MacroSolve Announces FY 2011 Second Quarter Results
63% Revenue Increase Driven by Licensing Revenues and Custom Mobile App Services
(firmenpresse) - TULSA, OK -- (Marketwire) -- 08/16/11 -- MacroSolve, Inc. (PINKSHEETS: MCVE) (OTCQB: MCVE) ("MacroSolve" or the "Company"), a leading provider of mobile technologies, apps and solutions for business, today announced financial results for the second quarter of fiscal 2011.
Revenues for the three months ended June 30, 2011 were $219,431 as compared to $134,332 in the second quarter of fiscal 2010. This 63% rise is due to increased sales of the Company's custom mobile app solution services as well as an increase in software and patent licensing.
"This quarter we have experienced a shift at MacroSolve which reflects the efforts, planning, and investments we've made in our business. Our Illume Mobile division, which provides custom mobile app services, has driven a significant increase in sales. In addition to the revenues realized in the second quarter, Illume Mobile has an additional backlog of over $100,000 in contracts. This rise from Illume Mobile, coupled with increasing licensing revenues from our patent and proprietary technologies, creates a trend that we anticipate will continue," stated MacroSolve's CEO, Steve Signoff.
For the six month period ended June 30, 2011, revenues were $335,431 as compared to $408,560 for the six months ended June 30, 2010. This 18% decrease in sales is a result of slightly lower maintenance revenues on a legacy services customer and the absence of hardware sales, which were offset by an increase in software and patent licensing. The Company discontinued hardware sales in 2010 due to lower profit margins. MacroSolve now focuses on growing its higher margin licensing revenues based upon its proprietary software and patents.
Loss from operations for the three months ended June 30, 2011 was $(663,385), as compared to loss from operations in the second quarter of the prior year of $(399,341). The $264,044, or 66% increase, in loss from operations was primarily due to increased consulting fees related to investor and public relations and accrued expenses related to a corporate branding and marketing initiative.
Similarly, the loss from operations for the six months ended June 30, 2011 was $(1,140,512), as compared to loss from operations in the same period of the prior year of $(769,739). The $370,773, or 48%, increase in loss from operations was primarily due to increased consulting fees related to investor and public relations and accrued expenses related to a corporate branding and marketing initiative.
Net loss for the second quarter of fiscal 2011 was $(722,716) or $(0.01) per share, as compared to second quarter fiscal 2010 net loss of $(462,261), or $(0.01) per share. For the six months ended June 30, 2011 net loss was $(1,230,118), or $(0.01) per share, as compared to a net loss of $(908,250) or $(0.01) per share for the six months ended June 30, 2010.
For further information please see MacroSolve's full 10Q filing at .
The accompanying notes are an integral part of these statements.
The accompanying notes are an integral part of these statements.
MacroSolve, Inc. is a pioneer in delivering mobile apps, technologies, and solutions to businesses and government. Founded in 1997, the Company has an extensive network including the top name brands in wireless hardware and software as well as wireless carriers. Leveraging its intellectual property portfolio, MacroSolve is positioned to become a leader in the mobile app space, projected to become a $17.5 billion market by 2012 according to Chetan Sharma Consulting. The Company operates through its subsidiaries including Anyware Mobile Solutions () and Illume Mobile (). For more information, visit MacroSolve () or call 800-401-8740.
This press release contains projections of future results and other forward-looking statements that involve a number of risks and uncertainties and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Important factors that may cause actual results and outcomes to differ materially from those contained in the projections and forward-looking statements included in this press release are described in our publicly filed reports. Factors that could cause these differences include, but are not limited to, the acceptance of our products, lack of revenue growth, failure to realize profitability, inability to raise capital and market conditions that negatively affect the market price of our common stock. The Company disclaims any responsibility to update any forward-looking statements.
Investor Contact:
Laurel Moody
646-810-0608
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Datum: 16.08.2011 - 11:00 Uhr
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