Increases Revenue - Reduces Operating Cost
Conference Call on Tuesday, August 12, 2014
FOUNTAIN VALLEY, Calif., Aug. 11, 2014 (GLOBE NEWSWIRE) -- MEDL Mobile Holding Inc., (OTCBB:MEDL), a leading developer of mobile applications for the Apple iOS And Google Android platform and the developer of the Hang w/ mobile live video broadcasting application, today issued its financial report for the Second Fiscal Quarter 2014, ending June 30, 2014.
Andrew Maltin, CEO of MEDL Mobile Holdings, Inc. states: "We are happy to report that revenue and other crucial financial performance milestones for the second quarter 2014 have improved significantly, compared to the same period in 2013. Also, financial performance in Q2 2014 has also improved on a six months comparison with the same period in the year before.
"We have expanded our mobile app development, accelerated the development of our Hang w/ application and platform and launched a major new version 3.0 of Hang w/. While we have been able to expand our efforts in most areas of development, marketing and sales, we still were successful in reducing SG&A and other expenses and significantly improved Gross Margins."
"During the last year we have developed leading edge native mobile advertising technology for Hang w/, in conjunction with the Hang w/ 3.0 software update. We have now begun the crucial process of implementing this custom tailored technology into Hang w/. This will allow us to utilize our large and consistently growing user base for the generation of mobile ad revenues, one of the several future revenue sources for our Hang w/ app," continues Andrew Maltin.
"Our entire MEDL team is committed to making the remainder of 2014 the beginning of an exceptional growth phase for the Company, with a focus on expanding the application of the Hang w/ technology platform to new revenue generating sectors. Based on our technical and marketing advances we are confident that we can continue to aggressively expand our user base.
"This, and the fact that U.S. social media advertising revenue is expected to exceed $11 billion in 2017, almost double last year's total of $6.1 billion, supports our expectation that we will be able to improve our financial performance significantly in the quarters and years ahead."
Net revenues increased to $589,102 for the three months ending June 30, 2014, compared to $409,955 for the three months ending June 30, 2013, an increase of $179,147 or 44%. This increase is attributable to the increased production activity in MEDL Mobile, the mobile app development department of MEDL. At the same time, the Company has accelerated the development of the Hang w/ mobile app, has released a major new version 3.0 and is beginning to implement innovative and custom tailored mobile advertising technology into Hang w/ that is expected to drive increasing and continued revenue growth.
MEDL's gross profit increased to $240,953 in Q2 2014, compared to a gross profit of $64,827 for Q2 2013, an increase of $176,126 or 272%. At the same time, management has been able to increase productivity and revenue.
OPERATING EXPENSES –SG&A
Selling, general, and administrative expenses were reduced to $899,678 in the 2nd Quarter 2014 compared to $1,015,746 in the same period during 2013, a decrease of $116.068, or 11%. The decrease in cost is attributable to management's stringent cost control efforts throughout the entire Company. Management intends to keep cost low, so that increasing production volume and revenue will result in improving profit margins and eventually net profits.
Net Loss was reduced to $487,272, an improvement of $347,842 or 42%. This is a result of management's stringent cost control efforts and maintaining low levels of cost of goods, while at the same time increasing productivity and revenue.
The full text of the Company's 10-Q Report can be reviewed on the Company's web site at www.medlmobile.com, in the investor relations section, or at the SEC website www.sec.gov.
The CEO, Andrew Maltin will report on the Company's performance and outlook and will answer your questions.
AboutMEDL MobileMEDL Mobile, Inc.
|Tuesday, August 12, 2014|
|4:30 p.m. Eastern Standard Time.|
Access #: 4370594578 followed by#|
Advance Questions can be submitted to: firstname.lastname@example.org|
is a mobile industry pioneer that has architected, created, developed, marketed and monetized hundreds of mobile apps for the Apple iOS and Google Android platform and driven more than 22 million downloads, many of them reaching the top ten in the Apple store. MEDL has led mobile strategy, ideation, development, marketing and monetization in areas diverse as entertainment, telecom, medicine, education and retail - for such prestigious clients as About.com
, Experian, Hyundai, Kaiser Permanente
, Medtronic, Monster.com
, The New York Times Company, Taco Bell
, and Telefonica. The Company has entered into partnerships to mobilize and monetize IP with such notable names as Cheech & Chong, Encyclopedia Britannica, Marlee Matlin
, Media Rights Capital
and Real Madrid
has incubated, developed and brought to market the revolutionary Hang w/ app over a period of nearly two years. The Hang w/ app connects people through live-streaming video and simultaneous chat, allowing anyone with an iPhone, iPad or Android device to broadcast live to dozens, hundreds or even millions of viewers around the globe. Learn more at http://www.medlmobile.com
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about MEDL Mobile's
industry, management's beliefs and certain assumptions made by management. Given the uncertainty of such assumptions, readers are cautioned not to place undue reliance on such forward-looking statements. The Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here. Because such assumptions and forward looking statements involve risks and uncertainties, the actual results and future performance of the Company is not guaranteed and may cause the actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements The actual results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors discussed in the Company's periodic filings with the Securities and Exchange Commission
, which are available for review at www.sec.gov
under "Search for Company Filings." Readers should carefully review reports or documents the Company files periodically with the Securities and Exchange Commission
For more information about MEDL Mobile
, please visit www.stockwatchindex.com/stock-watch-index/medl-mobile-holdings-inc
CONTACT: MEDL Mobile Contact
Source: MEDL Mobile Holdings, Inc.