myPhotopipe.com Reports First Profitable Quarter for Three Months Ended June 30, 2007
myPhotopipe.com Reports First Profitable Quarter for Three Months Ended June 30, 2007
Company continues to grow through new product offerings and strategic marketing initiatives
ATLANTA, Aug. 1 /PRNewswire-FirstCall/ -- myPhotopipe.com, Inc. , a web-based online provider of digital photo processing and related services, today announced its operating results for the second quarter and first half of 2007.
(Logo: http://www.newscom.com/cgi-bin/prnh/20061006/CLF033LOGO)
For the three months ended June 30, 2007, the Company's revenues increased 17% to $334,128, compared with revenues of $286,351 in the second quarter of 2006. Excluding the Company's Charlotte, North Carolina, operations, revenues from myPhotopipe.com, the Company's online site for digital photographers, rose 33% when compared with the prior-year period.
The Company reported its first profitable quarter for the three months ended June 30, 2007. Net income totaled $5,975 in the second quarter of 2007, versus a net loss of ($26,543) in the three months ended June 30, 2006.
"We are very pleased with our results in what is traditionally a very difficult quarter," noted L. Douglas Keeney, Chief Executive Officer of myPhotopipe.com, Inc. "Our revenue growth, and our ability to generate a profit, however modest, tell us that our marketing programs and strategic partnerships are continuing to produce the desired results. With our ongoing upgrades in technology, our portfolio of new products, and our programs to maximize the efficiency of our production infrastructure, myPhotopipe.com is well-positioned for continued growth."
During the most recent quarter, the Company added to its line of digital photo tools and products geared toward the professional photographer with the release of PRPrintPro(TM), which targets professional sports organizations, publicity firms, and the celebrity/personality market. This application combines six of the most cumbersome steps in the creation of a promotional print into one, easy-to-use platform. PRPrintPro(TM) is an offshoot of a tool developed for the U.S. Department of Homeland Security and was beta tested with the Atlanta Falcons football team before the national launch.
The Company also announced the availability of prints on Fuji Crystal Archive Pearl, a specialized photographic paper surface with a slightly metallic look. Pearl represents the Company's fifth paper choice in its line of professional photo print products.
As iStockphoto's printing partner, myPhotopipe.com, Inc. will provide prints to the winners of the "Punctum Day" competition, which is scheduled for August 19, 2007, to commemorate the day 168 years ago (1839) that Louis Daguerre formally introduced the camera to the world. The winning image of the year will also be printed in large format and mailed to the top iStockPhoto customers worldwide. "Punctum is a celebration of photography that has a distinct edge," noted Pete Casabonne, President of myPhotopipe.com, Inc. "And how appropriately named this competition is. Today's photographers are creating some of the most exciting work ever." (see http://www.cnw.ca/fr/releases/archive/July2007/23/c8584.html).
Traditional marketing programs continue to meet management's expectations. During the second quarter of 2007, the Company's website was "bookmarked" 39,616 times and its software was downloaded 13,439 times. Approximately 1,100 new customers placed initial orders during the period. The Company also opened a Scottsdale, Arizona sales office during the quarter.
For the six months ended June 30, 2007, the Company's revenues rose 13% to $609,810, compared with revenues of $536,665 in the first half of 2006. Excluding the Company's Charlotte, North Carolina, operations, revenues from myPhotopipe.com, the Company's online site for digital photographers, rose 30% when compared with the corresponding period of the previous year. The Company reported a net loss of ($51,700) in the first half of 2007, versus a net loss of ($97,129) in the six months ended June 30, 2006.
About myPhotopipe.com, Inc.
myPhotopipe.com, Inc. is a web-based (2.0) online provider of digital photo processing, photo finishing, photo sharing, and related services. The Company's unique blend of 104 print options, combined with manual print inspections and professional color management, have positioned myPhotopipe.com as one of the fastest-growing providers of digital photography services for professionals and serious amateurs.
The Company is headquartered in Atlanta, Georgia, and its common stock is listed on the OTC Pink Sheets under the symbol "MPPC". Additional information is available on the Internet at http://www.myphotopipe.com/.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 that are subject to the "safe harbor" created by those sections. Such forward-looking statements are based upon current information and expectations regarding myPhotopipe.com, Inc. These statements speak only as of the date on which they are made, are not guarantees of future performance, and involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results could materially differ from what is expressed, implied, or forecast in such forward-looking statements.
myPhotopipe.com, Inc. assumes no obligation to update the information contained in this release. Any forward-looking statements in this press release may be materially impacted by any number of factors, any or all of which could have a negative impact on sales, operating results, financial and budgetary constraints. The statements made herein are independent statements by myPhotopipe.com, Inc. The inclusion or mention, if any, of third parties in this press release does not represent an endorsement of any myPhotopipe.com, Inc. products or services by any such third party.
Contact: L. Douglas Keeney, CEO, at (502) 419-5837 or via email at dougk@myphotopipe.com or
R. Jerry Falkner, CFA, RJ Falkner & Company, Inc., Investor Relations Counsel
at (830) 693-4400 or via email at info@rjfalkner.com (Financial Highlights Follow) COLOR GENESIS, INC. dba MYPHOTOPIPE.COM CONSOLIDATED BALANCE SHEETS (Cents omitted, except per share amounts) June 30, 2007 2006 ASSETS Current assets: Cash and cash equivalents $59,093 $128,195 Accounts receivable, net of allowance 59,907 30,267 Prepaid expenses and other current assets 6,255 13,586 Total current assets 125,255 172,048 Property and equipment, net 151,201 156,092 Other assets -- -- Total assets $276,456 $328,140 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable $118,943 $112,359 Accrued liabilities 141,502 128,913 Current portion of notes payable 92,365 93,519 Total current liabilities 352,810 334,791 Notes payable, less current portion 369,462 374,078 Total liabilities 722,272 708,869 Stockholders' equity (deficit) Common stock, par value $0.001; 800,000,000 shares authorized 98,500 176,000 at June 30 2006 and June 30, 2007 respectively; 248,943,235 and 248,943,235 shares issued and outstanding at June 30, 2006 and June 30, 2007 respectively Additional paid-in capital 399,674 109,462 Accumulated equity (deficit) (943,990) (666,191) Total stockholders' equity (deficit) (445,816) (380,729) Total liabilities and stockholders' equity (deficit) $276,456 $328,140 COLOR GENESIS, INC. dba MYPHOTOPIPE.COM CONSOLIDATED STATEMENT OF OPERATIONS (Cents omitted, except per share amounts) Three months ending June 30, 2007 2006 Net revenues $334,128 $286,351 Cost of revenues 63,641 40,837 Gross profit 270,487 245,515 % of revenues 80.95 % 85.74 % Operating expenses Sales and marketing 23,771 66,624 Personnel 126,100 84,046 General and administrative 97,324 121,116 Total operating expenses 247,195 271,786 Income from operations 23,292 (26,272) % of revenues 6.97 % -9.17 % Interest expense 1,326 7,925 Other income (expense), net (15,991) 7,654 Pretax profit 5,975 (26,543) % of revenues 1.79 % -9.27 % Provision for income taxes -- -- Net income $5,975 $(26,543) % of revenues 1.79 % -9.27 % COLOR GENESIS, INC. dba MYPHOTOPIPE.COM CONSOLIDATED STATEMENT OF OPERATIONS (Cents omitted, except per share amounts) Six months ending June 30, 2007 2006 Net revenues $609,810 $536,665 Cost of revenues 187,715 155,953 Gross profit 422,095 380,712 % of revenues 69.22 % 70.94 % Operating expenses Sales and marketing 58,297 120,851 Personnel 206,794 164,242 General and administrative 176,851 192,477 Total operating expenses 441,942 477,570 Income from operations (19,847) (96,858) % of revenues -3.2 % -18.05 % Interest expense 2,781 7,925 Other income (expense), net (29,072) 7,654 Pretax profit (51,700) (97,129) % of revenues -8.48 % -18.10 % Provision for income taxes -- -- Net income $(51,700) $(97,129) % of revenues -8.48 % -18.10 %
First Call Analyst:
FCMN Contact:
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com
Source: myPhotopipe.com, Inc.
CONTACT: L. Douglas Keeney, CEO of myPhotopipe.com, Inc.,
+1-502-419-5837, dougk@myphotopipe.com, or Investor Relations, R. Jerry
Falkner, CFA, of RJ Falkner & Company, Inc., +1-830-693-4400,
info@rjfalkner.com, for myPhotopipe.com, Inc.
Web site: http://www.myphotopipe.com/
Profile: International Entertainment
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