FIND.14.Q out says?It says damn good.Revenues up 46%,and .012 per share profit?Also CEO says below?
(BSNS WIRE) FindEx Continues Turnaround with Q1 Results
FindEx Continues Turnaround with Q1 Results
OMAHA, Neb.--(BUSINESS WIRE)--FIND--
FindEx.com, Inc. (OTCBB: FIND) continued its turnaround
with the announcement of improved results for the first quarter ended
March 31, 2004.
Gross revenues for the first quarter increased by approximately
$540,000, or 46% over the previous year. For the three months ended
March 31, 2004, the Company reported increased gross sales of
$1,715,471 as compared to $1,175,575 for the three months ended March
31, 2003.
Net Income for the first quarter increased by approximately
$181,000, or 198% over the previous year. For the three months ended
March 31, 2004 the Company's net income increased to approximately
$272,000 as compared to approximately $91,000 for the three months
ended March 31, 2003.
By excluding interest, taxes, depreciation, and amortization from
net income, the Company's EBITDA increased approximately $276,000 to
EBITDA of approximately $449,000 for the three months ended March 31,
2004 from EBITDA of approximately $173,000 for the three months ended
March 31, 2003.
FindEx Chief Executive Officer Steven Malone commented, "The
first quarter was solid for us, and we have met our forecasted
numbers. As a company, we feel that this year we are finally coming
of age. Our business plan calls for several new marketing and
development initiatives that are designed to significantly grow our
revenue in the second half of the year. We feel we are in a position
to execute on those initiatives in the timeframe we have laid out for
the company."
In discussing the operating results of the Company, Kirk Rowland,
Chief Financial Officer for FindEx stated, "Our cash flow from
operations has enabled us to continue improving our balance sheet. We
reduced our trade payables, royalty obligations, and our back payroll
taxes. We believe all these improvements are having a cumulative
effect on our attractiveness to external funding. When we combine the
improved balance sheet with the settlement of past disputes, we are
significantly improved over this time last year. We will continue to
work at improving our balance sheet while balancing our pursuit of
marketing and development initiatives."
A spokesperson for the company also stated that a shareholder
meeting would be scheduled for later this year. Details will be
announced once the date has been confirmed and preliminary
arrangements made.
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(R). QuickVerse(R) simplifies biblical research
with powerful searching that anyone can use to find information
across multiple Bibles and reference books. QuickVerse(R) 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(R) or Palm OS(R), 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 significant
number of the Company's common shares; the Company may 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/A for the
year ended December 31, 2003.
KEYWORD: NEBRASKA
INDUSTRY KEYWORD: SOFTWARE EARNINGS
SOURCE: FindEx.com, Inc.
CONTACT INFORMATION:
FindEx.com, Inc.
Kirk Rowland
(402) 333-1900
Email: investor@findex.com
Website: www.quickverse.com
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