Labwire Files Second and Third Quarter Reports
Revenue and Earnings Increase Year to Date
Labwire is Pleased to Announce Year to Date Second and Third Quarter Revenue and Operating Results.
HOUSTON, Nov. 28 /PRNewswire-FirstCall/ -- Labwire, Inc. (Pink Sheets: LBWR), a leading provider of employee screening solutions and canine security and surveillance services, is pleased to announce that it has filed its interim quarterly financial reports for the periods ending June 30, 2007 and September 30, 2007.
For the quarters ending June 30, 2007 and September 30, 2007 Labwire reported gross revenue of $1,009,310, and $1,143,804, respectively. This compares favorably to last years results for the same periods of $899,908 and $778,959, respectively. This represents a 12.2% increase for the second quarter and a 56.9% increase for the third quarter.
For the nine months ended September 30, 2007, Labwire's gross revenue was $2,285,302 compared to $1,835,172 during the same period in 2006. This represents an increase of $450,130 or 25%.
For the quarter ended June 30, 2007 Labwire reported gross profit of $445,379 compared to gross profit of $317,659 in the second quarter of 2006, an increase of $127,720 or 40%. For the quarter ended September 30, 2007 Labwire reported gross profit of $216,721 compared to a gross profit of $211,011 during the same period in 2006, an increase of $5,710 or 2.7%.
For the second and third quarters of 2007 operating expenses were $298,988 and $252,980 compared to operating expenses of $285,134 and $286,945 respectively. These results represent a reduction of this cost as a percentage of sales for the June quarter to 30% for 2007 verses 32% for 2006 and 22% for September 2007 verses 37% for September 2006. Correspondingly the nine months numbers also improved from $909,858 for 2006 to $849,246 for 2007. This represents an improvement of expense leverage as a percentage of sales from 33% for the nine months ended September 2006 to 26% for the same period of 2007.
'I am so proud of our Labwire team for continuing to grow sales while also reducing the cost of delivery of services. As the Labwire platform continues to successfully perform, our plans for growth (sales & acquisitions) will move forward,' said Dexter Morris, CEO, Labwire Inc.
Net income also improved for these two quarters. Net income for the June 2007 quarter was $107,822 verses $28,156 for 2006, a 283% increase. Likewise, net income for the September 2007 quarter was $159,962 compared to a loss of $83,400, a $243,362 dollar improvement. The nine month net income results also improved from a loss of $31,264 for 2006 to a profit of $338,126 for 2007. This represents a total dollar improvement for the nine month period ended September 2007 of $369,390.
Labwire Inc., Headquartered in Houston, TX, provides secure and compliant employee drug screening and background checking services to Fortune 500 corporations via the Labwire(TM) Platform. Labwire(TM) is a proprietary, web-based application that streamlines the complex regulatory and record management activities associated with employee screening, delivering accurate timely results while eliminating service calls and paper trails. This comprehensive solution to managing employee screening services is the most efficient and cost-effective platform in the industry.
Safe Harbor Provisions:
Certain oral statements made by management from time to time and certain statements contained in press releases and periodic reports issued by Labwire, Inc., (the 'Company'), as well as those contained herein, that are not historical facts are 'forward-looking statements' within the meaning of Section 21E of the Securities and Exchange Act of 1934 and, because such statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements, including those in Management's Discussion and Analysis, are statements regarding the intent, belief or current expectations, estimates or projections of the Company, its Directors or its Officers about the Company and the industry in which it operates, and are based on assumptions made by management. Forward-looking statements include without limitation statements regarding: (a) the Company's strategies regarding growth and business expansion, including future acquisitions; (b) the Company's financing plans; (c) trends affecting the Company's financial condition or results of operations; (d) the Company's ability to continue to control costs and to meet its liquidity and other financing needs; (e) the declaration and payment of dividends; and (f) the Company's ability to respond to changes in customer demand and regulations. Although the Company believes that its expectations are based on reasonable assumptions, it can give no assurance that the anticipated results will occur. When issued in this report, the words 'expects,' 'anticipates,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are generally intended to identify forward-looking statements.
Important factors that could cause the actual results to differ materially from those in the forward-looking statements include, among other items, (i) changes in the regulatory and general economic environment; (ii) conditions in the capital markets, including the interest rate environment and the availability of capital; (iii) changes in the competitive marketplace that could affect the Company's revenue and/or cost and expenses, such as increased competition, lack of qualified marketing, management or other personnel, and increased labor and inventory costs; (iv) changes in technology or customer requirements, which could render the Company's technologies noncompetitive or obsolete; (v) new product introductions, product sales mix and the geographic mix of sales.
The Company disclaims any intention or obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements which are not historical facts contained in this advertisement are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, governmental approval processes, the impact of competitive products or pricing, technological changes, and the effect of economic conditions.
SOURCE Labwire, Inc.
Source: PR Newswire (November 28, 2007 - 4:52 PM EST)
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