Tyler, Texas, Aug. 18, 2014 (GLOBE NEWSWIRE) -- SearchCore, Inc. (OTCQB: SRER) a manufactured
housing retail center owner and operator that operates its retail
centers through its wholly-owned subsidiary, Wisdom Homes Of
America, Inc., announces today its financial results for the
quarter ended June 30, 2014.
Second Quarter 2014 Highlights
•Net income increased to $437,000, or $0.01 per share, as
compared to net loss of $595,000, or a loss of $0.02 per share for
2nd quarter ending June 30, 2013, from non-cash gain of
$847,000;•$1 million finder site technology sale marks Company's exit
from finder site industry;•Completes first sales of manufactured homes from model retail
centers;•Opens third manufactured home retail center in Texas.
"We've now firmly made the transition into owning, operating and
growing manufactured home retail centers. Our numbers came in
favorably due to various restructuring completed in the second
quarter as we entered the manufactured homes retail model space
which included selling our primary finder site asset, lowering
expenses and debt, and increasing our inventory. The combined total
equals a material increase in shareholder equity as compared to the
second quarter of 2013," said Jim Pakulis, CEO of SearchCore.
"Since the second quarter ended we've signed our fourth retail
center lease and have increased our inventory that has either
arrived or is on order to about $1,200,000. This is up
substantially from around $300,000 at the end of the second
quarter. Once the inventory arrives it will give us the necessary
ammunition to sell primarily from our retail models as opposed to
selling the actual model homes at our centers. Separately, but
related, we continue to be encouraged by the responses to our
regional marketing campaigns. As we continue to receive more
inventory, we'll increase our marketing which should continue to
result in greater foot traffic and applications. I believe the
stage is set for a productive second half of 2014."
Second Quarter 2014 Financial Results
SearchCore's revenues for the second quarter ended June 30, 2014
totaled $50,000, as compared with $73,000 for the second quarter
ended June 30, 2013. Second quarter revenues reflect the beginning
of sales transactions as it relates to the sale of manufactured
homes. Total operating expenses were $445,000 for the second
quarter of 2014, as compared with $564,000 for the second quarter
of 2013. The decrease in operating expenses is a direct result of
existing the technology industry and overhead associated with that
Net income for the second quarter ended June 30, 2014 was
$437,000, or $0.01 per share, as compared to net loss of $595,000,
or a loss of $0.02 per share, for the second quarter ended June 30,
Balance Sheet Overview
At June 30, 2014, SearchCore had cash and cash equivalents of
$93,000, total assets of $3.5 million and had total debt of $3.0
million, as compared with cash and cash equivalents of $51,000,
total assets of $4.1 million and total liability of $3.9 million as
of June 30, 2013. At June 30, 2014, the Company had approximately
45.0 million shares of common stock issued and outstanding.
About SearchCore, Inc.
SearchCore, Inc. is a manufactured housing retail center owner
and operator that operates its retail centers through its
wholly-owned subsidiary, Wisdom Homes Of America, Inc. Founded in
2010, SearchCore is headquartered in Tyler, Texas. The Company's
common stock trades on the OTCQB under the ticker symbol "SRER."
Safe Harbor Notice
Certain statements contained herein are "forward-looking
statements" (as defined in the Private Securities Litigation Reform
Act of 1995). SearchCore, Inc. cautions that statements made in
this news release constitute forward-looking statements and makes
no guarantee of future performance. Forward-looking statements are
based on estimates and opinions of management at the time
statements are made. These statements may address issues that
involve significant risks, uncertainties, estimates and assumptions
made by management. Actual results could differ materially from
current projections or implied results. SearchCore, Inc. undertakes
no obligation to revise these statements following the date of this
CONTACT: SearchCore, Inc.
Source: SearchCore, Inc.