Invicta Group Inc. Increases Third Quarter Revenue in 2008 by Over 6000% From Third Quarter in 2007
Invicta Group Decreases Expenses by 41% and Decreases Losses by over 50%
CHICAGO, IL -- (Marketwire) -- 11/24/08 -- Invicta Group Inc. (OTCBB: IVIT) is pleased to announce the results of Operations for the Three Months Ended September 30, 2008 Compared to the Three Months Ended September 30, 2007.
Revenues for the three months ended September 30, 2008 ("Third Quarter 2008") were $211,735 compared with $3,460 for the three months ended September 30, 2007 ("Third Quarter 2007").
This represents an increase of $208,275 or an increase of about 6,019.51% from the revenues recorded in the Third Quarter 2007. The increase is due primarily to our efforts in bringing in new management, hiring IMAGE Worldwide, Inc. (PINKSHEETS: IMGW) to help with marketing, and by adding on additional products and services which helped increase our overall revenue.
Operating expenses for the Third Quarter 2008 were $195,481 compared with $331,611 for the Third Quarter 2007. This represents a decrease of $136,130 or a decrease of about 41.05% from the operating expenses we recorded in the Third Quarter 2007. The decrease in operating expenses from Third Quarter 2007 to Third Quarter 2008 resulted primarily from the reduced expenses that we realized as a result of closing one office (our office in Florida) and the resulting reduction in staff and other associated expenses.
The net loss for the Third Quarter 2008 was $230,624 compared with a net loss of $467,423 for the Third Quarter 2007, which represents a decrease of $236,799 or a decline of about 50.66%. The decline was principally the result of management efforts to evaluate and adjust our existing product lines, marketing channels, and cost structures.
Revenues for the nine months ended September 30, 2008 (the "First Nine Months 2008") were $238,459 compared with $57,473 for the nine months ended September 30, 2007 (the "First Nine Months 2007"). This represents an increase of $180,986 or approximately 314.91% from the First Nine Months 2007.
Operating expenses for the First Nine Months 2008 were $476,710 compared with $783,173 for the First Nine Months 2007. This represents a decrease of $306,463 from the $783,173 or a 39.13% decline from that recorded during the First Nine Months 2007.
Invicta's CEO, Paul Sorkin, said "We are very pleased with our financial results. The change of management along with the hiring of IMAGE Worldwide, Inc. (PINKSHEETS: IMGW) to help with marketing has proven to be a winning combination. Our goals for the third quarter were to create over $100,000 in revenue while controlling and reducing expenses and we accomplished our short-term goals. Looking ahead, our City Book Savings direct mailing product is a perfect product for a challenging economy. Clients will have to use more discount offers and coupons to compete and end users are more likely to take advantage of these offers in today's market. We are positioning ourselves to continue to make or beat our goals in the 4th quarter and for 2009."
About IMAGE Worldwide, Inc.
IMAGE Worldwide, Inc. (PINKSHEETS: IMGW) is a full service marketing and advertising agency. IMAGE is vertically integrated with properties including a concert/nightclub venue, fashion/entertainment magazine, IT solutions company, along with other promotional and marketing companies. IMAGE utilizes a combination of different forms of media and promotions to help clients showcase and market their IMAGE in print, online, and at events. www.IMAGEworldwide.com.
About Invicta Group, Inc.
INVICTA GROUP, Inc. (OTCBB: IVIT) is a multimedia advertising and marketing company. INVICTA is vertically integrated with properties including a travel broker & marketing company, ticket broker, high-end direct mailing book, and a promotional and marketing company. INVICTA utilizes a combination of different forms of media and promotions to help clients market their products and services in print, internet, promotions, and event planning. Invicta specializes in the Travel and Entertainment Industry. The company utilizes a number of websites and a large database to link travel enthusiasts and customers with products to fulfill their travel and entertainment needs. Some of the services include ticket bookings for hotels, airlines, car rental, cruise packages, sporting events, theatre and concerts. The 8 main websites are: www.Travelhotlink.com, www.Cruisehotlink.com, www.Airhotlink.com, www.Hotelhotlink.net, www.Autohotlink.net, www.Citybooksavings.com, www.IMAGEsandiego.com, and www.Tickethotlink.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@travelhotlink.com
Investor Relations Contact
1-866-210-4671
info@travelhotlink.com
Source: Marketwire (November 24, 2008 - 8:30 AM EST)
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