously filed with the Securities and Exchange Commission.
Income Statement Data
For the Year
January 1, 2007
through
December 31,
2007
--------------
Loss from operations $ (1,183,948)
Interest income $ 14,875,339
--------------
Income before provision for income taxes $ 13,691,391
Provision for income taxes $ 7,008,594
--------------
Net income $ 6,682,797
==============
Weighted average number of shares of common
stock outstanding -- basic 41,407,684
Weighted average number of shares of common
stock outstanding -- diluted 52,374,624
==============
Net income per share -- basic $ 0.13
Net income per share -- diluted $ 0.10
==============
Balance Sheet Data
December 31,
2007
-------------
Cash and cash equivalents $ 2,671,034
Investments held in trust account $ 314,130,809
Trust account interest receivable $ 999,199
Prepaid expenses $ 39,935
Prepaid income taxes $ 458,139
-------------
Total assets $ 318,299,116
=============
Total liabilities $ 6,616,181
Common stock subject to redemption $ 61,795,116
Interest attributable to common stock subject
to possible conversion $ 1,402,720
Total stockholders' equity $ 248,485,099
-------------
Total liabilities and stockholders' equity $ 318,299,116
=============
About Marathon Acquisition Corp.
Marathon Acquisition Corp. is headquartered in New York City.
The principle investor contact for the Company is its founder,
Chairman and Chief Executive Officer, Michael Gross (telephone:
(212) 993-1670).
Forward-Looking Statements
This press release may contain certain forward-looking
statements including statements with regard to the future
performance of the Company. Words such as "believes," "expects,"
"projects," and "future" or similar expressions are intended to
identify forward-looking statements. These forward-looking
statements inherently involve certain risks and uncertainties that
are detailed in the Company's Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q and other filings with the Securities and
Exchange Commission. The Company undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
Media Contact: Michael Gross Marathon Acquisition Corp. (212)
993-1670
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