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myPhotopipe.com Posts 25% Increase in Second Quarter Revenues
Jul 14, 2008 (08:07 AM EDT)
ATLANTA, July 14 /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 2008.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080325/CLTU023 )
For the three months ended June 30, 2008, revenues increased 25% to $423,610, compared with revenues of $337,676 in the second quarter of 2007. The Company reported a net loss of ($26,757) in the most recent quarter, versus a net loss of ($5,341) in the three months ended June 30, 2007.
For the six months ended June 30, 2008, the Company's revenues rose 30% to a record $789,939, compared with revenues of $609,810 in the first half of 2007. The Company reported a net loss of ($100,482) in the first half of 2008, versus a net loss of ($51,700) in the corresponding period of the previous year.
"Over the last six months, we have strengthened our Company from a personnel perspective, and we are very pleased with the results we have already seen from these crucial hires," stated L. Douglas Keeney, Chief Executive Officer of myPhotopipe.com, Inc. "While this added to our net loss for the second quarter and first half of the year, we feel that we have improved our 'bench' to execute our plans and to match the investments made in technology in the past. We now feel that our team is in place to carry us through the balance of the year."
"We have accomplished a great deal since transitioning from film to digital, and from regional to national," added Keeney. "Revenues have grown every quarter, when compared with prior-year periods, since we unveiled our online digital photo processing model, and I am pleased to report another quarter of record revenues for the three months ended June 30, 2008."
"Our customer base has increased almost ten-fold since the end of 2005, and we are well-positioned to accelerate our rate of revenue growth as more and more professional and serious amateur photographers look to the Internet as their preferred method of ordering prints from digital images. Our future prospects are further bolstered by the growing popularity of high-end digital cameras. A couple of years ago, high-end 7+ megapixel cameras represented a tiny portion of the market, whereas such cameras accounted for 70% of industry sales in 2007. Increasingly, professional photographers are deserting the local camera store and moving their work stream online. myPhotopipe.com's stand against low-margin photo mugs and mouse pads has paid off for us, both in an ever-widening reputation for quality and our ability to focus on innovations in the 'real' product of the digital age -- the print itself."
"Our focus on technology has also helped us better serve our partners, including the Department of Homeland Security, Getty's iStockphoto, Blurb, and numerous other companies," continued Keeney. "Our Company's recent participation in http://www.photographybooknow.com allowed us to showcase our capabilities alongside the industry's top brands in a competition to find and reward the creator of the world's best photo book. We believe such opportunities clearly illustrate the outstanding quality that we deliver to customers, thereby expanding market recognition for myPhotopipe.com. Online ordering with mail delivery is expanding its share of the print processing market and now accounts for about one of every six prints made from digital images. This is a trend that holds great promise for myPhotopipe.com, and we look forward to continued revenue growth and a transition to sustainable profitability in the foreseeable future."
myPhotopipe.com, Inc. is one of the few "pure play" online digital photo processors. The Company serves serious amateur and professional photographers with more than 1,000 print and surface combinations. Its innovative use of digital photo tools has resulted in the creation of several unique print options for customers, including the only multi-photo prints, the first catalog of preset panoramic prints, FolioPrints with Embedded Digital Effects, and PRPrints for professional sports organizations and celebrities.
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 firstname.lastname@example.org or
R. Jerry Falkner, CFA, RJ Falkner & Company, Inc., Investor Relations Counsel
at (830) 693-4400 or via email at email@example.com (Financial Highlights Follow) MYPHOTOPIPE.COM CONSOLIDATED STATEMENT OF OPERATIONS Three months ending June 30, 2008 2007 Net revenues $ 423,610 $ 337,676 Cost of revenues 108,964 83,273 Gross profit 314,646 254,403 % of revenues 74.28% 75.34% Operating expenses Sales and marketing 38,244 35,139 Personnel 126,580 72,987 General and administrative 162,419 142,834 Total operating expenses 327,243 250,961 Income from operations (12,597) 3,442 % of revenues -2.97% 1.02% Interest expense 11,453 8,783 Other (income) expense, net 2,707 - Pretax profit (26,757) (5,341) % of revenues -6.32% -1.58% Provision for income taxes - - Net income $(26,757) $(5,341) % of revenues -6.32% -1.58% Average shares outstanding 248,943,235 248,943,235 Net income (loss) per share $(0.0001) $(0.0000) MYPHOTOPIPE.COM CONSOLIDATED STATEMENT OF OPERATIONS Six months ending June 30, 2008 2007 Net revenues $ 789,939 $ 609,810 Cost of revenues 204,940 187,715 Gross profit 584,999 422,095 % of revenues 74.06% 69.22% Operating expenses Sales and marketing 98,802 23,771 Personnel 250,263 126,100 General and administrative 321,139 306,607 Total operating expenses 670,204 456,478 Income from operations (85,206) (34,383) % of revenues -10.79% -5.64% Interest expense 20,395 1,326 Depreciation - - Amortization - - Other (income) expense, net (5,119) (15,991) Pretax profit (100,482) (51,700) % of revenues -12.72% -12.25% Provision for income taxes - - Net income $ (100,482) $ (51,700) % of revenues -12.72% -8.48% Average shares outstanding 248,943,235 248,943,235 Net income (loss) per share $ (0.0004) $ (0.0002) MYPHOTOPIPE.COM CONSOLIDATED BALANCE SHEETS June 30, December 31, 2008 2007 (Unaudited) (Audited) ASSETS Current assets: Cash and cash equivalents $21,203 $94,974 Accounts receivable, net of allowance 112,932 86,748 Prepaid expenses and other current assets 36,163 52,440 Total current assets 170,299 234,161 Property and equipment, net 269,301 225,067 Other assets 65,648 64,648 Total assets $ 505,248 $ 523,876 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable $ 181,101 $ 197,676 Accrued liabilities 174,579 179,220 Current portion of notes payable 119,996 135,393 Total current liabilities 475,676 512,289 Notes payable, less current portion 479,982 475,134 Total liabilities 955,658 987,423 Stockholders' equity (deficit) Common stock, par value $0.001; 800,000,000 shares authorized at June 30, 2007 and June 30, 2008 respectively; 248,943,235 and 248,943,235 shares issued and outstanding at June 30, 2007 and June 30, 2008 respectively 388,500 388,500 Additional paid-in capital 507,961 375,961 Accumulated equity (deficit) (1,346,871) (1,228,008) Total stockholders' equity (deficit) (450,410) (463,547) Total liabilities and stockholders' equity $ 505,248 $ 523,876
CONTACT: L. Douglas Keeney, CEO of myPhotopipe.com, Inc., +1-502-419-5837, firstname.lastname@example.org, or Investors, R. Jerry Falkner, CFA, of RJ Falkner &Company, Inc., +1-830-693-4400, , for myPhotopipe.com,Inc.
Web site: http://www.myPhotopipe.com/ http://www.photographybooknow.com/