FindEx.com, Inc.
OTC Bulletin Board : FIND

April 16, 2008 10:50 ET

FindEx.com Announces Fiscal Year 2007 Results

OMAHA, NEBRASKA--(Marketwire - April 16, 2008) - FindEx.com, Inc. (OTCBB:FIND) announced its financial results of operations for the fiscal year ended December 31, 2007.

For the three months ended December 31, 2007, FindEx reported gross revenues of approximately $1,060,000, a 22% decrease of $292,000 from the approximately $1,352,000 in gross revenues reported for the comparable 2006 period. For the year ended December 31, 2007, gross revenues were approximately $3,675,000, an 11% decrease compared to the approximate $4,146,000 reported in 2006. The company reported income from operations of approximately $1,026,000 for the three months ended December 31, 2007, a $988,000 improvement over the approximately $38,000 income from operations for the same period during 2006. For the entire year ended December 31, 2007, the company reported income from operations of approximately $330,000 as compared to a loss from operations of approximately $1,052,000 for the prior year. During the fourth quarter of 2007, the company included in its income from operations a non-recurring net gain on the sale of its Membership Plus product line of approximately $1,300,000.

For three months ended December 31, 2007, FindEx reported net income of approximately $54,000, a $598,000 decrease from the approximately $652,000 in net income for the 2006 fourth quarter. For the year ended December 31, 2007, the company reported a net loss of approximately $602,000, a $1,256,000 decrease compared to net income of approximately $654,000 reported in 2006. Included in its net loss for fiscal year 2007, the company reported a loss attributable to the fair-value adjustment of derivatives of approximately $379,000 and an income tax expense of approximately $541,000. For 2006, the company reported a gain from the fair-value adjustment of derivatives of approximately $1,536,000 and an income tax benefit of approximately $293,000. During 2006, the company reported non-recurring expenses related to certain registration rights penalties and legal expenses of approximately $53,000.

Full details of the company's financial condition are contained in its annual report on Form 10-KSB for the fiscal year ended December 31, 2007, filed on Edgar which is available at www.sec.gov.

Steven Malone, FindEx's Chief Executive Officer stated, "The decrease in our revenue during 2007 was attributable to a delay in the release of one of our flagship products, Quickverse, and the October 2007 sale of our Membership Plus product line. We normally release QuickVerse in October and experience significant upgrade and new user revenue throughout the Christmas season. In 2007, however, we were unable to release QuickVerse until November and it is likely that this delay resulted in the loss of potential sales." Malone added, "The sale of our Membership Plus product line provided us with certain liquidity that enabled us during Q1 of '08 to not only acquire the FormTool product line, but also to terminate certain warrants to purchase a very substantial number of shares of our common stock not otherwise due to expire for another year and a half and that we believe had long presented a potential hindrance to our ability to realize potential increases in shareholder value."

Kirk Rowland, FindEx.com's Chief Financial Officer commented, "Our financial discipline enabled us to improve our overall operating results in 2007 in spite of a slowing economy. Looking forward, we are excited about the potential of our acquisition of FormTool and are hopeful that additional acquisitions will provide us with opportunities to continue to build scale and enhance our existing product lines. We believe this strategy will provide us with additional platforms for growth and not only increase our market penetration but also support our transition to long-term profitability."

About FindEx.com, Inc.

FindEx.com, Inc. develops, publishes, markets, distributes and directly sells consumer and business software products for PC, Macintosh® and Mobile devices. The company develops its software products through in-house initiatives supplemented by outside developers. The company markets and distributes its software products principally through direct marketing and Internet sales programs, but also through retailers and distributors.

Key Products

The company's main product is QuickVerse, a Bible study search engine tool. Over 1,000,000 copies of QuickVerse have been sold since the product's conception. FormTool offers quality, professionally designed forms for business, accounting, construction, real estate, human resources and personal organization needs. All products are available at the company's websites www.quickverse.com and www.formtool.com.

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) intense 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, 2007.

Contact Information

  • FindEx.com, Inc.
    Kirk Rowland
    Chief Financial Officer
    (402) 333-1900