Labwire Management Announces Financial Accomplishments for Second Quarter 2008
16 August 2008 - 4:00AM
Marketwired
Labwire, Inc. (PINKSHEETS: LBWR), a leading provider of employee
screening solutions and canine security and surveillance services,
announced that management has completed its review of the unaudited
financial statements for the period ending June 30,2008 and is
pleased to report the following results:
1) Total Revenue for the quarter in excess of $1,000,000.
2) PRE-TAX PROFIT of $65,000. The company should have little or no tax
liability due to a net operating loss carry forward benefit from
the Company Startup in prior years. Gross Margin remains strong at
51%. For the six month period ending June 30, 2008 the gross margin
was 50% vs. 38% for 2007.
3) THE ACQUISITION OF OCCUPATIONAL TESTING, INC (OTI) on October 31,
2007 continues to pay dividends for Labwire.
A) Total Revenue for the quarter was $298,000.
B) Gross Profit for the quarter was $215,000 before direct
labor and $169,000 after. Gross Margins including direct
labor were very strong at 57%.
C) Based on the operating efficiencies that management has
implemented and projected sales growth, management continues
to believe this unit has the potential to produce $1,000,000
in revenue and $225,000 in net income for Labwire operations
in 2008.
"We made great progress in the second quarter of 2008," stated
Marlin Williford, CFO. "Quarterly revenues returned to the million
dollar level and margins remained strong. We have completed the
auditor review for 1st quarter and expect the second quarter to be
completed within the next two weeks."
"Labwire is pleased to have grown the business back above the $1
million quarterly revenue level with really strong margins," Dexter
Morris, Labwire Chairman and CEO, states. "OTI is performing above
expectations and we are excited about several new business
opportunities that management is aggressively pursuing. We are also
focusing on recovering and expanding former client volume levels
through our existing contracts and alliance relationships discussed
in previous releases."
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(TM) Platform.
Labwire(TM) 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.
Investor and Public Relations Contact: Marlin R. Williford Jr.
email: marlinwilliford@aol.com Phone: (832) 277-4818
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