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Sunday, April 08, 2007 11:48:59 PM
PAYD - Chart...Remember the news last week as well.
Paid, Inc. Reports Record Revenue for 2006
Wednesday April 4, 8:04 am ET
$8 Million of Revenue, Zero Long-Term Debt
BOSTON--(BUSINESS WIRE)--Paid, Inc. (OTCBB:PAYD - News) has announced its financial results for the year ended December 31, 2006 and recapped its significant achievements for the year.
Revenue for 2006 was a record $8,049,000 compared to $4,920,000 in 2005 -- an increase of 64%. Business improved significantly in 2006, with dramatically expanded merchandising and product offerings, and growth in sales related to tours of performing artists.
Significant achievements in 2006 included:
Increased revenue 64% while reducing operating expenses 8%
Net loss decreased by $1,794,000
Retired $1.15 million remaining long-term debt
Opened new corporate office in Boston
Contracts signed with a number of major performing artists and entertainment organizations.
"We've made huge strides in our business model in the past three years. In 2006, we executed our core business plan and achieved our 2006 goals of expanding our client base and increasing revenues," said Mr. Greg Rotman, CEO of Paid, Inc. "We've started to realize the expected economies of scale in our highly scaleable business model, which has enabled us to progress toward profitability. From a longer-term perspective, in 2006, we leveraged our 2004 and 2005 investments in Paid's future to build the Company and our management team while eliminating reliance on long-term debt. With an improved balance sheet, we've placed the Company in a stronger financial position in preparation for the growth phase we are now in. We are well positioned to escalate our business growth into 2007 and beyond, building upon our celebrity services business model and growing our technology-related ecommerce revenue streams."
In 2006, Paid's celebrity services business generated revenue of $7,278,000, from fan experience packages, fan club memberships and related merchandise and $247,300 from sports marketing revenues compared to 2005 celebrity services revenue of $3,288,000 and sports marketing revenue of $357,200. Sales of the Company's own product and fees from buyers and sellers through the Company's Rotman Auction operations declined to $473,000 in 2006, from $1,301,000 in 2005, due to a management decision late in 2005 to streamline sales channels for Company-owned product and, in turn, terminating sales on eBAY, in an effort to reduce related overhead.
Total operating expenses for 2006 were $4,185,000, compared to $4,561,000 for 2005, a decrease of $376,000 or 8%. Net loss decreased by $1,794,000 from 2005 to a net loss of $1,704,000 in 2006, while the Company retired its remaining $1.15 million in long-term debt in 2006. Paid is now free of all long-term debt. The basic and diluted loss per share for 2006 is $.01 per share, compared to $.02 per share in 2005.
"During 2006, as previously projected, our staff growth slowed as our client base expanded due to efficiencies of scale, and in 2007 we expect to further streamline our operations," Paid CFO and COO Mr. Rich Rotman noted. "Additionally, our technology costs and related technical staff associated with fan club tour ticketing in 2005 were one-time charges that did not recur in 2006, with the exception of ongoing maintenance and regular upgrades."
Paid President of celebrity services Mr. Keith Garde said, "We've rounded out our service offerings with the addition of more merchandising, marketing and fan community capabilities and our new video and film production services. We expect to continue to add new technologies and services to our offerings that will be beneficial to our clients and enhance their fans' experiences. With an experienced team in place, we grew sales by more efficiently and proactively promoting and marketing our clients and their merchandise."
Mr. Greg Rotman concluded, "We see significant potential for Paid in merchandising and celebrity services and expect to build upon the momentum in those areas in 2007. In addition, we believe we will grow our client base with top quality performing artists and sports and entertainment entities in 2007 and we expect to start generating revenue from licensing agreements related to our online shipping calculation business method for which a patent was recently allowed by the U.S. Patent and Trademark Office. We expect to see our business development efforts in multiple areas coming to fruition and positively impacting the bottom line in 2007."
To access the entire contents of Paid, Inc.'s 2006 10-KSB Annual Report, go to www.sec.gov and enter PAYD in the ticker field.
About Paid, Inc.:
Paid, Inc. operates a diversified set of businesses, including its celebrity services and AuctionInc ecommerce technology businesses. Using proprietary patent-pending technology, Paid's innovative AuctionInc brand shipping calculation and auction management software and services are utilized to streamline online auctions, ecommerce and web site development and hosting. Paid, Inc.'s celebrity services provides celebrities and organizations with official Web sites and fan club services that include e-commerce storefronts, ticketing and fan experience packages and web site content to attract tens of thousands of visitors daily, as detailed on its web site, www.paidcelebrity.com. The Company also sponsors autograph signing events and other sports marketing services for sports clientele. The Company's common stock is traded on the OTC Bulletin Board under the symbol PAYD. For further information, visit http://www.paid.com.
Forward Looking Statements:
This Press Release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are based upon current expectations or beliefs, as well as a number of assumptions about future events, including matters related to the Company's operations, profitability, business development efforts, and expectations about celebrity programs and fan club activities, technologies, and services. Although the Company believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties. In addition, other factors that could cause actual results to differ materially are discussed in the Company's most recent filings, including Form 10-KSB with the Securities and Exchange Commission.
Paid, Inc. Reports Record Revenue for 2006
Wednesday April 4, 8:04 am ET
$8 Million of Revenue, Zero Long-Term Debt
BOSTON--(BUSINESS WIRE)--Paid, Inc. (OTCBB:PAYD - News) has announced its financial results for the year ended December 31, 2006 and recapped its significant achievements for the year.
Revenue for 2006 was a record $8,049,000 compared to $4,920,000 in 2005 -- an increase of 64%. Business improved significantly in 2006, with dramatically expanded merchandising and product offerings, and growth in sales related to tours of performing artists.
Significant achievements in 2006 included:
Increased revenue 64% while reducing operating expenses 8%
Net loss decreased by $1,794,000
Retired $1.15 million remaining long-term debt
Opened new corporate office in Boston
Contracts signed with a number of major performing artists and entertainment organizations.
"We've made huge strides in our business model in the past three years. In 2006, we executed our core business plan and achieved our 2006 goals of expanding our client base and increasing revenues," said Mr. Greg Rotman, CEO of Paid, Inc. "We've started to realize the expected economies of scale in our highly scaleable business model, which has enabled us to progress toward profitability. From a longer-term perspective, in 2006, we leveraged our 2004 and 2005 investments in Paid's future to build the Company and our management team while eliminating reliance on long-term debt. With an improved balance sheet, we've placed the Company in a stronger financial position in preparation for the growth phase we are now in. We are well positioned to escalate our business growth into 2007 and beyond, building upon our celebrity services business model and growing our technology-related ecommerce revenue streams."
In 2006, Paid's celebrity services business generated revenue of $7,278,000, from fan experience packages, fan club memberships and related merchandise and $247,300 from sports marketing revenues compared to 2005 celebrity services revenue of $3,288,000 and sports marketing revenue of $357,200. Sales of the Company's own product and fees from buyers and sellers through the Company's Rotman Auction operations declined to $473,000 in 2006, from $1,301,000 in 2005, due to a management decision late in 2005 to streamline sales channels for Company-owned product and, in turn, terminating sales on eBAY, in an effort to reduce related overhead.
Total operating expenses for 2006 were $4,185,000, compared to $4,561,000 for 2005, a decrease of $376,000 or 8%. Net loss decreased by $1,794,000 from 2005 to a net loss of $1,704,000 in 2006, while the Company retired its remaining $1.15 million in long-term debt in 2006. Paid is now free of all long-term debt. The basic and diluted loss per share for 2006 is $.01 per share, compared to $.02 per share in 2005.
"During 2006, as previously projected, our staff growth slowed as our client base expanded due to efficiencies of scale, and in 2007 we expect to further streamline our operations," Paid CFO and COO Mr. Rich Rotman noted. "Additionally, our technology costs and related technical staff associated with fan club tour ticketing in 2005 were one-time charges that did not recur in 2006, with the exception of ongoing maintenance and regular upgrades."
Paid President of celebrity services Mr. Keith Garde said, "We've rounded out our service offerings with the addition of more merchandising, marketing and fan community capabilities and our new video and film production services. We expect to continue to add new technologies and services to our offerings that will be beneficial to our clients and enhance their fans' experiences. With an experienced team in place, we grew sales by more efficiently and proactively promoting and marketing our clients and their merchandise."
Mr. Greg Rotman concluded, "We see significant potential for Paid in merchandising and celebrity services and expect to build upon the momentum in those areas in 2007. In addition, we believe we will grow our client base with top quality performing artists and sports and entertainment entities in 2007 and we expect to start generating revenue from licensing agreements related to our online shipping calculation business method for which a patent was recently allowed by the U.S. Patent and Trademark Office. We expect to see our business development efforts in multiple areas coming to fruition and positively impacting the bottom line in 2007."
To access the entire contents of Paid, Inc.'s 2006 10-KSB Annual Report, go to www.sec.gov and enter PAYD in the ticker field.
About Paid, Inc.:
Paid, Inc. operates a diversified set of businesses, including its celebrity services and AuctionInc ecommerce technology businesses. Using proprietary patent-pending technology, Paid's innovative AuctionInc brand shipping calculation and auction management software and services are utilized to streamline online auctions, ecommerce and web site development and hosting. Paid, Inc.'s celebrity services provides celebrities and organizations with official Web sites and fan club services that include e-commerce storefronts, ticketing and fan experience packages and web site content to attract tens of thousands of visitors daily, as detailed on its web site, www.paidcelebrity.com. The Company also sponsors autograph signing events and other sports marketing services for sports clientele. The Company's common stock is traded on the OTC Bulletin Board under the symbol PAYD. For further information, visit http://www.paid.com.
Forward Looking Statements:
This Press Release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are based upon current expectations or beliefs, as well as a number of assumptions about future events, including matters related to the Company's operations, profitability, business development efforts, and expectations about celebrity programs and fan club activities, technologies, and services. Although the Company believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties. In addition, other factors that could cause actual results to differ materially are discussed in the Company's most recent filings, including Form 10-KSB with the Securities and Exchange Commission.
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