TORONTO, ONTARIO today announced the financial results for the
first quarter ended September 30, 2007.
Net income for the first quarter of the Company's fiscal year
2008, the three months ending September 30, 2007, was $7,491
compared to net income of $87,450 for the comparable quarter last
year.
The Company recorded its fourth consecutive quarter of revenues
in excess of $400,000. Revenues of $417,815 for the quarter were 6%
higher than the comparable quarter last year, when revenues were
$395,989. In comparison to the fourth quarter of 2007, revenue was
down $60,820 or 13%. Net Income of $7,491 for the current quarter
was down 68% from $23,418 for the previous quarter. Quarter 3 of
2007 and Quarter 1 of 2008 reflect seasonal declines in revenues.
Some advertisers spend comparatively less on advertising during
December, June and July.
Expenses for the quarter were $410,323. This is an increase of
$101,784 over the first quarter in 2007 of $308,538 and reflects
the ongoing investment in personnel and marketing to drive top line
revenue growth. This increase is primarily attributable to
increased wages and benefits for new personnel hired in the 2007
fiscal year to redesign the website and to increase revenues and
profitability going forward, as well as a general increase in
expenses necessary to support higher revenues. While the
revenue-generating efforts are now showing results, emphasis
remains on very tight cost controls. The number of employees and
contractors now number 14 compared to six last year. Although FPN's
staff complement has more than doubled, the Company is
self-sufficient in all operating aspects of the business, including
accounting and sales, two areas that were maintained by Kemur
Publishing Co. Ltd. in past years.
As at September 30, 2007, the Company had cash on hand of
$126,201 (June 30, 2007 - $114,060) and working capital (excluding
the current portion of deferred revenue) of $170,070 (June 30, 2007
- $225,597). The decrease primarily reflected the quarter's profit
less the $59,000 of deferred revenue for which payment was received
in 2001 and a decrease in receivables.
About Fifty-Plus.Net International Inc.
Fifty-Plus.Net International Inc. (FPN) operates as The 50Plus
Group, Canada's leading provider of online content targeting the
50+ age group. Altogether, the 50Plus Group's portfolio of web
sites and electronic newsletters delivers over 2 million pages
views per month. The key property is www.50plus.com, delivering a
wide range of information, entertainment, community (forums,
dating, blogs) and commerce together with four electronic
newsletters (health, money, travel, lifestyle), each of which has
over 120,000 opt-in subscribers.
The 50Plus Group also produces and manages www.carp.ca, the
online home of CARP, Canada's Association for the Fifty-Plus. With
almost 400,000 members, CARP is Canada's largest association for
the 50+. In addition, The 50Plus Group has recently launched
www.nomorewaiting.info, a web site focusing on CARP's advocacy
campaign, "No More Waiting," which aims to influence governments to
improve health care performance. The 50Plus Group also produces
CARP Action Online, an electronic newsletter for CARP members.
The 50Plus Group has a strategic alliance with Decima Research,
to develop original research on the 50+ market, its demographics,
psychographics and purchasing behavior.
Cautionary note on forward-looking statements
Certain statements made in this report are 'forward-looking
statements' which may include, without limitation, any statement
that may predict, forecast, indicate or imply future results,
performance or achievements, and may contain the words 'believe',
'anticipate', 'expect', 'estimate', 'project', 'will be', 'will
continue', 'will likely result' or similar words or phrases.
Forward-looking statements involve risks and uncertainties, which
may cause actual results to differ materially from the
forward-looking statements. The risks and uncertainties are
detailed from time to time in filings by Fifty-Plus.Net
International Inc. with provincial securities commissions. New risk
factors emerge from time to time and it is not possible for
management to predict all such risk factors, nor can it assess the
impact of all such risk factors on the Company's business or the
extent to which any factor, or combination of factors, may cause
actual results to differ materially from those contained in any
forward-looking statements. Such risks, uncertainties and other
factors include, but are not limited to, the following:
- the risks inherent in the operation of Internet media
properties generally;
- the limited cash flow and the Corporation's dependency on a
few large customers;
- the competition in the Internet and media industry for the
baby boom generation's business;
- the risks associated with governmental regulation of internet
businesses;
- the risk of future legal claims made by or against the
Corporation.
- the risk of managing the current revenue growth rate;
- the dependence of the business on the continuing operation of
its computer systems; and
- the dependence on key personnel.
Given these risks and uncertainties, investors should not place
undue reliance on forward-looking statements as a prediction of
actual results.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release. No stock exchange, securities
commission or other regulatory authority has approved or
disapproved the information contained herein.
Contacts: Fifty-Plus.Net International Inc. Eric Vengroff
President (416) 363-7063, ext. 235 Email: e.vengroff@50plus.com
Website: www.50plus.com
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