Modavox Reports Record Third Quarter Results.Net Income Increases Over 300% from Prior Quarter PHOENIX -- Modavox, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :MDVX), Internet broadcasting Internet Broadcasting (formerly Internet Broadcasting Systems), or IBS, is a provider of television station web sites. IBS hosts over 70 local stations' sites, and co-produced NBCOlympics. pioneer in producing and syndicating online audio and video, today reported its third quarter results as filed in its 10QSB QSB Fading QSB Qualified Small Business (IRS category) QSB Queen Street Backpackers (Auckland, New Zealand) QSB Quality System Basics QSB Qualified Supplemental Benefit QSB Quantum Singleton Bound on January 19, 2007. For the quarter ended November 30, 2006, the company reported revenues increased 70% to $868,406 compared to $509,923 for the quarter ending November 30, 2005. Revenues for the quarter ended November 30, 2006 included $314,919 from the Interactive Media Division and $553,487 from the Broadcast Media Division. Third quarter 2006 revenues of $868,406 also increased 24% over amounts reported for the 2006 second quarter. The company reported net income of $217,891 for the quarter ended November 30, 2006 compared to a loss of $251,662 in the comparable quarter of the prior year. The net income for the third quarter 2006 increased by over 300% from the second quarter 2006 net income of $53,708. The net income in the second and third quarter were after depreciation and amortization charges of approximately $90,000 in each quarter For the nine months ending November, 2006, the company reported revenues increased 89% to $2,000,255 compared with revenues of $1,057,161 for the comparable period of the previous year. Revenues in the 2006 period included $853,585 from the Interactive Media Division and $1,146,670 from the Broadcast Media Division. The company reported its net loss decreased to $397,491 from $1,842,125 for the comparable period the previous year, a decrease of $1,444,634. The loss includes $539,000 for non-operating expenses. Without these expenses, the company would have been profitable for the full nine month period. Highlights from the quarter include: * Company reported second consecutive quarterly profit on record revenues * Prior Management IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. liability paid in full * Completed streaming agreement with Chambers Communications * Signed exclusive license agreement for AudioEye reseller and direct sales revenue * AudioEye's "Search By Sound" platform technologies showcased by U.S. General Services Administration's Center for Information Technology * Launched IRExcellence.com with IntraMed West and Signature Business Solutions * Broadcasted series of leading applications for US Congress, State of Arizona Legislature The Arizona Legislature is the state legislature of the U.S. state of Arizona. It is a bicameral legislature that consists of a lower house, the House of Representatives, and an upper house, the Senate. There are 60 Representatives and 30 Senators. and Alberta Premier Candidate Featuring AudioEye and BoomBox Video Streaming See streaming video and video stream. Modavox CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. David J David J. Haskins (b. April 24, 1957, in Northampton, England) is a British alternative rock musician. He was the bassist for the seminal gothic rock band Bauhaus. Life and work . Ide stated, "I'm pleased with our positive quarterly results as they provide clear evidence of the Company's long term potential in addition to demonstrating our strong earnings leverage. We have strengthened our financial liquidity and the company has over a million dollars in cash for operations and no debt on its balance sheet. The strategic steps taken over the last year have proven themselves while putting us in a strong position to accelerate our growth moving forward." Ide further stated, "Despite our recent success, we remain keenly aware that there remains much work ahead. With this, we fully intend to remain focused on the execution of our proven business plan. In addition, we also understand to build long term and sustainable shareholder value, it's important to regularly communicate with the investment community. Therefore, we are anxiously looking forward to our participation in next months RedChip Small-Cap conference and we anticipate exploring additional venues in which participation may be beneficial." Modavox, Inc. (www.modavox.com), a pioneer in internet broadcasting, producing and syndicating online audio and video, offers innovative, effective and comprehensive online tools for reaching targeted niche communities worldwide. Through patented Modavox technology, Modavox delivers content straight to desktops and internet-enabled devices. Modavox provides managed access for live and on-demand Internet Radio Listening to audio broadcasts via the Internet. There are more than 4,000 broadcasts available on the Internet that can be streamed and played by a software media player in the computer or in a stand-alone Internet radio with the software built in. Broadcasting, E-learning and Rich Media Advertising. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This release contains "forward-looking statements" for purposes of the Securities and Exchange Commission's "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 and Rule 3b-6 under the Securities Exchange Act of 1934. These forward-looking statements are subject to various risks and uncertainties that could cause Modavox's actual results to differ materially from those currently anticipated, including the risk factors identified in Modavox's filings with the Securities and Exchange Commission. |
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