Lake Forest, California, Aug. 13, 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 second quarter ended June 30, 2013.
Second Quarter 2013 Highlights
- Increase in Revenue from Q1 to Q2 of 278%; from $27,000 to $102,000
- Consistently boarding greater than 125 new tattoo subscription clients monthly
- Sportify.com beta version approved in Apple Store
- Commenced alpha testing of ManufacturedHomes.com
- Karate.com nears completion of Phase 2 - Discovery and Planning stage
"We are continuing to follow our strategy of consistently boarding new subscription based clients on Tattoo.com, as well as aggressively pushing forward our development for our other sites including Manufacturedhomes.com, Sportify.com and Karate.com." said Jim Pakulis, CEO of SearchCore. "Our sizeable sequential revenue increase from the prior quarter reflects the steady expansion of our subscription-based monthly fees and incremental fees for add-on and ancillary services."
Second Quarter 2013 Financial Results
Second quarter 2013 represents the second full quarter of SearchCore's operations since the company sold www.Weedmaps.com in December of 2012. In line with its strategy to leverage its proven technology platform and expertise to expand into new internet-supported vertical finder sites, SearchCore's revenues for the second quarter ended June 30, 2013 totaled $102,000, as compared with $27,000 for the first quarter ended March 31, 2013.
Total operating expenses were $698,000 for the second quarter of 2013, as compared with $665,000 for the first quarter of 2013, and $3.3 million for the second quarter of 2012.
EBITDA loss was $560,000 for the second quarter of 2013, as compared to EBITDA loss of $595,000 for the first quarter of 2013, and EBITDA of $1.0 million for the second quarter of 2012. Operating loss for the second quarter of 2013 was $596,000, as compared to operating loss of $638,000 for the first quarter of 2013, and operating income of $906,000 for the second quarter of 2012.
Loss from continuing operations was $590,000 for the second quarter of 2013, as compared to loss from continuing operations of $632,000 for the first quarter of 2013, and income from continuing operations of $3.3 million for the second quarter of 2012. Income from continuing operations for the second quarter of 2012 included a pre-tax, non-cash gain of $2.6 million on the change in fair value of earn-out liabilities.
Net loss for the second quarter ended June 30, 2013 was $595,000, or $0.02 per share, as compared to net loss of $639,000, or $0.01 per share, for the first quarter ended March 31, 2013, and net income of $3.3 million, or $0.04 per share, for the second quarter ended June 30, 2012, which included the above-referenced non-cash gain of $2.6 million.
Weighted average shares outstanding for the second quarter of 2013, the first quarter of 2013, and the second quarter of 2012 were 38.0 million, 54.5 million and 83.3 million, respectively.
Balance Sheet Overview
At June 30, 2013, SearchCore had cash and cash equivalents of $51,000 and had total debt of $748,000, as compared with cash and cash equivalents of $514,000 and total debt of $615,000 as of December 31, 2012.
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 through its industry-focused internet finders sites. 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.
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