Orbsat Corporation (OSAT)

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EEMT Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2010
08/5/2010

EClips MediaTechnologies, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2010. For the quarter, the company has posted total revenue of $4,010,980 against $3,682,476 a year ago. Operating loss was $498,399 against $793,060 a year ago. Loss before income taxes and net loss was $499,649 or $0.06 basic and diluted per share against $795,104 or $0.09 basic and diluted per share a year ago. Revenue increased 9% as compared to the same period in 2009 due to increased auction activity in retail product line. This increase reflects new customer wins with a continued concentration in the Ohio electricity market as price caps expired during the third quarter of 2009 opening up the territory to competitive supply and a 60% increase to 115 in channel partner network at June 30, 2010. The 37% decrease in net loss is primarily due to the 9% increase in revenue and the 4% improvement in gross margin percentage. For the six months, the company has posted total revenue of $8,419,086 against $7,660,255 a year ago. Operating loss was $625,583 against $1,457,017 a year ago. Loss before income taxes and net loss was $628,093 or $0.07 basic and diluted per share against $1,460,178 or $0.17 basic and diluted per share a year ago. Net cash used in operating activities was $673,756 against $840,038 a year ago. Purchases of property and equipment were $19,480 against $1,432 a year ago.