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Icon Media Holdings, Inc. Reports Third Quarter 2011 Results(December 01, 2011)
RALEIGH, NC -- (Marketwire) -- 12/01/11 -- Icon Media Holdings, Inc. (PINKSHEETS: ICNM) reported results for the Third Quarter ended September 30, 2011.
Third Quarter 2011
- Revenue from continuing operations of $564,536
- Net earnings of $40,046
- SG&A expense decreased by $57,379
For the quarter ended September 30, 2011, gross revenue totaled $564,536 compared to $425,514 in the prior year comparative period, representing over a 30% increase in revenue. Gross profit was $430,849 for the quarter, versus $301,973 for the same period last year. The increase in sales for the quarter is due in part to our international expansion and increased traffic to our websites.
Selling, general and administrative expenses, or SG&A, totaled $390,803, compared to $448,182 in the third quarter of 2010. The improvement in SG&A for the period was due in part to lower employee compensation and benefits, office rent, utilities and company expenses as a result of the Company's restructuring and relocation of the corporate headquarters to North Carolina.
In the third quarter, the Company reported net earnings of $40,046 compared to a net loss of $146,210 for the same period of the prior year.
CEO Rob Deakin said, "We are excited with the results of this last financial statement, and the move into profitability. With our new and expanded avenues of revenue, we should expect to continue with even more exciting results and increased shareholder value."
The Company also is pleased to announce that it has entered into an Investment Banking Agreement with Wall Street investment banking firm JH Darbie & Company. As part of the engagement, Darbie will assist the Company with identifying possible joint ventures, strategic relationships and acquisition targets. Developments will be released as conditions warrant.
About Icon Media Holdings, Inc. (ICNM):
Icon Media Holdings, Inc. is a diversified global e-commerce company. The Company currently owns and/or operates e-commerce websites, including www.moviegoods.com, www.puntdogposters.com, and sells on storefronts such as Amazon, Amazon UK and eBay, among others. The Company also supports e-commerce companies through its financial services division IFX Financial Group. Corporate website: www.iconmediaholdings.com.
Forward-Looking Statements & Disclaimers:
The information in this Press Release includes certain "forward-looking" statements within the meaning of the Safe Harbor provisions of Federal Securities Laws, as that term is defined in section 27a of the United States Securities Act of 1933, as amended, and section 21e of the United States Securities Exchange Act of 1934, as amended. Statements in this document, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Investors are cautioned that such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including the future financial performance of the Company. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this release, and the Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date of this release except as required by law.
Phone: 919.237.5700 ext. 203
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