News Room
Press Release
Internet Search Firm InterSearch Group Reports Audited Financial Results for Fiscal 2004
SAN FRANCISCO, CA.— April 29, 2005 1:02 PM ET
InterSearch Group, Inc. (Pink Sheets: ISGP - News ), today reported consolidated financial results for fiscal 2004.
InterSearch Group is a company that owns and operates Pay Per Click (PPC) Internet search engines and provides professional consulting and search-related services for various entities, including Fortune 500 companies, through its Walnut Ventures and Corporate Consulting Services (CCS) subsidiaries.
For the 12 months ending December 31, 2004, InterSearch Group’s revenues were $12.1 million, compared with $3.4 million in revenues for the period through Dec. 31, 2003. Net earnings available to common stockholders for full-year 2004 were $967,000 or $0.0013 per share on a fully diluted basis. For the 2003 fiscal year, the net loss applicable to common stockholders was ($29,000) (nil on a per-share basis).
The financial results reflect InterSearch Group’s merger with Walnut Ventures, completed Dec. 10, 2004, as a reverse acquisition. Thus, the consolidated results reflect Walnut Ventures’ operating results for the 2004 and 2003 periods, and InterSearch Group’s operating results from the Dec. 10 merger forward through the end of the fiscal 2004.
"Our goal has been to develop a company focused on maximizing value from the search process, focusing on pay-per-click traffic from sites on the Internet to the IT consulting and information needs of Fortune 500 companies," said Dan O’Donnell, chief executive officer of InterSearch Group. "We have made tremendous progress toward this goal in 2004, and we continue to evaluate our structure and processes and other opportunities in order to pursue growth."
At year-end 2004, there were 134.7 million common shares and 137.4 million preferred shares outstanding, resulting in 822 million common shares on a fully diluted basis. "The company is actively looking at retiring some stock which had been issued as part of the recent acquisitions. We have completed some buy-back already and are positioned to do more," O’Donnell said.
InterSearch Group’s annual meeting has been set for June 3, 2005 in San Francisco.
More information about InterSearch Group, Inc can be obtained at its website: www.InterSearch.com or by contacting the company at 415-901-0410. InterSearch Group’s stock is listed on the National Quotation Bureau under the symbol ISGP.
Except for historical information, matters discussed above are forward-looking statements within the meaning of safe-harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from projected results. Those factors include, but are not limited to, economic, competitive, governmental and technological factors affecting the Company’s operations, markets, services and related products, prices or other areas. The Company undertakes no obligation to publicly release the results of any revisions to forward-looking statements.
INTERSEARCH GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(audited)
for the
period from
Feb. 6, 2003
Year ended (inception to)
Dec. 31, 2004 Dec. 31, 2003
------------- --------------
Revenues $12,061,684 $3,403,480
Cost of Revenues 7,003,210 2,112,175
------------- --------------
Gross Profit 5,058,474 1,291,305
General and administrative expense 3,593,766 1,347,641
------------- --------------
Earnings (loss) from operations 1,464,708 (56,366)
Interest expense 10,274 --
------------- --------------
Earnings (loss) before income taxes 1,454,434 (56,336)
Income taxes (benefit) 447,162 (27,230)
------------- --------------
Net earnings (loss) 1,007,272 (29,106)
Preferred stock dividends 40,000 --
------------- --------------
Net earnings (loss) available to $967,272 $(29,106)
common stockholders
============= ==============
Basic earnings (loss) per share $0.0015 --
============= ==============
Diluted earnings (loss) per share $0.0013 --
# # #
Contact:
Dan O’Donnell, President and CEO
415-901-0410 Ext. 411
dodonnell@intersearch.com
OR
Gary Bogatay, Chief Financial Officer
415-901-0410 Ext. 401
gbogatay@intersearch.com
OR
Keller Crescent Company
Terry McWilliams
Vice President - Public Relations
812-426-7720
tmcwilliams@kellercrescent.com