SeaMiles Announces Record Fourth Quarter and Year-End Results
April 30 2008 - 9:12AM
Marketwired
TORONTO, ONTARIO (TSX VENTURE: SEE), North America's premier
cruise loyalty provider, today announced record fourth quarter and
year-end results for the period ended December 31, 2007. For the
2007 fourth quarter, the Company reported total revenue of
$2,519,090, an increase of 22% compared to $2,060,776 during the
same quarter in 2006 as a result of growth in the cruise loyalty
program. 2007 fourth quarter net income was $137,640 or $0.01 per
share compared to a net loss of $(2,012,030) or $(0.20) per share
in the 2006 fourth quarter primarily due to a loss of $1.7 million
that was recorded on the sale of the Company's income producing
properties during the fourth quarter of 2006.
For fiscal 2007, the Company reported revenue of $9,572,023, an
increase of 55% compared to $6,171,042 in 2006 due to growth in its
cruise loyalty program and a full year of revenue being recognized
in the loyalty program division. Since SeaMiles, LLC was not
acquired until March 29, 2006, loyalty program revenue in 2006 only
included SeaMiles revenue from March 30 to December 31, 2006.
For the year ended December 31, 2007, the Company reported
income from continuing operations of $196,698 or $0.02 per share,
compared to a loss of $(992,341) or $(0.11) per share in the prior
year. The improved results in 2007 are attributable to the growing
and profitable cruise loyalty business. Included in these results
are non-cash charges for stock based compensation of $269,100 in
fiscal 2007 versus $717,945 in fiscal 2006.
"The 2007 results reflect the cruise aficionado's desire to have
a cruise loyalty program that offers choice. The Any Cruise
Line...Any Time option has spurred continued growing customer
participation in our loyalty programs," said Peter Rooney,
President. "With interest in the cruise industry at record levels,
we expect to continue our strong growth as customers increasingly
recognize the benefits of the SeaMiles program."
The Company incurred a loss from discontinued operations in
fiscal 2007 of $2,727,090 versus a loss of $2,452,030 in 2006. The
loss in 2007 was primarily attributable to a write-down of
$2,572,453 in connection with property held for sale. On March 27,
2008, the Company signed an agreement of purchase and sale to sell
its remaining real estate assets. The properties to be sold, all of
which are located in the Muskoka region of Ontario, consist of the
Greene Slate Inn, the Ports development project and three
residential houses (the "Properties"). The loss in the previous
year was primarily due to a loss on sale on its income producing
properties of $1,718,355. The Company reported a net loss of
$(2,530,392) or $(0.22) per share in 2007 versus a loss of
$(3,444,371) or $(0.37) in 2006.
The sale of the Properties is expected to close on June 16,
2008. The aggregate purchase price will be approximately $3,716,000
and will be satisfied by the cancellation of $1,500,000 in
convertible debentures previously issued by the Company, the
assumption by the purchaser of approximately $615,000 in existing
mortgages and a cash payment by the purchaser to the Company of
approximately $1,601,000, which will be used to retire the
remaining $1,500,000 of convertible debentures outstanding
following the sale.
ABOUT SEAMILES
SeaMiles is North America's premier cruise loyalty provider,
committed to recognizing and rewarding the cruiser through multiple
earning opportunities and best-in-class, maximum award flexibility
based on "Any Cruise Line...Any Time". Additional information can
be found at www.seamiles.com.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: SeaMiles Limited Peter Rooney President (416) 398-1555
Ext. 442 Email: peter.rooney@seamiles.com SeaMiles Limited Steven
Wise Chairman & CEO (416) 631-3400 Email: steven@seamiles.com
Website: www.seamiles.com
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