Lake Forest, California, Nov. 27, 2013 (GLOBE NEWSWIRE) -- 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, today announced its financial results for the third quarter ended September 30, 2013.
Third Quarter 2013 Highlights
- Revenue increased 87% over the 2nd quarter from $102,000 to $190,000
- The launch of ManufacturedHomes.com
- Tattoo.com reaches 622 paying subscribers
"We are continuing to build the foundation of our vertical finder sites with in depth hyper local content, which is helping to translate to increased revenues," said Jim Pakulis, CEO of SearchCore. "Our goal now is to continue our growth through our most recently launched site, ManfacturedHomes.com."
Brad Nelms, Chief Strategy Officer of SearchCore, stated, "The launch of ManufacturedHomes.com was a milestone for us since this represents the first site to offer geo targeted results for retailers and manufacturers. In addition, we offer both manufacturers and retailers the ability to utilize our proprietary Customer Relations Management software solutions. In short, we're providing exceptional, detailed content to consumers to heighten the industries brand image and the technology business tools to manage these consumers more efficiently.
Third Quarter 2013 Financial Results
SearchCore's revenues for the third quarter ended September 30, 2013 totaled $191,000, as compared with $4.33 million for the third quarter ended September 30, 2012. Third quarter 2013 revenues reflect the first nine months of SearchCore operations since the company sold its most successful finder site, www.weedmaps.com, in December 2012. The sale was in line with the company's stated strategy to leverage its proven technology platform and expertise to expand into new internet-supported verticals.
Total operating expenses were $964,000 for the third quarter of 2013, as compared with $3.13 million for the third quarter of 2012. The decrease in operating expenses reflects the company's previously announced move to a smaller headquarters facility and reduction in workforce in order to more closely align its expense structure with its near term revenue model.
EBITDA loss was $734,000 for the third quarter of 2013, as compared to EBITDA of $1.28 million for the third quarter of 2012. Operating loss for the third quarter of 2013 was $773,000, as compared to operating income of $1.21 million for the third quarter of 2012.
Loss from continuing operations was $770,000 for the third quarter of 2013, as compared to income from continuing operations of $1.04 million for the third quarter of 2012. Income from continuing operations for the third quarter of 2012 included a pre-tax, non- cash gain of $201,000 on the change in fair value of earn-out liability.
Net loss for the third quarter ended September 30, 2013 was $776,000, or $0.02 per share, as compared to net income of $1.04 million, or $0.02 per share, for the third quarter ended September 30, 2012, which included the above-referenced non-cash gain of $201,000.
Balance Sheet Overview
At September 30, 2013, SearchCore had cash and cash equivalents of $42,000 and had total debt of $906,000, as compared with cash
and cash equivalents of $514,000 and total debt of $615,000 as of December 31, 2012. At September 30, 2013, the Company had approximately 39.0 million shares of common stock issued and outstanding.
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
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.
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