Lake Forest, California, April 11, 2014 (GLOBE NEWSWIRE) -- SearchCore, Inc. (OTCQX: SRER) , a technology- based Internet marketing services company that connects consumers with brands, products, and services through content rich, hyper-local websites, announced its financial results for 4th quarter and fiscal year ending December 31, 2013.
Fourth Quarter 2013 Highlights
- Revenue increased 50% over the 3rd quarter, from $191,000 to $286,000.
- Total Liabilities decreased 18% over the 3rd quarter, from $4.10 million to $3.36 million.
- www.ManufacturedHomes.com began generating revenue through subscription based retailers and manufacturers
Management Commentary
"In the fourth quarter we continued to refine and expand on our business model. Specifically, our refinement includes the ability to capture additional revenue opportunities in select industries such as the manufacturing housing industry, as opposed to being simply a finder site for many industries. As an example, our finder site www.ManufacturedHomes.com is designed to not only provide consumers with geo-targeted locations for factories and retail dealers, but it has a wealth of features including proprietary CRM software that is being very well received by our users. It was designed by manufactured home industry experts specifically for the manufactured home industry. Just as importantly, since the end of the year we've opened our first of what we anticipate to be many manufactured home retail centers."
Fiscal Year 2013 Results
SearchCore's revenues for the year ended December 31, 2013 totaled $606,000 as compared to $16.4 million for the year ended December 31, 2012. The decrease in year-over-year revenue is primarily because as a result of our sale of our finder site weedmaps.com.
Total operating expenses were $3.5 million as compared with $12.2 million for the previous year. The decrease in operating expenses is as a result of our sale of our finder site weedmaps.com.
For the year ended December 31, 2013 we had a net loss of $1.7 million as compared to the year ended December 31, 2012 where we had net income of $15.3 million. The net income for the year ended December 31, 2012 was primarily due to the gain on sale of WeedMaps of $7.8 million and the non-cash gain on change in fair value of earn-out liabilities of $6 million.
Balance Sheet Overview
At December 31, 2013, SearchCore had cash and cash equivalents of $93,000 and had total debt of $453,000, as compared with cash and cash equivalents of $514,000 and total debt of $215,000 as of December 31, 2012. As of December 31, 2013, the Company had 39.4 million shares of common stock issued and outstanding.
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About SearchCore, Inc.
SearchCore, Inc. is a technology-based Internet marketing services company that offers customers an integrated suite of services including media, technology, marketing and information. Founded in 2010, SearchCore is headquartered in Lake Forest, California. The Company's common stock trades on the OTC Market's highest tier, OTCQX, under the ticker symbol "SRER." www.SearchCore.com
Safe Harbor Notice
Certain statements contained herein are "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995). SearchCore, Inc. cautions that statements made in this news release constitute forward- looking statements and makes no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Actual results could differ materially from current projections or implied results. SearchCore, Inc. undertakes no obligation to revise these statements following the date of this news release.
A file accompanying this release is available at:
http://media.globenewswire.com/cache/27527/file/25789.pdf
Company Contact SearchCore, Inc. (855) 266-4663 Investor Relations Contact Financial Profiles, Inc. (206) 623-2233
