|
·
|
Revenue–
Fourth quarter net revenue was $7.1 million. This represented growth
of
18.9% over the $6.0 million of revenue in the third quarter of
fiscal
2007.
|
|
·
|
Increased
Monetization– Increased net revenue per thousand visitors (RKV)
to $496 per thousand visitors.
|
|
·
|
Increased
Average Listing Price– The customer ASP increased over 10% from
the third quarter of 2007 to $405, from $369, on an annualized
basis.
|
|
·
|
Completed
acquisition of LiveDeal, Inc.– Acquired one of the top 10 online
classifieds companies.
|
|
·
|
Yahoo!
Search Services– entered into an agreement with Yahoo! Search
Services to provide visibility to our websites so that we can provide
traffic to our advertisers.
|
|
·
|
Yelp–
Entered into an agreement with Yelp to provide approximately 1.8
million
customer reviews on our site to broaden user generated content
on our
site.
|
|
·
|
Unique
Visitors– Grew unique visitors to 1.7 million monthly unique
visitors.
|
|
·
|
Philippines
Call Center– Bought call center in the Philippines to give the
company control of its outbound sales call
center.
|
Year
ended
September
30, 2007
|
Quarter
ended
September
30, 2007
|
|||||||
Net
income per GAAP
|
$ |
1,754,000
|
$ |
376,000
|
||||
Bad
Debt charges
|
377,000
|
377,000
|
||||||
Direct
Mail Campaign
|
1,000,000
|
|||||||
Non-recurring
gains
|
(200,000 | ) | ||||||
Tax
effects of non-recurring items
|
(440,000 | ) |
(141,000
|
) | ||||
Adjusted
non-GAAP net income
|
$ |
2,491,000
|
$ |
612,000
|
Year
ended September 30,
|
||||||||||||
2007
|
2006
|
2005
|
||||||||||
|
||||||||||||
Net
revenues
|
$ |
26,340,361
|
$ |
31,957,947
|
$ |
24,361,995
|
||||||
Cost
of services
|
4,204,276
|
4,030,280
|
3,137,756
|
|||||||||
Gross
profit
|
22,136,085
|
27,927,667
|
21,224,239
|
|||||||||
|
||||||||||||
Operating
expenses:
|
||||||||||||
General
and administrative expenses
|
12,518,620
|
14,350,753
|
14,600,614
|
|||||||||
Sales
and marketing expenses
|
6,491,504
|
11,452,465
|
5,310,236
|
|||||||||
Litigation
and related expenses
|
(200,718 | ) |
3,686,806
|
328,133
|
||||||||
Total
operating expenses
|
18,809,406
|
29,490,024
|
20,238,983
|
|||||||||
Operating
income
|
3,326,679
|
(1,562,357
|
) |
985,256
|
||||||||
|
||||||||||||
Other
income (expense)
|
||||||||||||
Interest
expense and other financing costs
|
--
|
--
|
(8,610 | ) | ||||||||
Interest
income
|
271,969
|
224,176
|
242,965
|
|||||||||
Other
income (expense)
|
10,945
|
(24,518 | ) | (222,276 | ) | |||||||
Total
other income (expense)
|
282,914
|
199,658
|
12,079
|
|||||||||
|
||||||||||||
|
||||||||||||
Income
(loss) before income taxes and cumulative effect of accounting
change
|
3,609,593
|
(1,362,699 | ) |
997,335
|
||||||||
Income
tax provision (benefit)
|
1,855,675
|
(311,779 | ) |
372,037
|
||||||||
Cumulative
effect of accounting change (net of income taxes of $53,764
in
2005)
|
--
|
--
|
99,848
|
|||||||||
Net
income (loss)
|
$ |
1,753,918
|
$ | (1,050,920 | ) | $ |
725,146
|
|||||
|
||||||||||||
Net
income (loss) per common share:
|
||||||||||||
Basic:
|
||||||||||||
Income
(loss) applicable to common stock before cumulative effect
of accounting
change
|
$ |
0.34
|
$ | (0.23 | ) | $ |
0.14
|
|||||
Cumulative
effect of accounting change
|
$ |
--
|
$ |
--
|
$ |
0.02
|
||||||
Net
income applicable to common stock
|
$ |
0.34
|
$ | (0.23 | ) | $ |
0.16
|
|||||
|
||||||||||||
Diluted:
|
||||||||||||
Income
(loss) applicable to common stock before cumulative effect
of accounting
change
|
$ |
0.33
|
$ | (0.23 | ) | $ |
0.14
|
|||||
Cumulative
effect of accounting change
|
$ |
--
|
$ |
--
|
$ |
0.02
|
||||||
Net
income (loss) applicable to common stock
|
$ |
0.33
|
$ | (0.23 | ) | $ |
0.16
|
|||||
|
||||||||||||
Weighted
average common shares outstanding:
|
||||||||||||
Basic
|
5,108,551
|
4,495,868
|
4,639,036
|
|||||||||
Diluted
|
5,336,439
|
4,495,868
|
4,665,992
|
September
30,
|
||||||||
Assets
|
2007
|
2006
|
||||||
|
||||||||
Cash
and equivalents
|
$ |
5,674,533
|
$ |
6,394,775
|
||||
Certificates
of deposit and other investments
|
--
|
3,082,053
|
||||||
Accounts
receivable, net
|
6,919,180
|
8,015,600
|
||||||
Prepaid
expenses and other current assets
|
510,609
|
235,250
|
||||||
Deferred
tax asset
|
546,145
|
1,781,736
|
||||||
Total
current assets
|
13,650,467
|
19,509,414
|
||||||
Accounts
receivable, long term portion, net
|
1,941,996
|
1,140,179
|
||||||
Property
and equipment, net
|
423,563
|
178,883
|
||||||
Deposits
and other assets
|
103,057
|
91,360
|
||||||
Intangible
assets, net
|
7,372,147
|
5,722,604
|
||||||
Goodwill
|
11,683,163
|
--
|
||||||
Deferred
tax asset, long term
|
4,551,644
|
1,334,787
|
||||||
Income
taxes receivable
|
316,429
|
--
|
||||||
Total
assets
|
$ |
40,042,466
|
$ |
27,977,227
|
||||
|
||||||||
Liabilities
and Stockholders' Equity
|
||||||||
|
||||||||
Accounts
payable
|
$ |
1,138,265
|
$ |
773,653
|
||||
Accrued
liabilities
|
1,196,330
|
4,565,439
|
||||||
Income
taxes payable
|
--
|
261,762
|
||||||
Total
current liabilities
|
2,334,595
|
5,600,854
|
||||||
Total
liabilities
|
2,334,595
|
5,600,854
|
||||||
Series
E convertible preferred stock, $.001 par value, 200,000 shares
authorized,
127,840 issued and outstanding, liquidation preference
$38,202
|
10,866
|
10,866
|
||||||
Common
stock, $.001 par value, 100,000,000 shares authorized, 6,693,667
and
5,002,159 issued and outstanding
|
6,694
|
5,002
|
||||||
Treasury
stock
|
(2,714,698 | ) | (2,407,158 | ) | ||||
Paid
in capital
|
23,325,888
|
12,294,186
|
||||||
Deferred
stock compensation
|
--
|
(2,854,122 | ) | |||||
Retained
earnings
|
17,079,121
|
15,327,599
|
||||||
Total
stockholders' equity
|
37,707,871
|
22,376,373
|
||||||
Total
liabilities and stockholders' equity
|
$ |
40,042,466
|
$ |
27,977,227
|