FIND .13x.18.News out.How about it, and the smarties that bought below .10?They are laughing to the bank.FindEx Releases 2003 Results
Thursday April 15, 3:46 pm ET
OMAHA, Neb.--(BUSINESS WIRE)--April 15, 2004--FindEx.com, Inc. (OTCBB:FIND - News) announced results for the year ended December 31, 2003 and for the fourth quarter.
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Net sales for the year ended December 31, 2003 increased 12% to $4,390,757 from sales of $3,908,694 for the year ended December 31, 2002. During 2003 the Company had several non-recurring items take place totaling approximately $1,390,000 which positively effected net income. These non-recurring items had no effect on the cash flow statement. Accordingly, net income increased from $216,978 in the year ended December 31, 2002 to $1,841,499 for the year ended December 31, 2003. Net of the non-recurring items, our net income increased approximately $235,000 from a net income of approximately $217,000 for the year ended December 31, 2002 to a net income of approximately $452,000 for the year ended December 31, 2003. Basic Earnings Per Share (EPS) increased from $.01 for the year ended December 31, 2002 to $.09 for the year ended December 31, 2003.
For the fourth quarter ended December 31, 2003 the Company reported net sales of $1,801,937 as compared to $976,228 for the quarter ended December 31, 2002. This represented an increase in sales of 84%. Net income increased $1,255,460 for the quarter from a net income of $93,603 in the fourth quarter of 2002 to net income of $1,349,063 in the fourth quarter of 2003.
Commenting on the year, Steven Malone, FindEx's Chairman and President stated, "While pleased with results, we had hoped to realize a better outcome. We believe the delay experienced in releasing QuickVerse 8, our flagship product, cost the Company an additional million dollars in revenue. However, we have made provisions so that we should not experience significant product release delays moving forward."
"As for the future, we are very encouraged by the direction we are heading in 2004 and beyond. We have rebuilt our development team and are continuing to add new talent. We have expanded our sales and marketing team, and embarked on an aggressive product development and marketing schedule that we feel will achieve substantially greater results for us in the year to come. Lastly, we are pleased to have finally settled our dispute with the Zondervan Corporation, and we hope to one day work with them again."
In discussing the operating results of the Company, Kirk Rowland, Chief Financial Officer for FindEx stated, "We improved our profitability from operations, doubled our net income after removing the non-recurring items, and continued our positive cash flow from operations. This allowed us to improve our working capital and make significant progress into the next phase of our corporate growth strategy. The non-recurring items, while not providing any cash, did result in approximately $1,390,000 of additional net income and an improvement in our balance sheet."
About FindEx.com Inc.
FindEx is a developer, publisher, and distributor/seller of off-the-shelf consumer and organizational software products. The common thread among the Company's products is a customer constituency that shares a devotion to or interest in Christianity and faith-based "inspirational" values. 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. Our flagship product is QuickVerse. QuickVerse simplifies biblical research with powerful searching that anyone can use to find information across multiple Bibles and reference books. QuickVerse includes customizable options for daily Bible reading, and devotional and in-depth Bible study. One of our PDA Editions, specifically made for the Pocket PC or Palm OS, enables users to take their studies with them Anytime, Anywhere. For product information see: www.quickverse.com.
Safe Harbor
In addition to the historical financial information contained herein, this release contains certain forward-looking statements. Forward-looking statements in this press release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current management expectations and involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from forecasted results. A number of factors, including those identified below, could adversely affect the Company's ability to obtain these results: there is uncertainty regarding the Company's ability to continue as a going concern; a legal claim has been made against the company for a number of common shares exceeding 50% of the total current outstanding; the Company is experiencing and may continue to experience reduced revenues due to delays in the introduction and distribution of its products; the Company is delinquent in the payment of payroll taxes; the Company is under-capitalized and requires additional equity investment; the Company has a limited operating history upon which to evaluate its future success; the loss of key executives could harm the Company's business; product returns that exceed anticipated reserves could result in worse than expected operating results; fluctuations in operating results may result in unexpected reductions in revenue and stock price volatility; and errors or defects in the Company's software products may cause a loss of market acceptance and result in fewer sales. Certain of these risks are described in the Company's annual report on Form 10-KSB for the year ended December 31, 2003.
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Contact:
FindEx.com, Inc.
Kirk Rowland
(402) 333-1900
Email: investor@findex.com
Website: www.quickverse.com
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