HOUSTON, Dec. 21, 2005 (PRIMEZONE) -- Labwire Inc. (Pink Sheets:LBWR) today announced its financial results for the quarter ended September 30, 2005, reporting revenue of $695,137 which represents a 19.5% increase over the previous quarter ended June 30, 2005. Labwire was profitable for the third quarter, recording net income of $35,872, or 5% of total revenue for the quarter.
For the first nine months of 2005, the Company posted record revenues of $1,729,261. Labwire became a publicly traded company in October 2004. This year marks the first full year of reported financial statements for the Company. Labwire attributes the significant increase in year-to-date revenue to its ability to extend and fulfill existing contracts with large Fortune 500 corporations as well as an expansion of services into the canine surveillance and security field.
Dexter Morris, President of Labwire, commented, "Management is very pleased with the Company's third quarter financial results. The increase in revenue is due to the expansion of our canine surveillance services in the petrochemical industry and renewed contracts by some of our large clients. Additionally, in the third quarter, we signed our first client in commercial trucking which is an industry that represents a potentially large market for our employee screening services. Labwire expects to sustain steady revenue growth going forward by developing and implementing sound business strategies with the assistance of our newly formed advisory board."
Labwire's complete financial results for the third quarter are available at www.pinksheets.com.
About Labwire Inc.
Labwire Inc., headquartered in Houston, TX, provides secure and compliant employee drug screening and background checking services to Fortune 500 corporations. The Company offers a comprehensive set of solutions to manage all aspects of employee screening services including drug testing program development and policy analysis, medical review services, supervisor training and secure real-time online data management via the Labwire Platform.
For corporate and product information, please visit www.labwire.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic and business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.