MOBICOM Corp. First Quarter 2008 Revenues Increase 2416% To $1.38 Million; After...
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MOBICOM Corp. First Quarter 2008 Revenues Increase 2416% To $1.38 Million; After Tax Net Income Increases 617% To $241,060 SAN DIEGO--(Business Wire)-- MOBICOM Corp. (OTCBB: SLTS) today released its operating results for the first quarter ending March 31, 2008. Revenue was $1,382,858 resulting in after-tax net income of $241,060. Satellite Security Corp acquired the business of AIMMS Co Ltd., in December 2007 and has changed its name to MOBICOM Corp. Revenues were $1,382,858 for the three months ended March 31, 2008, compared to $54,959 for the same period in 2007. Revenues increased $1,327,899 or 2416% for the three months ended March 31, 2008, compared to the same period in 2007. The increases were primarily due to the successful launch of full scale operations after the initial period which began February 17, 2007. Revenues were derived primarily from the Consulting Division of Mobicom Korea which provides clients with strategic marketing services, such as Decision Support Systems, which are designed to assist clients in the development of their mobile marketing campaigns. The Decision Support System is then used to analyze the client's brand position in the market place and in turn to design predictive behaviour modelling and consumer purchase programs which are then implemented by our clients. General and administrative expenses include payroll and related employee benefits, and other headcount-related costs associated with finance, sales, marketing, facilities, and legal and other administrative fees. General and administrative costs were $1,141,684 for the three months ended March 31, 2008 compared with $15,845 for the same period in 2007. General and administrative expenses increased $1,125,839 for the three months ended March 31, 2008, compared to the same period a year ago. The increases in general and administrative expenses were primarily due to the launch of full scale operations after the initial period which began February 17, 2007. Net income includes income from operations and other expense. MOBICOM Corp. recorded net income of $241,060 for the three months ended March 31, 2008 compared to net income of $33,617 for the same period in 2007, an increase of 617%. The increase in net income for the three months ended March 31, 2008 as compared to the same period in 2007, was due to an increase in revenue of $1,327,899 offset by an increase in operating costs of $1,120,343. Fully diluted earnings per share based of 52,222,034 shares outstanding were $.005 per share for the quarter. Commenting on the results, MOBICOM Corp CEO, Michael Levinsohn, said, "First quarter 2008 results reflect approximately six weeks of full operations pursuant to our acquisition of AIMMS and the establishment of Mobicom Korea. The market for the products and services offered by MOBICOM Korea continues to be positive and despite talk of a slowdown in consumer spending, the mobile phone sector remains buoyant." Brand owners worldwide are continually increasing their spend on mobile marketing and eMarketer forecasts that US Mobile Advertising spending will grow from $878 million in 2007 to $6,2 billion in 2012. Mobile Media Advertising Spending in Korea is going to grow from $180 million in 2008, to over $700 million in 2012, according to eMarketer. MOBICOM Korea generates revenue through consulting services as well as from executing mobile marketing campaigns on behalf of its clients. The market for innovative mobile phone applications in Korea is highly sophisticated with 3G and 4G services being offered to consumers via high speed networks. "Given the positive developments subsequent to the launch of full operations in mid February, we are now starting to look at expansion opportunities which give us backward integration in the Korean market and expansion into other Asian markets. China is obviously of particular interest to us and we are exploring the market in a measured way. Most of the services offered by MOBICOM Korea can be introduced into other markets through strategic partnerships, with minimal capital investment or financial exposure. Our products and services are well positioned in high growth markets," said Levinsohn. About MOBICOM Corp MOBICOM (presently Satellite Security Corporation) is capitalizing on the fast growing mobile phone industry. According to available industry data, there are approximately 3 billion cell phones in use worldwide and more than 1 billion Internet connections. With the convergence of technologies and the ability to target individual subscribers, transaction based applications are expected to grow exponentially for the foreseeable future. Mobile network operators worldwide have identified data as a high growth area and in particular user generated applications. MOBICOM Korea, www.mobicomkorea.co.kr is a global leader in the provision of mobile marketing solutions for both mobile phone networks and brand owners who wish to target customers in a meaningful and measurable way. The acquisition of MOBICOM Korea by MOBICOM Corp in December 2007 provides access to a number of leading companies in the Korean market. Mobicom Korea, under the AIMMS brand, has provided database marketing, membership rewards systems, CRM systems and mobile marketing services to inter alia Dongbu Group, LG, CJ Corp (Jeil), Johnson and Johnson, Procter and Gamble, Microsoft, LG Telecom, Citibank, HSBC, American Express, Shinhan Life, Kookmin Card, Miliore, Missa, LG Card, Webtour, Pizza Hut, HanilWorld, Grand Korea Leisure and Sport ToTo. FORWARD LOOKING STATEMENT: This press release contains forward-looking statements, including expected industry patterns and other financial and business results that involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Such risk factors include, among others: whether MOBICOM can successfully execute its operating plan; the sustainability of recent growth rates in the cell phone market; the positioning of MOBICOM Corp products in the market; ability to integrate acquired companies and technology; ability to retain key employees; ability to successfully combine product offerings and customer acceptance of combined products; general market conditions, fluctuations in currency exchange rates, changes to operating systems and product strategy by vendors of operating systems; and whether MOBICOM Korea can successfully develop new products and the degree to which these gain market acceptance. Actual results may differ materially from those contained in the forward-looking statements in this press release. MOBICOM Corp and MOBICOM Korea do not undertake any obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results. Corporate Inquiries MOBICOM Corp. Michael Levinsohn, President and Chief Executive Officer 949-554-5505 email@example.com Copyright Business Wire 2008
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