SearchCore Reports Fourth Quarter 2013 Operating Results Including Increased Revenue of 50% over Third Quarter
April 11 2014 - 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, announced its financial results for 4th
quarter and fiscal year ending December 31, 2013.
Fourth Quarter 2013 Highlights
- Revenue increased 50% over the 3rd quarter, from $191,000
to $286,000.
- Total Liabilities decreased 18% over the 3rd quarter, from
$4.10 million to $3.36 million.
- www.ManufacturedHomes.com began generating revenue through
subscription based retailers and manufacturers
Management Commentary
"In the fourth quarter we continued to refine and expand on our
business model. Specifically, our refinement includes the ability
to capture additional revenue opportunities in select industries
such as the manufacturing housing industry, as opposed to being
simply a finder site for many industries. As an example, our finder
site www.ManufacturedHomes.com is designed to not only provide
consumers with geo-targeted locations for factories and retail
dealers, but it has a wealth of features including proprietary CRM
software that is being very well received by our users. It was
designed by manufactured home industry experts specifically for the
manufactured home industry. Just as importantly, since the end of
the year we've opened our first of what we anticipate to be many
manufactured home retail centers."
Fiscal Year 2013 Results
SearchCore's revenues for the year ended December 31, 2013
totaled $606,000 as compared to $16.4 million for the year ended
December 31, 2012. The decrease in year-over-year revenue is
primarily because as a result of our sale of our finder site
weedmaps.com.
Total operating expenses were $3.5 million as compared with
$12.2 million for the previous year. The decrease in operating
expenses is as a result of our sale of our finder site
weedmaps.com.
For the year ended December 31, 2013 we had a net loss of $1.7
million as compared to the year ended December 31, 2012 where we
had net income of $15.3 million. The net income for the year ended
December 31, 2012 was primarily due to the gain on sale of WeedMaps
of $7.8 million and the non-cash gain on change in fair value of
earn-out liabilities of $6 million.
Balance Sheet Overview
At December 31, 2013, SearchCore had cash and cash equivalents
of $93,000 and had total debt of $453,000, as compared with cash
and cash equivalents of $514,000 and total debt of $215,000 as of
December 31, 2012. As of December 31, 2013, the Company had 39.4
million shares of common stock issued and outstanding.
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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/25789.pdf
CONTACT: Company Contact
SearchCore, Inc.
(855) 266-4663
info@searchcore.com
Investor Relations Contact
Financial Profiles, Inc.
(206) 623-2233
searchcore@finprofiles.com
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