Livedeal, inc. reports 2012 first quarter financial results
Las vegas--(business wire)--livedeal, inc. (nasdaq: live), a provider of web-based local customer acquisition and related products for small businesses, today reported financial results for its first fiscal quarter ended december 31, 2011. net loss for the fiscal 2012 first quarter decreased 89%, or $1,538,756, to $191,638 from $1,730,394 reported for the fiscal 2011 first quarter. the decrease was primarily attributable to the decrease in the company’s cost of services and general and administrative expenses described below. gross profit for the fiscal 2012 first quarter increased 515%, or $515,549, to $615,594 from $100,045 reported for the fiscal 2011 first quarter, which is primarily ascribable to the decrease in the company’s cost of services described below. net revenues for the fiscal 2012 first quarter were $851,413, a decrease of $143,209 (14%) from $994,622 reported for the fiscal 2011 first quarter. the decrease was primarily attributable to a pause in the company’s sales efforts since july 2011 during which time the company evaluated new sales programs, improved its marketing and fulfillment services, and implemented various cost reductions. the company’s cost of services for the fiscal 2012 first quarter was $235,819, a $658,758 (74%) decrease from $894,577 reported for the fiscal 2011 first quarter. the decrease was primarily ascribable to decreased fulfillment costs as the company took over fulfillment activities from third party vendors. general and administrative expenses for the fiscal 2012 first quarter were $766,808, a decrease of $1,205,761 (61%) from $1,972,569 reported for the fiscal 2011 first quarter. the decrease was primarily attributable to decreased employee compensation and professional fee expenses. commenting on the results, jon isaac, livedeal’s newly appointed president and ceo, stated, “we are very encouraged with our recent financial results, especially since total operating losses have declined substantially due to the closing of unprofitable product lines, reductions in cost of services, and reductions in general and administrative expenses. we expect that continued operational improvements, along with top-line growth, can lead livedeal, inc. toward profitability this fiscal year.” livedeal, inc. and subsidiaries condensed consolidated balance sheet (unaudited) december 31,2011 september 30,2011 livedeal, inc. and subsidiaries condensed statements of operations (unaudited) three months ended december 31, 1 certain amounts may not total due to rounding of individual components. livedeal, inc. and subsidiaries condensed statements of cash flows (unaudited) three months ended december 31, for more information about livedeal’s fiscal first quarter results, including the notes accompanying the foregoing condensed consolidated financial statements, please review the company’s quarterly report on form 10-q filed today, together with its annual report on form 10-k for the fiscal year ended september 30, 2011. both reports can be accessed by visiting the company’s website at www.livedeal.com or the sec’s website at www.sec.gov. about livedeal, inc. livedeal, inc. provides local customer acquisition services and related products for small businesses to deliver an affordable way for businesses to extend their marketing reach to target customers via the internet. for more information, visit www.livedeal.com. forward-looking and cautionary statements this news release contains forward-looking statements as that term is defined in the federal securities laws. the events described in forward-looking statements contained in this news release may not occur. generally, these statements relate to livedeal’s business plans or strategies, projected or anticipated benefits or other consequences of livedeal’s plans or strategies, financing plans, projected or anticipated costs of and benefits from acquisitions that livedeal may make, or projections involving anticipated revenues, earnings, costs, expenses, or other aspects of livedeal’s operating results or financial position, and the outcome of any contingencies. any such forward-looking statements are based on current expectations, estimates and projections of management. livedeal intends for these forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements. words such as “may,” “will,” “expect,” “believe,” “anticipate,” “project,” “plan,” “intend,” “estimate,” and “continue,” and their opposites and similar expressions are intended to identify forward-looking statements. the forward-looking statements contained in this press release include, but are not limited to, statements regarding the company’s future profitability. livedeal cautions you that these statements are not guarantees of future performance or events and are subject to a number of uncertainties, risks and other influences, many of which are beyond livedeal’s control, which may influence the accuracy of the statements and the projections upon which the statements are based. factors that could cause actual results to differ materially from those set forth or implied by any forward-looking statement include, but are not limited to, risks and uncertainties discussed in livedeal’s reports filed with the securities and exchange commission, including, but not limited to, livedeal’s annual report or form 10-k for the fiscal year ended september 30, 2011 and other filings. copies of these filings are available at the sec’s website at www.sec.gov. any one or more of these uncertainties, risks and other influences could materially affect livedeal’s results of operations and whether the forward-looking statements made by livedeal ultimately prove to be accurate. livedeal’s actual results, performance and achievements could differ materially from those expressed or implied in these forward-looking statements. forward-looking statements speak only as of the date the statement was made. livedeal undertakes no obligation to publicly update or revise any forward-looking statements, whether from new information, future events or otherwise.
