Commerce Planet Announces the Release of Stellar Q-3, 2006 Financial Numbers; Combined Revenues Reach $9.7 Million Monday November 6, 7:00 am ET
GOLETA, Calif., Nov. 6 /PRNewswire-FirstCall/ -- Commerce Planet, Inc. (OTC Bulletin Board: CPNE - News) an online media company and its wholly owned subsidiaries, reported a 113% increase in third quarter 2006 profits over the prior quarter. This is the third consecutive quarter that Commerce Planet has posted record revenues and profits. Commerce Planet posted $9,710,567 in combined revenue with profits of $3,114,361 for the quarter ending September 30, 2006 versus $1,777,307 in revenue and $(2,172,657) for the quarter ending September 30, 2005. Earnings for the quarter ending September 30, 2006 were $0.07 per weighted average share versus ($0.06) per weighted average share for the same period last year. ADVERTISEMENT
"Commerce Planet's annual growth in revenue and profits from the prior year is nothing short of stellar. Our share price as of the close of the 2006 third quarter is up over 78% in comparison with the same period last year. As of the close of Q-3, 2006 we have accumulated cash and cash equivalents of $2,959,687 after all outstanding investor debt has been completely repaid. With shares closing on Friday at $1.62, our P/E ratio is 5.8 based on our most recent earnings run rate compared with an industry average P/E of 26.2 according to industry statistics published by Yahoo Finance. Relative to competitors like ValueClick (VCLK) and 24/7 Media (TFSM), we believe we are substantially undervalued. We are pleased with our past performance and believe our Company's growth and profitability will continue into the future," stated CEO Michael Hill.
Consolidated revenue adjusted for inter-segment transactions was adjusted to $7,627,533, with net profits at $3,114,361. Commerce Planet's wholly owned subsidiary revenue continues to grow in support of the Company's operations and additional unrelated party transactions. The synergies between the Company's subsidiaries have generated increased revenues and increased profits through consolidated operational savings.
President Charlie Gugliuzza stated "the improvements to the Company's operational infrastructure, product offering and services over the last twelve months have created a highly profitable and rapidly growing business. We are finally seeing the fruits from the hard work our management team has put into reaching profitability and organic stability. Our business model is poised to experience continued growth based upon our most recent and encouraging financial news. We are truly excited about the upcoming quarter's potential with the recent and scheduled launches of our affiliate network http://www.legacynetwork.com, international order processing, Costa Rican call center and http://www.investinginsuccess.com. We believe that our three consecutive quarters of growth and future potential should provide incentive for institutional investors to take notice in our Company's stock. We hope this will help usher our path to a national exchange listing."
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