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myPhotopipe.com Revenues Rise 86% in 2006, Including 162% Increase in Fourth Quarter New Systems, Products
Tuesday March 27, 2007
ATLANTA, Mar 27, 2007 /PRNewswire-FirstCall via COMTEX News Network/ --
myPhotopipe.com, Inc. (Pink Sheets: MPPC), a
web-based online provider of digital photo processing and related
services, today announced its operating results for the quarter
and year ended December 31, 2006.
For the three months ended December 31, 2006,
the Company's revenues reached $352,324, which represented a 162%
increase when compared with revenues of $134,603 in the fourth quarter
of 2005. The Company reported a net loss of ($486,099) in the fourth
quarter of 2006, versus a net loss of ($93,441) in the corresponding
period of the previous year.
For the twelve months ended December 31, 2006,
revenues increased 86% to $1,001,176, compared with revenues of
$538,300 in the previous year. The Company reported a net loss of
($741,889) in 2006, versus net income of $53,215 in the year ended
December 31, 2005.
"Our accomplishments in 2006 reflect a continuation
of the Company's transformation from a high-end processor of traditional
film into a high-end online provider of digital photography services,"
stated L. Douglas Keeney, Chief Executive Officer of myPhotopipe.com,
Inc. "This transformation began with our acquisition of Color
Genesis in 2005 and continued in 2006 with a series of planned upgrades
in a number of critical systems in order to position myPhotopipe.com
for rapid growth in the future. We completed three software rollouts
in 2006. The first was our Remote Order Entry System (ROES) photo
uploader, an Internet platform with real-time preview features for
photographers. Then we launched our proprietary digital photo management
platform with automatic UPS integration for tracking shipments called
PhotoTRAC. And, finally, we launched our ImageQuix software platform
that provides online proofing capabilities for professional event
photographers. Any company would be proud to successfully rollout
one software platform but we completed all three and while they
certainly impacted our bottom line in 2006, these planned expenses
are behind us and our customers are delighted with them."
During 2006, the Company acquired QC Gallery
Works, a digital photo processing laboratory in Charlotte, North
Carolina; and Gallery Works Photos, a specialized laboratory in
Atlanta, Georgia. "Gallery Works Atlanta has been a real 'plus'
for us in the area of digital photo tools," noted Keeney. "However,
we incurred substantial non-recurring charges in Charlotte when
the building that housed our laboratory was sold and our lease unexpectedly
terminated. We had to relocate in 30 days, and this resulted in
customer confusion in the local market. We have since made some
adjustments in our Charlotte operations and believe the lab's outlook
for 2007 is much improved."
The Company also overhauled its digital infrastructure
during 2006, by expanding bandwidth, installing a dedicated server
room, adding new servers, and upgrading many critical work stations
for faster order processing. "We initiated our Order Integrity
Program last year, and customer response has been tremendous,"
continued Keeney. "On any given day, thousands of digital photo
images are moving through our production line. The logistics of
coordinating this flow from the arrival of a digital image over
the Internet, to print processing, to the delivery of a finished
product to the shipping line requires a combination of hand inspections
and computer automation. Our upgrades made this process more efficient
and significantly reduced the error rate. Order Integrity controls
print quality and assures the shipment of precisely what the customer
ordered."
"The Company's revenue growth exceeded plan
in 2006, while losses were in line with management's expectations,"
observed Keeney. "Our new 'myCamera' advertising campaign was
introduced during the year and after an extremely good response
from the market was expanded in the fourth quarter. In the course
of expanding our media buys we added magazines that we thought would
reach our target audience but underperformed versus other media.
Still, by year's end, our ability to target potential customers
had improved significantly, as we canceled certain non-productive
magazines and added other print and online media. The advertising
now reaches about 1,000,000 photographers a month."
During 2006, the Company incurred non-recurring
expenses related to its 'reverse merger' into the Hampden Group,
along with legal and professional fees associated with the two above-described
acquisitions.
"Looking back, we had a great year. We rolled
out new software, new products, new internal systems, made a key
acquisition, nearly doubled our plant capacity, completed our promised
reverse merger and grew revenues. I am pleased with myPhotopipe.com's
accomplishments and look forward to accelerating growth in the current
year, the seeds of which are already sprouting. Earlier this month,
we announced our receipt of a contract from the U.S. Department
of Homeland Security, which I believe demonstrates that myPhotopipe.com
has emerged as a major competitor in the professional digital space.
With the right products, the right people, the right systems, and
the best quality prints and customer service, we look forward to
leveraging our brands to create value for our shareholders in 2007,"
concluded Keeney.
About myPhotopipe.com, Inc.
myPhotopipe.com, Inc. is a web-based (2.0) online provider of digital photo processing, photo finishing, photo sharing, and related services. The Company’s unique blend of 104 print options, combined with manual print inspections and professional color management, have positioned myPhotopipe.com as one of the fastest-growing providers of digital photography services for professionals and serious amateurs.
The Company is headquartered in Atlanta, Georgia, and its common stock is listed on the OTC Pink Sheets under the symbol “MPPC”. Additional information is available on the Internet at www.myPhotopipe.com.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 that are subject to the “safe harbor” created by those sections. Such forward-looking statements are based upon current information and expectations regarding myPhotopipe.com, Inc. These statements speak only as of the date on which they are made, are not guarantees of future performance, and involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results could materially differ from what is expressed, implied, or forecast in such forward-looking statements.
myPhotopipe.com, Inc. assumes no obligation to update the information contained in this release. Any forward-looking statements in this press release may be materially impacted by any number of factors, any or all of which could have a negative impact on sales, operating results, financial and budgetary constraints. The statements made herein are independent statements by myPhotopipe.com, Inc. The inclusion or mention, if any, of third parties in this press release does not represent an endorsement of any myPhotopipe.com, Inc. products or services by any such third party.
For more information contact:
L. Douglas Keeney,
CEO 1- 404-881-3855 1670 Northeast Expressway OR RJ Falkner & Company, Inc., |
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