TORONTO, ONTARIO today announced the financial results for the
second quarter ended December 31, 2007.
On December 28, 2007, Olympus Management Limited ("OML"), a
private Ontario corporation, acquired control of Fifty-Plus.Net
International Inc. ("FPN") through a reverse take-over ("RTO").
As a result of the RTO, the former shareholders of Kemur (i.e.
OML) acquired control of FPN. Under the purchase method of
accounting Kemur has been identified as the acquirer, and,
accordingly, the entity is considered to be a continuation of Kemur
with the net assets of FPN at the date of the RTO deemed to have
been acquired by Kemur. Since the RTO is accounted for as a reverse
take-over, the income statement figures are solely those of Kemur.
The income statement in the next quarterly report, being the three
months ending March 31, 2008, will consolidate the operations of
Kemur and FPN.
As the RTO was completed on December 28, 2007, the results of
FPN for the period from the date of the RTO's closing (i.e.
December 28, 2007) to December 31, 2007 are not material and have
not been included in the statement of income for the three and six
month periods ended December 31, 2007.
During the quarter ended December 31, 2007, the Company had
revenue of $1,096,988 and expenses of $1,099,226 with a net loss
after tax of $2,238. For the comparable quarter ended December 31,
2006, The Company had revenue of $1,021,337 and expenses of
$982,043 with a net income after tax of $39,294. Advertising
revenue was $675,350 versus $593,711 for the comparable period last
year. This increase of $81,630 (13.7%) reflects that The Company
was able to sell approximately eight more advertising pages through
the fall advertising season. Subscription revenue was $388,972
versus $394,414 for the comparable period last year. This decline
of $5,442 (1.4%) is attributable to the moderate decline in CARP
membership. Sundry revenue of $32,666 was on track with sundry
revenue of $33,212 for the comparable period last year.
Production expenses for the quarter ended December 31, 2007 were
$351,064 versus $346,865 for the comparable quarter last year, an
increase of $4,199 (1.2%) as a result of increased postage costs.
Editorial expenses were $304,679 versus $191,906 for the comparable
quarter last year, an increase of $112,773 (58.7%) due to personnel
restructuring costs. Sales expenses were $146,715 versus $169,310
for the comparable quarter last year, a reduction of $22,595
(13.3%) largely due to lower sales personnel expenses associated
with the current advertising revenues. Administration expenses were
$138,995 versus $150,771 for the comparable quarter last year, a
decrease of $11,776 (7.8%) primarily due to reduced personnel
costs. Circulation expenses were $60,212 versus $59,994 for the
comparable quarter last year, an increase of $218 (0.4%) due to
increased amounts paid to FPN Subco for subscriptions received via
the Internet. Royalties expense was $33,700 versus $27,730 for the
comparable quarter last year, an increase of $5,970 (10.0%) due to
higher advertising revenues during the current period. Amortization
was $3,763 versus $11,567 for the quarter last year, a decrease of
$7,804 (67.5%) due the write-off of $57,204 of fixed assets
purchased at various times in the Company's past that are now past
their useful life.
As at December 31, 2007, the Company had cash on hand of
$4,233,299 (September 30, 2007 - $1,189,327) and working capital
(excluding the current portion of deferred revenue) of $4,705,536
(September 30, 2007 - $1,831,533).
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.
FPN also owns and operates Kemur Publishing Co. Ltd., publisher
of CARP magazine, the largest paid circulation magazine in Canada
for the mature market. Published nine time a year, with six regular
issues and three special issues, CARP magazine has a paid
circulation of approximately 190,000.
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
No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained
herein. 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.
Contacts: Fifty-Plus.Net International Inc. Eric Vengroff
Executive Vice President (416) 607-7735 Email:
e.vengroff@50plus.com
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