Business News
myPhotopipe.com Posts 25% Increase in Second Quarter Revenues
Tuesday 15. July 2008 - Record Revenues in First Half of Year Exceed Prior-Year Levels by 30% as Popularity of Internet Ordering with Mail Delivery Continues to Expand within Digital Print Processing Market
myPhotopipe.com, Inc. (Pink Sheets: MPPC), a web-based online provider of digital photo processing and related services, today announced its operating results for the second quarter and first half of 2008.
For the three months ended June 30, 2008, revenues increased 25% to $423,610, compared with revenues of $337,676 in the second quarter of 2007. The Company reported a net loss of ($26,757) in the most recent quarter, versus a net loss of ($5,341) in the three months ended June 30, 2007.
For the six months ended June 30, 2008, the Company’s revenues rose 30% to a record $789,939, compared with revenues of $609,810 in the first half of 2007. The Company reported a net loss of ($100,482) in the first half of 2008, versus a net loss of ($51,700) in the corresponding period of the previous year.
“Over the last six months, we have strengthened our Company from a personnel perspective, and we are very pleased with the results we have already seen from these crucial hires,” stated L. Douglas Keeney, Chief Executive Officer of myPhotopipe.com, Inc. “While this added to our net loss for the second quarter and first half of the year, we feel that we have improved our ‘bench’ to execute our plans and to match the investments made in technology in the past. We now feel that our team is in place to carry us through the balance of the year.”
“We have accomplished a great deal since transitioning from film to digital, and from regional to national,” added Keeney. “Revenues have grown every quarter, when compared with prior-year periods, since we unveiled our online digital photo processing model, and I am pleased to report another quarter of record revenues for the three months ended June 30, 2008.”
“Our customer base has increased almost ten-fold since the end of 2005, and we are well-positioned to accelerate our rate of revenue growth as more and more professional and serious amateur photographers look to the Internet as their preferred method of ordering prints from digital images. Our future prospects are further bolstered by the growing popularity of high-end digital cameras. A couple of years ago, high-end 7+ megapixel cameras represented a tiny portion of the market, whereas such cameras accounted for 70% of industry sales in 2007. Increasingly, professional photographers are deserting the local camera store and moving their work stream online. myPhotopipe.com’s stand against low-margin photo mugs and mouse pads has paid off for us, both in an ever-widening reputation for quality and our ability to focus on innovations in the ‘real’ product of the digital age — the print itself.”
“Our focus on technology has also helped us better serve our partners, including the Department of Homeland Security, Getty’s iStockphoto, Blurb, and numerous other companies,” continued Keeney. “Our Company’s recent participation allowed us to showcase our capabilities alongside the industry’s top brands in a competition to find and reward the creator of the world’s best photo book. We believe such opportunities clearly illustrate the outstanding quality that we deliver to customers, thereby expanding market recognition for myPhotopipe.com. Online ordering with mail delivery is expanding its share of the print processing market and now accounts for about one of every six prints made from digital images. This is a trend that holds great promise for myPhotopipe.com, and we look forward to continued revenue growth and a transition to sustainable profitability in the foreseeable future.”
myPhotopipe.com, Inc. is one of the few “pure play” online digital photo processors. The Company serves serious amateur and professional photographers with more than 1,000 print and surface combinations. Its innovative use of digital photo tools has resulted in the creation of several unique print options for customers, including the only multi-photo prints, the first catalog of preset panoramic prints, FolioPrints with Embedded Digital Effects, and PRPrints for professional sports organizations and celebrities.