Overall, we are very pleased with the progress and results we achieved for the quarter. -Michael Schifsky, Chief Financial Officer of Xhibit Corp.
Tempe, Arizona (PRWEB) November 26, 2012
Xhibit Corp. (OTCQB: XBTC) f/k/a NB Manufacturing, Inc. ("Xhibit" or “the Company”), a leader in digital advertising and marketing services, reported financial results for the third quarter ended September 30, 2012.
Financial Results and Business Highlights
Revenue: For the third quarter of 2012, revenue was $2.9 million, a 32% year-over-year increase from revenue of $2.2 million for the third quarter of 2011.
Gross Profit: For the third quarter of 2012, gross profit increased 220% to $1.6 million from $.5 million for the third quarter of 2011. Gross margin improved to 55% for the third quarter of 2012 compared to 23% for the third quarter ended 2012.
Net Income: For the third quarter of 2012, net income was $.2 million compared to $.1 million for the quarter ended 2011.
“Overall, we are very pleased with the progress and results we achieved for the quarter,” stated Michael Schifsky, Chief Financial Officer of Xhibit Corp. “Our focus on improving the sales mix of both advertising campaigns delivered and customers serviced has resulted in a significant increase of our year over year gross profit margins. This improvement in gross profit dollars generated has allowed us to accelerate our investments in new product development efforts and expand our sales, marketing and corporate infrastructure to support anticipated future growth.”
About Xhibit Corp.
Xhibit is a cloud based marketing and technology development company focused on digital advertising, online and mobile social media, CRM (customer relationship management) solutions. Xhibit offers a total solution for digital advertising that is integrated throughout its divisions and shares technology and resources across all of its services. Through its subsidiaries, Xhibit utilizes its branded products and services to provide digital marketing and advertising solutions for top tier advertisers and agency clients.
For more information see http://www.xhibitcorp.com.
Michael Schifsky, CFO
Cautionary Statement Regarding Forward-Looking Information
This press release may contain certain "forward-looking statements" relating to the business of Xhibit Corp. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding the advantages of Xhibit's products and services, market acceptance those products and services, the business strategy, plans and objectives of Xhibit Corp.; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects", “intended” or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results and ultimate corporate actions could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including, the demand for social media and viability of it for advertising, products and services developed by other companies that are competitive with this form of advertising, market share garnered by competitors, ability to maintain customer and vendor relationships, and those factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov), among other factors. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.