An SSP,great,FIND.065.Huge alert=.09 per share earnings for the year,10k out today, and stock at .065?IMO at minimum 10 times earnings=.90 per share, and at 20 times earnings=$1.80 per share.DD below:
Fast mover,small floater,way undervalue,Bible study,and with the movie out Passion,revenues probably thru the roof.
Last Q alone it looks like .07 per share.
I see no S8s,I see no dilution.This is hard to believe .065?No way.Once it get's discovered bammmmmmmmmm.
FIND - look at the retailers: findex.com
At March 30, 2004, the registrant had outstanding 21,011,438 shares of common stock, of which there is only a single class.
Insiders own about 37% of shares.
FindEx.com, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Years Ended
December 31,
2003
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2002
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REVENUES, net of reserves and allowances $ 4,390,757 $ 3,908,694
COST OF SALES 1,113,866 814,225
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GROSS PROFIT 3,276,891 3,094,469
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OPERATING EXPENSES
Sales 813,438 811,275
General and administrative 1,861,185 1,798,015
Nonrecurring items (Note 10 ) (522,836 ) --
Bad debt expense 23,208 3,284
Amortization expense 45,157 168,658
Depreciation expense 43,224 38,850
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TOTAL OPERATING EXPENSES 2,263,376 2,820,082
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EARNINGS FROM OPERATIONS 1,013,515 274,387
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OTHER INCOME (EXPENSES)
Interest income 9,727 55
Other income 7,977 15,981
Nonrecurring items (Note 10 ) 866,516 --
Gain (loss) on disposition of assets (2,659 ) 137
Interest expense (87,144 ) (160,107 )
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NET OTHER INCOME (EXPENSES) 794,417 (143,934 )
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NET INCOME BEFORE INCOME TAXES 1,807,932 130,453
INCOME TAXES (Note 8) 33,567 86,525
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NET INCOME $ 1,841,499 $ 216,978
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NET EARNINGS PER SHARE (Note 11)
Basic $ 0.09 $ 0.01
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Diluted $ 0.08 $ 0.01
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WEIGHTED NUMBER OF SHARES OUTSTANDING
Basic 20,411,438 17,607,104
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Diluted 22,545,438 19,741,104
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Name of Beneficial Owner
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Amount and Nature of
Beneficial Owner
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Percent of
Class
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We are focused on becoming the premier provider of Bible study and related faith-based software products and content to the domestic and international markets through ongoing internal development of new products, expansion and upgrade of existing products, and strategic product line and/or corporate acquisitions and licensing. Our religious software titles are currently divided among the following six categories:
o Bible Study
o Financial/Office Management Products for Churches and other Faith-Based Ministries
o Print & Graphic Products
o Pastoral Products
o Children’s Products
o Language Tutorial Products.
Steven Malone 2,376,111 9.5%
Henry M. Washington 1,650,000 6.6%
John A. Kuehne 1,650,000 6.6%
Kirk R. Rowland 1,894,111 7.6%
William Terrill 1,751,127 7.0%
All officers and directors 9,321,349 37.3%
as a group (5 persons)
As of March 30, 2004, there were approximately 800 holders of record of our common stock, with any shares held by persons or companies in street or nominee name counted only under such street or nominee name.
As religious retailing increases, secular stores are offering more religious products as evidenced by the $1.1 billion sales figure in 2002 as reported by the CBA.
OUR MARKET
According to a Gallup poll released in March 2004, 49.4% of Americans identified themselves as Protestant, while 23.7% identified themselves as Catholic, and 9.1% identified themselves as “Other Christian”. More than 60% of Americans say that religion is very important to them in their own lives, and another 24% say that religion is fairly important in their lives, according to the same survey. A survey released in July 2003 by the Christian Bookseller’s Association (“CBA”) indicated that Christian-product sales for the year 2002 were $4.2 billion. The survey also revealed that $2.4 billion of the $4.2 billion total was sold through Christian retail, with $1.1 billion sold through general retail, and $725 million sold direct-to-consumer, and through ministry sales channels. The 3,500-store CBA segment includes several different chains, Family Christian Stores being the largest with 325 stores. We believe that the growth in religious sales has been, and is currently being driven in part by the increased spending power of churchgoer’s generally and recently by heightened media exposure that resulted from the release of the major motion picture, The Passion of the Christ ® .
Language Tutorial Products
We currently produce tutorial software programs for learning Greek and Hebrew, languages frequently studied in conjunction with a Bible-study curriculum or by biblical scholars. Each of these two programs covers all of the essential language development skills, including letters, vocabulary and grammar. Although our prices are subject to change from time to time, our language tutorial products range in price from approximately $10 to approximately $50 per unit. In the aggregate, and for the fiscal year ended December 31, 2003, 3% of our revenues were derived from sales of these products.
Children’s Products
We currently produce and distribute/sell a line of children’s CD-Rom products designed to appeal to faith-conscious families interested in spiritually-enriched entertainment and play-along educational content. Collectively, these titles include Jonah and the Whale ® , Noah and the Ark ® , Daniel in the Lion’s Den ® , The Story of Creation ® , Amazon Trail (3rd Edition), and Oregon Trail ® (4th Edition). In addition, we also distribute the Veggie Tales ® , a popular line of children’s software programs involving interactive adventures with biblical themes.
Although our prices are subject to change from time to time, our children’s CD-Rom products range in price from $4.95 to $19.98 per unit. In the aggregate, and for the fiscal year ended December 31, 2003, less than 1% of our revenues were derived from sales of these products
For the fiscal year ended December 31, 2003, approximately 62% of our revenues were derived from sales of our flagship QuickVerse ® software, the industry-leading Bible-study software now in its 15 th year and 8 th version, which is available in an array of content package variations ranging in retail price from $9.95 to $299.95. QuickVerse ® has sold over a million copies since its introduction and is currently a market leader in its category.
QuickVerse ® simplifies biblical research, allowing users to view multiple reference materials, including Bibles, dictionaries, commentaries and encyclopedias, side-by-side on the computer screen. A built-in QuickSearch feature enables the user to highlight a word or Bible verse and find all of its occurrences in a particular text. Advanced search options also enable users to search by word, phrase or verse across multiple books. QuickVerse ® Version 8, our latest Version, is currently available in three CD-ROM editions: the QuickVerse ® Standard Edition (which includes 9 Bibles and 47 reference titles), the QuickVerse ® Expanded Edition (which includes 10 Bibles and 84 reference titles), and the QuickVerse ® Deluxe Edition (which includes 16 Bibles and 144 reference titles). Each QuickVerse ® purchase includes access to additional books and content, which can be unlocked and made accessible for an additional fee.
In December 2002, we released QuickVerse ® PDA, for Palm ® operating systems, a new addition to the QuickVerse ® Bible software family and released an enhanced version in June 2003 making the QuickVerse ® PDA compatible on both Pocket PC ® and Palm ® OS operating systems. This program provides the same simplified access and many of the personal Bible study features found in the desktop QuickVerse ® Versions. QuickVerse PDA ® is currently available in four editions as a download and in CD-ROM: the Standard Edition (which includes 2 Bibles and 4 reference titles), the Deluxe Edition (which includes 4 Bibles and 4 reference titles), the Life Application Study Bible (which includes 1 Bible and 9 reference titles) and a secular version (which includes 2 Bibles and 4 reference titles). Each edition contains 10 scripture reading plans and provides the user with the ability to create their own.
QuickVerse ® customers include (i) individuals devoted to or otherwise interested in studying Christianity, of which, according to a Gallup Poll Survey released in March, 2004, about 82% of American adults can be classified as Christian, and (ii) religious and other spiritual organizations including schools, churches and other faith-based ministries.
We hold our rights to QuickVerse ® indefinitely which are exclusive, pursuant to the Parson’s Licensing Agreement.
In addition to QuickVerse ® , we also develop and market certain other Bible study software packages. These include the Complete Bible Resource Library ® , the Book ® , The Life Application Bible ® , A Walk in the Footsteps of Jesus ® , Adam Clark’s Commentary on the Bible ® , and Dictionaries of the New Testament ® . Although our prices are subject to change from time to time, these titles currently range in retail price from $19.99 to $79.99 per unit. |
