The results show record revenues with year-over-year results improving by 121% for the quarter and 130% for the first nine months of 2007.
- Revenue for the three and nine months ending September 30, 2007, of $5.1 million and $12.9 million represent increases of 121% and 130% from $2.3 million and $5.6 million in 2006.
- The company achieved quarterly operating profit for the first time with $14,000 of operating income during the third quarter as compared to an operating loss of $3.5 million during the third quarter of 2006. For the nine month period operating loss declined 73% to $3.7 million in 2007, down from $13.5 million in 2006.
- During the quarter the company completed a deferral of approximately $6 million of secured notes.
With third quarter’s strong operating performance revenue for the full year ended December 31, 2007 is expected to comfortably exceed our projections of more than $16 million or an increase of more than 100% over $8.2 million in 2006.