myPhotopipe.com Reports First Quarter Operating Results
myPhotopipe.com Reports First Quarter Operating Results
Revenues Rise 26%, Gross Profit Margins Expand to 74%
ATLANTA, May 16 /PRNewswire-FirstCall/ -- myPhotopipe.com, Inc. (Pink Sheets: MPPC), a web-based online provider of digital photo processing and related services, today announced its operating results for the first quarter of 2008.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080325/CLTU023)
For the three months ended March 31, 2008, revenues increased 26% to $366,329, compared with revenues of $289,869 in the first quarter of 2007. Gross profits increased 42% to $270,373 (73.8% of revenues), versus $189,864 (65.5% of revenues) in the prior-year quarter. The Company reported a net loss of ($73,705) in the most recent quarter, versus a net loss of ($15,753) in the three months ended March 31, 2007.
"myPhotopipe.com continued to post excellent gains in revenues during the most recent quarter, with an increase of 26% over prior-year levels," stated L. Douglas Keeney, Chief Executive Officer of the Company. "That said, a significant design initiative related to the overhaul of our web site made unexpectedly good progress in January, and we elected to accelerate its launch, which in turn necessitated a concurrent increase in our search engine buys. Accordingly, we realized a slightly higher loss for the period than we anticipated, but we have been extremely pleased with the initial results from the new web site, as measured in a sharp increase in customer acquisitions, excellent industry notices, and continued revenue growth during April."
"New product introductions continued at our historical pace, which by any measure is rapid and well accepted by the market. Our gallery wraps and mounted products have been well received by customers, as has our pioneering PRPrintsPro platform that is now being used by many professional sports organizations. myPhotopipe.com's portfolio of greeting cards, a significant vein of revenue that we intend to vigorously mine, has increased by several hundred SKUs since the beginning of the year. Our project to allow local stationery stores to access more than 600 photo greeting cards appears to be progressing towards a beta in the second quarter. And finally, our industry data couldn't be better. Owners of digital cameras are making prints at historically high and growing levels, and online ordering with direct mail delivery is the channel of fulfillment that is expanding significantly faster than retail, kiosks or any other method of purchasing prints."
"We're an online lab serving the needs of professional and serious amateur photographers," continued Keeney. "This is a segment not all of us understand, so allow me this final thought. According to a recent InfoTrends study, professional photographers are themselves a $5 billion industry. They shoot pictures and earn 80%+ of their mean annual revenues of $130,000 by selling photographic prints. What's our value proposition to them? In a nutshell it is as follows. Because they waited for high-end digital cameras, professional photographers were slower than the consumer to switch to digital technology. But now, the switch is underway in earnest. Ironically, at the very same time these photographers are 'going digital', more than half of their local camera stores, where they went for photo processing, have closed, so they are going online to find a new photo processor. What do they see? Photo mousepads and photo coffee mugs and photo t-shirts -- all sorts of 'cute' ways to share your photos. That's not what professionals are looking for. They're searching for a lab that focuses on making a top notch, professional print at a price that is competitive to any lab in the nation. That's a description of myPhotopipe.com. That's our value proposition. Using our products our customers can make a living. That's a wonderful position to be in. We believe we're in the right place at the right time, serving a lucrative slice of the digital photography market during a period of extensive brand switching. With persistence and steadfastness, we will emerge as one of the top brands in the business."
About myPhotopipe.com, Inc.
myPhotopipe.com, Inc. is a web-based online provider of digital photo processing, photo finishing, photo sharing, and related services. The Company's unique blend of 1000 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) MYPHOTOPIPE.COM CONSOLIDATED STATEMENT OF OPERATIONS (Cents omitted, except per share amounts) ACTUAL ACTIVITY FROM OPERATIONS Three months ending March 31, 2008 2007 Net revenues $ 366,329 $ 289,869 Cost of revenues 95,956 100,005 Gross profit 270,373 189,864 % of revenues 73.81% 65.50% Operating expenses 60,558 35,415 Sales and marketing 123,683 90,814 Personnel 158,720 101,253 General and administrative 342,961 227,482 Total operating expenses (72,588) (37,618) Income from operations % of revenues -19.82% -12.98% Interest expense 8,942 5,267 Depreciation - - Amortization - - Other (income) expense, net (7,826) (27,132) Pretax profit (73,705) (15,753) % of revenues -20.12% -5.43% Provision for income taxes - Net income $ (73,705) $ (15,753) % of revenues -20.12% -5.43% Average shares outstanding 248,943,235 248,943,235 Net income (loss) per share $ (0.0003) $ (0.0001)
The accompanying notes are an integral part of these consolidated financial statements
MYPHOTOPIPE.COM CONSOLIDATED BALANCE SHEETS (Cents omitted, except per share amounts) March 31, 2008 2007 ASSETS Current assets: Cash and cash equivalents $ - $ - Accounts receivable, net of allowance 107,144 85,993 Prepaid expenses and other current assets 40,663 4,507 Total current assets 147,808 90,500 Property and equipment, net 264,271 146,133 Other assets 64,648 12,666 Total assets $ $476,728 $ 249,298 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable $ 202,899 $ 178,501 Accrued liabilities 175,259 216,034 Current portion of notes payable 135,393 86,721 Total current liabilities 513,550 481,255 Notes payable, less current portion 469,817 334,016 Total liabilities 983,367 815,272 Stockholders' equity (deficit) Common stock, par value $0.001; 388,500 388,500 800,000,000 shares authorized at December 30, 2006 and December 30, 2007 respectively; 248,943,235 and 248,943,235 shares issued and outstanding at December 30, 2006 and December 30, 2007 respectively Additional paid-in capital 415,961 153,461 Accumulated equity (deficit) (1,311,100) (1,107,935) Total stockholders' equity (deficit) (506,639) (565,974) Total liabilities and stockholders' equity (deficit) $ 476,728 $ 249,298
The accompanying notes are an integral part of these consolidated financial statements
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 Counsel,
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/
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