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February 11, 2008 - 9:00 AM EST
IMAGE Worldwide (IMGW) Reports Strong 2007 Financial Results
Increases in Sales, Gross Margins and Total Assets
IMAGE Worldwide, Inc. (PINKSHEETS: IMGW) -- is pleased to announce that its unaudited 2007 sales were $2,242,832 up 146% from $912,485 in 2006.
IMGW's gross margins increased from $44,603 in 2006 to $560,920 in 2007 resulting in an 1158% increase in gross profit margins.
Net profitability was up as net loss decreased from $303,233 in 2006 to $86,434 in 2007 resulting in a decrease in operating expenses of 71.5%.
Investment in the Company increased total assets from $1,628,775.81 in 2006 to $2,103,160.24 in 2007.
"We've seen significant growth in all our divisions. We are extremely pleased that the market has not only accepted, but embraced our product offerings. Sales at Image Magazine, Club Oasis, Sheque and La Caliente Radio have all increased," commented Paul Sorkin, CEO of IMAGE Worldwide. "IMAGE's outstanding results for 2007 were driven by our ability to cross promote and market our quality products and services to a larger audience. When you combine this with our strong fiscal discipline we see those strategies paying off faster than we anticipated.We believe this multi-pronged approach will continue to further solidify our success and are now in the process of considering options to move to a more senior exchange."
IMAGE Worldwide, Inc.
IMAGE Worldwide, Inc. is the parent company of several rapidly growing entertainment subsidiaries. IMAGE has created a community that focuses on networking within the entertainment industry. In addition to its established promotions companies and interactive websites, IMAGE operates a fashion/entertainment magazine, radio station and nightclub/concert venues. IMAGE currently attracts more than 10,000 visitors to its events per month. IMAGE's websites attract approximately 100,000 visitors generating over 6,000,000 hits each month. www.IMAGEworldwide.com, www.IMAGEchicago.com, www.RealityIMAGE.com, www.ShequeChicago.com, www.lacalienteradio.com, www.cluboasisky.com.
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks described in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by the cautionary statements that may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
Media contact:
info@IMAGEworldwide.com
Investor Relations Contact:
1-866-210-4671
investors@IMAGEworldwide.com
Source: Marketwire (February 11, 2008 - 9:00 AM EST)
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