UpSNAP Releases First Quarter Results to December 31, 2006
UpSNAP Inc. (NASDAQ:OTC USPN) today announced financial results for its fiscal 2007 first quarter ended December 31st 2006.
Davidson, NC (PRWEB) February 15, 2007 -- UpSNAP Inc. (NASDAQ:OTC USPN) today announced financial results for its fiscal 2007 first quarter ended December 31st 2006. Revenues for the quarter were a record $253,977 for the period ended December 31st 2006, and gross profit of $130,536 was 51.4% of revenue. The Company did not have any revenue during the comparable first quarter of fiscal 2006.
Net losses during the three-month period ended December 31, 2006 were $431,574 compared to a net loss of $364,937 during the three-month period ended December 31, 2006.
As of February 12, 2007 the Company had approximately $303,000 in cash and $395,000 in working capital. The Company has taken steps to reduce its cash burn to a forecasted average cash burn of approximately $36,000 per month for calendar 2007.
Tony Philipp, CEO of UpSNAP, said, "Management believes that UpSNAP is well positioned for 2007. Excluding non-recurring charges around the mergers and acquisitions and the cost of going public, we showed meaningful improvement at the net income line," said Phillip. “Recent wins for us include Sporting News, with Tony Bruno and Troy Aikman; and Modavox, home of Voice America and WFAE and affiliate of National Public Radio. We are also looking at M&A opportunities to build up our early leadership position in mobile advertising.”
About UpSNAP, Inc.
UpSNAP, Inc. (NASDAQ: UPSN.OB) is the leader in mobile search and live mobile audio entertainment. With a rich library of branded multimedia content and true mobile search technology, UpSNAP addresses the unique challenges of providing a usable and functional mobile content solution for consumers. UpSNAP services include text and audio content from major entertainment companies in sports, news, music, and information.
Visit www.upsnap.com for more information.
Press Contact:
Wendy Headrick
704-895-4121
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