Tyler, Texas, Aug. 18, 2014 (GLOBE NEWSWIRE) -- SearchCore, Inc. (OTCQB: SRER) a manufactured housing retail center owner and operator that operates its retail centers through its wholly-owned subsidiary, Wisdom Homes Of America, Inc., announces today its financial results for the quarter ended June 30, 2014.
Second Quarter 2014 Highlights
- Net income increased to $437,000, or $0.01 per share, as compared to net loss of $595,000, or a loss of $0.02 per share for 2nd quarter ending June 30, 2013, from non-cash gain of $847,000;
- $1 million finder site technology sale marks Company's exit from finder site industry;
- Completes first sales of manufactured homes from model retail centers;
- Opens third manufactured home retail center in Texas.
Management Commentary
"We've now firmly made the transition into owning, operating and growing manufactured home retail centers. Our numbers came in favorably due to various restructuring completed in the second quarter as we entered the manufactured homes retail model space which included selling our primary finder site asset, lowering expenses and debt, and increasing our inventory. The combined total equals a material increase in shareholder equity as compared to the second quarter of 2013," said Jim Pakulis, CEO of SearchCore. "Since the second quarter ended we've signed our fourth retail center lease and have increased our inventory that has either arrived or is on order to about $1,200,000. This is up substantially from around $300,000 at the end of the second quarter. Once the inventory arrives it will give us the necessary ammunition to sell primarily from our retail models as opposed to selling the actual model homes at our centers. Separately, but related, we continue to be encouraged by the responses to our regional marketing campaigns. As we continue to receive more inventory, we'll increase our marketing which should continue to result in greater foot traffic and applications. I believe the stage is set for a productive second half of 2014."
Second Quarter 2014 Financial Results
SearchCore's revenues for the second quarter ended June 30, 2014 totaled $50,000, as compared with $73,000 for the second quarter ended June 30, 2013. Second quarter revenues reflect the beginning of sales transactions as it relates to the sale of manufactured homes. Total operating expenses were $445,000 for the second quarter of 2014, as compared with $564,000 for the second quarter of 2013. The decrease in operating expenses is a direct result of existing the technology industry and overhead associated with that industry.
Net income for the second quarter ended June 30, 2014 was $437,000, or $0.01 per share, as compared to net loss of $595,000, or a loss of $0.02 per share, for the second quarter ended June 30, 2013.
Balance Sheet Overview
At June 30, 2014, SearchCore had cash and cash equivalents of $93,000, total assets of $3.5 million and had total debt of $3.0 million, as compared with cash and cash equivalents of $51,000, total assets of $4.1 million and total liability of $3.9 million as of June 30, 2013. At June 30, 2014, the Company had approximately 45.0 million shares of common stock issued and outstanding.
About SearchCore, Inc.
SearchCore, Inc. is a manufactured housing retail center owner and operator that operates its retail centers through its wholly-owned subsidiary, Wisdom Homes Of America, Inc. Founded in 2010, SearchCore is headquartered in Tyler, Texas. The Company's common stock trades on the OTCQB under the ticker symbol "SRER." www.SearchCore.com
Safe Harbor Notice
Certain statements contained herein are "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995). SearchCore, Inc. cautions that statements made in this news release constitute forward-looking statements and makes no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Actual results could differ materially from current projections or implied results. SearchCore, Inc. undertakes no obligation to revise these statements following the date of this news release.