OMAHA, NEBRASKA , announced today the financial results of its
operations for the third quarter ended September 30, 2007.
For the three months ended September 30, 2007, gross revenue was
approximately $634,000, a 30% decrease of $277,000 compared to
gross revenue of approximately $911,000 for the three months ended
September 30, 2006. For the nine months ended September 30, 2007,
gross revenue was approximately $2,614,000, a 6% decrease of
$179,000 from the gross revenue of approximately $2,793,000 for the
nine months ended September 30, 2006. Gross profit for the third
quarter 2007 was 45% of gross revenue, a 6% decrease compared to
the 48% gross profit for the third quarter 2006. For the nine
months ended September 30, 2007, gross profit increased to 48% of
gross sales from 44% for 2006, a 9% improvement. Total operating
expenses for the three months ended September 30, 2007 decreased to
approximately $582,000, a 27% improvement over the approximately
$712,000 for the three months ended September 30, 2006 and
decreased to approximately $1,961,000 for the nine months ended
September 30, 2007, a 15% improvement over the approximately
$2,315,500 for the same period in 2006. Total sales, general and
administrative costs were approximately $446,000 or 70% of gross
sales and approximately $1,521,000 or 58% of gross sales for the
three and nine months ended September 30, 2007, respectively. These
2007 numbers compare to the approximately $579,000 or 64% of gross
sales and approximately $1,891,000 or 68% of gross sales for the
three and nine months ended September 30, 2006.
The net loss for the three months ended September 30, 2007 was
approximately $307,000, a decrease of approximately $333,000
compared to a net income of approximately $26,000 for the three
months ended September 30, 2006. The net loss for the nine months
ended September 30, 2007 was approximately $656,000, a decline of
approximately $657,000 compared to a net income of approximately
$1,200 for the nine months ended September 30, 2006. It should be
noted that included in the net results for the three and nine
months ended September 30, 2007 are derivative valuation losses of
approximately $140,000 and $86,000, respectively, compared to
valuation gains of approximately $237,000 and $1,109,500,
respectively for the three and nine months ended September 30,
2006, and non-recurring expenses related to registration rights
penalties of approximately $-0- and $49,300, respectively for the
three and nine months ended September 30, 2006 compared to zero for
the same periods of 2007.
During the first nine months of 2007, the company has incurred
total software development costs of approximately $316,000,
compared to approximately $412,000 for the same period in 2006. In
the third quarter of 2007, the company released the QuickVerse
Windows content additions The Pulpit Commentary, The Biblical
Illustrator, and the NIV Family of products (New International
Version-NIV, New International Readers Version-NIrV, and Today's
New International Version-TNIV). 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 September 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 the reduction of our operating expenses
while maintaining the year-to-date improvements in our gross
profit. We have continued to be an efficient and productive
enterprise and believe we are well prepared for our fourth quarter.
Historically, more than 50% of our annual sales are expected to
occur in the five months of September through January. 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."
About FindEx.com, Inc.
FindEx.com, Inc. develops and publishes church and Bible study
software products designed to simplify biblical research,
streamline church office tasks, provide easy access to
Bible-related stories, and enhance the user's understanding of the
Bible. The company's one operating division called The Parsons
Church Group was acquired in July 1999 from The Learning Company, a
division of Mattel, Inc.
This press release contains forward-looking information within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and is subject to the safe harbor created by those
sections. This material contains statements about expected future
events and/or financial results that are forward-looking in nature
and subject to risks and uncertainties. Such forward-looking
statements by definition involve risks, uncertainties and other
factors, which may cause the actual results, performance or
achievements of Findex to be materially different from the
statements made herein. Among others, these risks include but are
not limited to the following: (i) limited liquidity and capital
resources; (ii) serious business competition, (iii) fluctuations in
operating results may result in unexpected reductions in revenue
and stock price volatility; (iv) delays in product releases and
introductions may result in unexpected reductions in revenue and
stock price volatility, and (v) errors or defects in products may
cause a loss of market acceptance and result in fewer sales. These,
as well as other risks are described in the company's annual report
on Form 10-KSB for the year ended December 31, 2006.
Contacts: FindEx.com, Inc. Kirk Rowland (402) 333-1900 Email:
qvnvst@quickverse.com
Findex Com (CE) (USOTC:FIND)
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