IRVINE, Calif., April 5, 2010 (GLOBE NEWSWIRE) -- DigitalPost Interactive, Inc. (OTCBB:DGLP), http://www.dglp.com, a leader in the digital media-sharing and social networking space, reported financial results for 12 months ended December 31, 2009.
2009 Highlights
Record revenues: Growth in both business segments, with family website subscriptions increasing to $724,800 in 2009 from $310,000 in 2008 and revenues from professional services contracts rose to $637,700 in 2009 from $178,900 in 2008.
| Revenues from: |
Fourth- Quarter 2009 |
Fourth- Quarter 2008 |
Twelve Months 2009 |
Twelve Months 2008 |
||||
| Subscriptions | $167,000 | $139,800 | $724,800 | $310,000 | ||||
| Prof. Services | $136,500 | $10,900 | $637,700 | $178,900 | ||||
| Total | $303,500 | $150,700 | $1,362,500 | $488,900 |
Subscriber-base growth: We grew to 16,559 recurring subscribers on December 31, 2009, compared to 13,151 on December 31, 2008. Recurring subscribers include subscribers to TheFamilyPost.com, DigitalPost's direct B2C web property, and DigitalPost's B2B partners, including Kiddie Kandids.
Professional services growth: Professional services revenues grew to $637,700 in 2009 from $178,900 in 2008. The growth resulted from winning several large contracts for custom design website software from a leading local Internet company.
Reduction of cash used in operations: Net cash used by operating activities for 2009 declined dramatically to $267,700 from $1,515,700 in 2008. The Company continued to maintain lower expense levels while generating revenue growth throughout the year.
Net loss and non-cash items: Net loss for 2009 narrowed to $1.9 million from $4.0 million in 2008. Net loss for 2009 included non-cash items consisting of: $657,200 in stock-based compensation, $409,500 of amortization of debt discounts, $258,800 of change in fair value of conversion feature liability, and $135,200 of depreciation and amortization expense. Net loss for 2008 included non-cash items consisting of $1,811,500 in stock-based compensation, $519,600 of amortization of debt discounts, and $79,200 of depreciation and amortization.
New technology/product development: In June, DigitalPost introduced FileSafe, an online backup and archival system for storing and securing any type of electronic file via an easy to use, drag and drop interface. In December, the Company announced plans to enter a new vertical market with TheChurchPost.com, a new digital media sharing website platform for religious organizations and their members and communities. Continuing its new-product development strategy, DigitalPost recently announced initiating development for version 6.0 of its award-winning interactive digital media platform. This new updated platform with enhanced features such as mobile capabilities, editing tools, security controls and optional integration with popular social networking web sites is scheduled to be released sometime during 2nd Quarter.
DigitalPost recently launched www.FamilyPhotoZoo.com, the result of the new B2B partnership with Lucidiom, Inc., a leading provider of retail branded photo kiosks and online photo solutions for retail clients worldwide. We anticipate the integration of this product to over 58,000 kiosks in retail locations world wide can be completed by the end of the year.
"Our 2009 revenues more than doubled to $1.4 million from $489,000 in 2008," said DigitalPost Chief Executive Michael Sawtell. Also, our loss from operations narrowed by more than 66% to $1.1 million from $3.3 million in 2008, and net cash used in operations dramatically improved by more than 82% to $268,000 from $1.5 million in 2008. In summary, both business segments performed well in 2009, and our new partnerships and contracts provides us a positive outlook for continued growth in 2010. "
About DigitalPost Interactive
DigitalPost Interactive is a SaaS (Software as a Service) and application provider that delivers B2B and B2C digital media-sharing solutions that are both easy to offer and easy to use. The company's visually-stunning, user-friendly Web 2.0 technology gives consumers a single, engaging place online for permanently storing and sharing a lifetime of digital media and memories, connecting with family and friends, and keeping organized in today's digital world.
Completely scalable and re-brandable, DigitalPost Interactive's technology gives companies in the photo, travel, entertainment, sports, and other vertical markets a fast and efficient way to offer dynamic Web 2.0 products and services. This technology can create exciting new revenue streams for all companies looking to monetize this emerging new Internet opportunity. For more information about DigitalPost Interactive or its consumer site TheFamilyPost.com, please visit http://www.dglp.com/.
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