FindEx.com, Inc. (OTCBB: FIND), a leading software provider for Bible study through its QuickVerse® brand, and financial and data management for churches and non-profit organizations through its Membership Plus® brand, announced today (August 18) the financial results of its operations for the second quarter ended June 30, 2007.
For the three months ended June 30, 2007, gross revenue was approximately $710,100, a 1% increase of $9,500 compared to gross revenue of approximately $700,600 for the three months ended June 30, 2006. For the six months ended June 30, 2007, gross revenue was approximately $1,980,100, a 5% increase of $97,400 from the gross revenue of approximately $1,882,700 for the six months ended June 30, 2006. Gross profit for the second quarter 2007 was 53%, a 96% improvement compared to the 27% gross profit for the second quarter 2006. For the six months ended June 30, 2007, gross profit increased to 56% from 45% for 2006, a 24% improvement. Total operating expenses for the three months ended June 30, 2007 decreased to approximately $693,000, a 13% improvement over the approximately $793,000 for the three months ended June 30, 2006 and decreased to approximately $1,379,000 for the six months ended June 30, 2007, a 14% improvement over the approximately $1,603,500 for the same period in 2006. Total sales, general and administrative costs were approximately $540,000 or 76% of gross sales and approximately $1,075,600 or 54% of gross sales for the three and six months ended June 30, 2007, respectively. These 2007 numbers compare to the approximately $648,000 or 92% of gross sales and approximately $1,312,000 or 70% of gross sales for the three and six months ended June 30, 2006.
The net loss for the three months ended June 30, 2007 was approximately $343,500, a decrease of approximately $1,205,000 compared to a net income of approximately $862,000 for the three months ended June 30, 2006. The net loss for the six months ended June 30, 2007 was approximately $349,000, a decline of approximately $324,000 compared to a net loss of approximately $25,000 for the six months ended June 30, 2006. It should be noted that included in the net results for the three and six months ended June 30, 2007 are derivative valuation gains of approximately $27,200 and $53,700, respectively, compared to valuation gains of approximately $1,481,400 and $872,500, respectively for the three and six months ended June 30, 2006, and non-recurring expenses related to registration rights penalties of approximately $-0- and $49,300, respectively for the three and six months ended June 30, 2006 compared to zero for the same periods of 2007.
During the first six months of 2007, the company has incurred total software development costs of approximately $191,000, compared to approximately $238,00 for the same period in 2006. In the second quarter of 2007, the company released QuickVerse Windows content additions from Geoffrey W. Bromiley, commonly know as "Little Kittel", and Kenneth S. Wuest. During the first quarter of 2007, the company launched a new release of QuickVerse Mac®. QuickVerse Mac, a leading Bible study software, applies best in class technology with a Mac interface to bring Biblical knowledge to all Apple Mac users. QuickVerse Black Box Edition, White Box Edition and Gold Box Edition Universal Application are available and current registered users of QuickVerse Mac can obtain this new version at QuickVerse.com.
Full details of the company's financials are contained in the company's Form 10-QSB for the fiscal quarter ended June 30, 2007, filed on Edgar, which is available at www.sec.gov.
Kirk Rowland, FindEx.com's Chief Financial Officer commented," We were pleased to continue improvements in our gross revenue, gross profit and reduction of our operating expenses. We have continued to be an efficient and productive enterprise and we are projecting operating expenses to remain flat in the third quarters of 2007 before picking up in our busy fourth quarter. Our focus remains to improve top line growth by continuing to introduce new products and platforms, as well as enhancing and upgrading our existing product lines. We believe we remain positioned to ramp revenue in the third and fourth quarters that will bring us back to profitability by year end." -FindEx.com
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