FindEx.com, Inc.
OTC Bulletin Board : FIND

November 20, 2007 09:04 ET

FindEx.com Announces Third Quarter 2007 Financial Results

OMAHA, NEBRASKA--(Marketwire - Nov. 20, 2007) - FindEx.com, Inc. (OTCBB:FIND), announced today the financial results of its operations for the third quarter ended September 30, 2007.

For the three months ended September 30, 2007, gross revenue was approximately $634,000, a 30% decrease of $277,000 compared to gross revenue of approximately $911,000 for the three months ended September 30, 2006. For the nine months ended September 30, 2007, gross revenue was approximately $2,614,000, a 6% decrease of $179,000 from the gross revenue of approximately $2,793,000 for the nine months ended September 30, 2006. Gross profit for the third quarter 2007 was 45% of gross revenue, a 6% decrease compared to the 48% gross profit for the third quarter 2006. For the nine months ended September 30, 2007, gross profit increased to 48% of gross sales from 44% for 2006, a 9% improvement. Total operating expenses for the three months ended September 30, 2007 decreased to approximately $582,000, a 27% improvement over the approximately $712,000 for the three months ended September 30, 2006 and decreased to approximately $1,961,000 for the nine months ended September 30, 2007, a 15% improvement over the approximately $2,315,500 for the same period in 2006. Total sales, general and administrative costs were approximately $446,000 or 70% of gross sales and approximately $1,521,000 or 58% of gross sales for the three and nine months ended September 30, 2007, respectively. These 2007 numbers compare to the approximately $579,000 or 64% of gross sales and approximately $1,891,000 or 68% of gross sales for the three and nine months ended September 30, 2006.

The net loss for the three months ended September 30, 2007 was approximately $307,000, a decrease of approximately $333,000 compared to a net income of approximately $26,000 for the three months ended September 30, 2006. The net loss for the nine months ended September 30, 2007 was approximately $656,000, a decline of approximately $657,000 compared to a net income of approximately $1,200 for the nine months ended September 30, 2006. It should be noted that included in the net results for the three and nine months ended September 30, 2007 are derivative valuation losses of approximately $140,000 and $86,000, respectively, compared to valuation gains of approximately $237,000 and $1,109,500, respectively for the three and nine months ended September 30, 2006, and non-recurring expenses related to registration rights penalties of approximately $-0- and $49,300, respectively for the three and nine months ended September 30, 2006 compared to zero for the same periods of 2007.

During the first nine months of 2007, the company has incurred total software development costs of approximately $316,000, compared to approximately $412,000 for the same period in 2006. In the third quarter of 2007, the company released the QuickVerse Windows content additions The Pulpit Commentary, The Biblical Illustrator, and the NIV Family of products (New International Version-NIV, New International Readers Version-NIrV, and Today's New International Version-TNIV). During the first quarter of 2007, the company launched a new release of QuickVerse Mac®. QuickVerse Mac, a leading Bible study software, applies best in class technology with a Mac interface to bring Biblical knowledge to all Apple Mac users. QuickVerse Black Box Edition, White Box Edition and Gold Box Edition Universal Application are available and current registered users of QuickVerse Mac can obtain this new version at QuickVerse.com.

Full details of the company's financials are contained in the company's Form 10-QSB for the fiscal quarter ended September 30, 2007, filed on Edgar, which is available at www.sec.gov.

Kirk Rowland, FindEx.com's Chief Financial Officer commented," We were pleased to continue the reduction of our operating expenses while maintaining the year-to-date improvements in our gross profit. We have continued to be an efficient and productive enterprise and believe we are well prepared for our fourth quarter. Historically, more than 50% of our annual sales are expected to occur in the five months of September through January. Our focus remains to improve top line growth by continuing to introduce new products and platforms, as well as enhancing and upgrading our existing product lines."

About FindEx.com, Inc.

FindEx.com, Inc. develops and publishes church and Bible study software products designed to simplify biblical research, streamline church office tasks, provide easy access to Bible-related stories, and enhance the user's understanding of the Bible. The company's one operating division called The Parsons Church Group was acquired in July 1999 from The Learning Company, a division of Mattel, Inc.

This press release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and is subject to the safe harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Findex to be materially different from the statements made herein. Among others, these risks include but are not limited to the following: (i) limited liquidity and capital resources; (ii) serious business competition, (iii) fluctuations in operating results may result in unexpected reductions in revenue and stock price volatility; (iv) delays in product releases and introductions may result in unexpected reductions in revenue and stock price volatility, and (v) errors or defects in products may cause a loss of market acceptance and result in fewer sales. These, as well as other risks are described in the company's annual report on Form 10-KSB for the year ended December 31, 2006.

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