Commerce Planet Posts Record Revenue and Net Income for Full Year 2006; Profits in 2006 Surge to $8.7 Million
Thursday March 1, 6:19 pm ET
GOLETA, Calif., March 1 /PRNewswire-FirstCall/ -- Commerce Planet, Inc. (OTC Bulletin Board: CPNE - News) an online media company and its wholly owned subsidiaries filed their annual 10KSB today and reported $8.7 million in profit for fiscal 2006. The 2006 profit represents a complete turn around from fiscal 2005\'s net loss of ($6.3) million. Commerce Planet reported consolidated revenue of $27.5 million and combined revenues, including inter-segment transactions, of $34.8 million for 2006. Consolidated revenues for 2005 were $7.3 million representing year-over-year growth of 275%. Earnings for the year ending December 31, 2006 were $0.20 per weighted average share versus ($0.17) per weighted average share for fiscal 2005.
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Michael Hill, CEO, stated, "we are pleased to release our fourth consecutive quarter and first complete year of profitability. We attribute our significant revenue growth and high level of profitability to the 2006 strategic initiatives that were successfully executed upon in support of last year\'s Commerce Planet re-brand. The Company organically developed or acquired three new subsidiary businesses, Legacy Media, Inc. (www.LegacyMedia.com), Interaccurate, Inc. (www.Interaccurate.com) and OS Imaging, Inc. (www.OSImaging.com). It is believed, the services of these subsidiaries leveraged with the power of the Consumer Loyalty Group, Inc. (www.ConsumerLoyalty.com) branded products and services are responsible for the dramatic turn around in the Company\'s performance."
Consumer Loyalty Group has expanded its product offering and diversified its revenue stream from its original core product, www.OnlineSupplier.com to a suite that now encompasses eight highly profitable products which include amongst others, www.InvestingInSuccess.com, www.BuyDiscount.com and www.SearchDiscount.com. Since mid-2006, these products have been deployed through the Commerce Planet infrastructure which was designed to consolidate sales and support services, leading to increased net profit margins.
The planned focus for 2007 is to expand the subsidiaries\' customer base of B2B clientele. Based upon the success of Consumer Loyalty Group, unrelated third party businesses have expressed strong interest in utilizing the Commerce Planet business model to promote and support their own third party branded products and services. Interaccurate, Inc. owned www.MyOnlineChat.com has already executed agreements with several new customers to begin 2007.
Hill also stated, "we anticipate that 2007 will be another strong year for our Company and we intend on capitalizing upon our upward momentum. We have made several capital investments designed to support this continued growth trend. Our order volume has dramatically increased over the last few months and we believe our re-occurring billable model will produce enhanced profit margins."
Thursday March 1, 6:19 pm ET
GOLETA, Calif., March 1 /PRNewswire-FirstCall/ -- Commerce Planet, Inc. (OTC Bulletin Board: CPNE - News) an online media company and its wholly owned subsidiaries filed their annual 10KSB today and reported $8.7 million in profit for fiscal 2006. The 2006 profit represents a complete turn around from fiscal 2005\'s net loss of ($6.3) million. Commerce Planet reported consolidated revenue of $27.5 million and combined revenues, including inter-segment transactions, of $34.8 million for 2006. Consolidated revenues for 2005 were $7.3 million representing year-over-year growth of 275%. Earnings for the year ending December 31, 2006 were $0.20 per weighted average share versus ($0.17) per weighted average share for fiscal 2005.
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Michael Hill, CEO, stated, "we are pleased to release our fourth consecutive quarter and first complete year of profitability. We attribute our significant revenue growth and high level of profitability to the 2006 strategic initiatives that were successfully executed upon in support of last year\'s Commerce Planet re-brand. The Company organically developed or acquired three new subsidiary businesses, Legacy Media, Inc. (www.LegacyMedia.com), Interaccurate, Inc. (www.Interaccurate.com) and OS Imaging, Inc. (www.OSImaging.com). It is believed, the services of these subsidiaries leveraged with the power of the Consumer Loyalty Group, Inc. (www.ConsumerLoyalty.com) branded products and services are responsible for the dramatic turn around in the Company\'s performance."
Consumer Loyalty Group has expanded its product offering and diversified its revenue stream from its original core product, www.OnlineSupplier.com to a suite that now encompasses eight highly profitable products which include amongst others, www.InvestingInSuccess.com, www.BuyDiscount.com and www.SearchDiscount.com. Since mid-2006, these products have been deployed through the Commerce Planet infrastructure which was designed to consolidate sales and support services, leading to increased net profit margins.
The planned focus for 2007 is to expand the subsidiaries\' customer base of B2B clientele. Based upon the success of Consumer Loyalty Group, unrelated third party businesses have expressed strong interest in utilizing the Commerce Planet business model to promote and support their own third party branded products and services. Interaccurate, Inc. owned www.MyOnlineChat.com has already executed agreements with several new customers to begin 2007.
Hill also stated, "we anticipate that 2007 will be another strong year for our Company and we intend on capitalizing upon our upward momentum. We have made several capital investments designed to support this continued growth trend. Our order volume has dramatically increased over the last few months and we believe our re-occurring billable model will produce enhanced profit margins."
