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Announces That It Has Filed Its Interim Financial Report Houston, TX - Oct 6, 2006 Labwire, Inc. (Pink Sheets: LBWR), a leading provider of employee screening solutions and canine security and surveillance services, is pleased to announce that it has filed its interim financial report for the period ended June 30, 2006. For the quarter ended June 30, 2006, Labwire reported gross revenue of $899,908, compared to gross revenue of $581,702 in the second quarter of 2005, an increase of 54.7%. The Company experienced growth across all of its business segments, including: (i) employee screening services, which increased 15.1% in the second quarter of 2006 over the same period in 2005; (ii) canine security and surveillance, which generated $219,328 in the second quarter of 2006 compared to zero revenue during the same period in 2005; and (iii) management services, which generated $10,966 in the second quarter of 2006 compared to zero revenue during the same period in 2005. For the six months ended June 30, 2006, Labwire’s gross revenue was $1,956,948 compared to $1,034,124 during the same period in 2005. This represents an increase of $922,824 or 89.2%. For the quarter ended June 30, 2006, Labwire reported a gross profit of $317,659, compared to a gross profit of $185,576 in the second quarter of 2005, an increase of $132,083 or 71.2%. For the six months ended June 30, 2006, Labwire reported a gross profit of $689,724, compared to a gross profit of $382,975 during the same period in 2005, an increase of $306,749 or 80.1%. For the quarter ended June 30, 2006, operating expenses were $285,134, compared to operating expenses of $292,553 in the second quarter of 2005, a decrease of $7,419 or 2.5%. For the six months ended June 30, 2006, operating expenses were $622,913, compared to operating expenses of $511,795 during the same period in 2005, an increase of $111,118 or 21.7%. For the quarter ended June 30, 2006, net income was $28,156, compared to a net loss of $108,754 during the second quarter of 2005, an increase of $136,910. For the six months ended June 30, 2006, net income was $52,136, compared to a net loss of $133,115 during the same period in 2005, an increase of $185,251. About Labwire Labwire Inc., Headquartered in Houston, TX, provides secure and compliant employee drug screening and background checking services to Fortune 500 corporations via the Labwire™ Platform. Labwire™ is a proprietary, web-based application that streamlines the complex regulatory and record management activities associated with employee screening, delivering accurate timely results while eliminating service calls and paper trails. This comprehensive solution to managing employee screening services is the most efficient and cost-effective platform in the industry. Safe Harbor Provisions: Certain oral statements made by management from time to time and certain statements contained in press releases and periodic reports issued by Labwire, Inc., (the "Company"), as well as those contained herein, that are not historical facts are "forward-looking statements" within the meaning of Section 21E of the Securities and Exchange Act of 1934 and, because such statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements, including those in Management's Discussion and Analysis, are statements regarding the intent, belief or current expectations, estimates or projections of the Company, its Directors or its Officers about the Company and the industry in which it operates, and are based on assumptions made by management. Forward looking statements include without limitation statements regarding: (a) the Company's strategies regarding growth and business expansion, including future acquisitions; (b) the Company's financing plans; (c) trends affecting the Company's financial condition or results of operations; (d) the Company's ability to continue to control costs and to meet its liquidity and other financing needs; (e) the declaration and payment of dividends; and (f) the Company's ability to respond to changes in customer demand and regulations. Although the Company believes that its expectations are based on reasonable assumptions, it can give no assurance that the anticipated results will occur. When issued in this report, the words "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," and similar expressions are generally intended to identify forward-looking statements. Important factors that could cause the actual results to differ materially from those in the forward-looking statements include, among other items, (i) changes in the regulatory and general economic environment; (ii) conditions in the capital markets, including the interest rate environment and the availability of capital; (iii) changes in the competitive marketplace that could affect the Company's revenue and/or cost and expenses, such as increased competition, lack of qualified marketing, management or other personnel, and increased labor and inventory costs; (iv) changes in technology or customer requirements, which could render the Company's technologies noncompetitive or obsolete; (v) new product introductions, product sales mix and the geographic mix of sales. The Company disclaims any intention or obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements which are not historical facts contained in this advertisement are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, governmental approval processes, the impact of competitive products or pricing, technological changes, and the effect of economic conditions. Contact: |
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