Image Worldwide Incorporated is the parent company of several rapidly growing entertainment subsidiaries. The company holds interests in radio, real estate, print and internet advertisements. Today the company announced that revenues for 2007 were up a whopping 146% from those in 2006. The company posted unaudited sales of $2,242,823 for the fiscal year compared to only $912,485 for the previous year.
Paul Srokin, the CEO of Image Worldwide commented, “We’ve seen significant growth in all our divisions. We are extremely pleased that the market has not only accepted, but embraced our product offerings. Sales at Image Magazine, Club Oasis, Sheque and La Caliente Radio have all increased.” Srokin also made reference to the future potential of the company by stating; “Image’s outstanding results for 2007 were driven by our ability to cross promote and market our quality products and services to a larger audience. When you combine this with our strong fiscal discipline we see those strategies paying off faster than we anticipated. We believe this multi-pronged approach will continue to further solidify our success and are now in the process of considering options to move to a more senior exchange.”
The 146% increase in sales was impressive, but the most astounding number from the company’s 2007 results was the increase in gross profit. The company posted a gross profit of $560,920 in 2007, which was an 1158% increase in gross profit margin from the 2006 gross profit of $44,603. This is a perfect measure of how cheaply the company can turn revenue into profit. These drastic improvements are important because Image currently handles such a large volume of business that is constantly increasing. The events planned by Image attract more than 10,000 visitors a month and their websites attract over 100,000 visitors and generate 6,000,000 hits monthly.
Image works with many fortune 500 companies, their list of clients contains but is not limited to Coors Light, Red Bull, Burger King, Hyundai, Mazda and GE. A visit to their website, www.imageworldwide.com, can also reveal a long list of local customers, and provide links to a few of the company’s other sites. The site also provides a link for investor relations. The stock is currently up over 33% on the day on heavier than average volume.
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