myPhotopipe.com, a web-based online provider of digital photo processing and related services, has released its operating results for the first quarter of 2008. According to the results, revenue for the three months ending March 31, 2008 rose 26% to $366,329, compared with revenues of $289,869 in the first quarter of 2007. The company’s gross profits also increased 42% to $270,373 (73.8% of revenues), compared to $189,864 (65.5% of revenues) in the first quarter of 2007. However the company reported a net loss of ($73,705) in the most recent quarter, versus a net loss of ($15,753) in the three months ended March 31, 2007.
Some of the highlights that led to the profitable financial quarter as noted by Douglas Keeney, Chief Executive Officer, included the gallery wraps and mounted products which have been well received by customers, the pioneering PRPrintsPro platform which is now being used by many professional sports organizations, the portfolio of greeting cards which has increased by several hundred SKUs since the beginning of the year, and finally the owners of digital cameras, who are making prints at historically high and growing levels.
Doulas Keeney is pleased with the results, and stated, “myPhotopipe.com continued to post excellent gains in revenues during the most recent quarter, with an increase of 26% over prior-year levels. That said, a significant design initiative related to the overhaul of our web site made unexpectedly good progress in January, and we elected to accelerate its launch, which in turn necessitated a concurrent increase in our search engine buys. Accordingly, we realized a slightly higher loss for the period than we anticipated, but we have been extremely pleased with the initial results from the new web site, as measured in a sharp increase in customer acquisitions, excellent industry notices, and continued revenue growth during April.”
As for the future of the company and industry, Mr. Keeney commented by stating, “We’re an online lab serving the needs of professional and serious amateur photographers. According to a recent InfoTrends study, professional photographers are themselves a $5 billion industry. They shoot pictures and earn 80%+ of their mean annual revenues of $130,000 by selling photographic prints. They’re searching for a lab that focuses on making a top notch, professional print at a price that is competitive to any lab in the nation. That’s a description of myPhotopipe.com. That’s our value proposition. Using our products our customers can make a living. That’s a wonderful position to be in. We believe we’re in the right place at the right time, serving a lucrative slice of the digital photography market during a period of extensive brand switching. With persistence and steadfastness, we will emerge as one of the top brands in the business.”
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