SOURCE: F3 Technologies, Inc.

F3 Technologies, Inc.

August 17, 2010 09:56 ET

F3 Technologies Posts Strong Q2 Revenue Growth in Core Businesses

ALPHARETTA, GA--(Marketwire - August 17, 2010) -  F3 Technologies, Inc. (PINKSHEETS: FTCH) today announced financial results from the second quarter of 2010. The company posted quarterly revenue of $16,759, up 10 percent from the 2nd quarter of 2009 and an increase of 32.5 percent from first quarter 2010.

Excluding revenue of $12,000 received under a consulting contract that concluded in the 2nd quarter of 2009, quarterly revenue rose 413 percent from $3,270 in 2nd quarter 2009.

The gains stem from continued growth in F3's Interaction Community Systems HOA management and networking software, and coincide with F3's launch of two additional social-networking solutions.

Commenting on the results, Chief Executive Officer Frank Connor said: "Our revenue growth reflects our transition from consulting to long-term recurring revenue, primarily through subscriptions, which is consistent with our overall strategy in building shareholder value. We were able to expand both our software sales and our advertising revenue from previous highs. Recurring revenue quintupled from last year, and grew by one-third from just the prior quarter -- this shows we are continuing to gain traction in the market for managing membership organizations and well positioned for the future."

"We've also hit milestones with both of our newer solutions -- the FargoTube video/entertainment service, and Interactive Defense System for public-safety agencies and other municipal departments," Connor continued. "We signed initial partners for both services and have made significant updates to both, and to Interaction."

The updates include improvements to the registration processes, allowing the services to acquire partners more smoothly and easily as they shift into phases of more aggressive growth.

Other Highlights:

  • During the 2nd quarter, Interaction Community Systems added 19 new customers, including 1 property-management company, 17 HOAs and 1 church.

  • Advertising revenues increased 85 percent in the 2nd quarter, primarily fueled by Interaction Community Systems, demonstrating strong demand for our platform among local businesses.

  • Page views on the Interaction Community System increased by 28 percent from 1st quarter 2010, evidence that end users find the service useful.

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Forward-Looking Statements
Certain statements in this release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as anticipate, believe, expect, future, may, will, would, should, plan, projected, intend and similar expressions. Such statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors.

Contact Information

  • For more information, contact:
    Paul Campbell
    (770) 521-8930