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Friday, March 24, 2006

GWIN Inc. Reports Record Results

 

GWIN Inc. announced today its second quarter results, which include significant increases in operating income and net income for both the quarter and the six month reporting period. For the three months ending Jan. 31, 2006, operating income increased to $637,918, compared to $231,306 for the same period in 2005, an increase of 176%. Net income for the quarter increased to $608,617, compared to a loss of ($372,683) for the comparable period in 2005, an improvement of $981,300. Six month operating income and net income showed even larger improvements. For the six months ending Jan. 31, 2006, operating income increased to $33,928, compared to a loss of ($545,882) for the comparable period in 2005. Net income for the six months improved to $145,770, compared to a loss of ($1,214,346) for the comparable period in 2005. Revenues were also higher for both the three month and the six month periods. For the three months ending Jan. 31, 2006, revenues were $2,732,080, compared to $2,721,666 for the same period in 2005 with six month revenues improving to $4,508,839, compared with $3,883,141 for the comparable period in 2005, a 16% increase.

Wayne Allyn Root, chairman and CEO of GWIN Inc., said, "We have spent six years building GWIN and 'The WinningEDGE(TM)' into leading brand names in sports handicapping. Today's filings are a clear indication that the groundwork laid during that time is beginning to pay off. It is important to note the changes and related challenges that the Internet has brought to all media-related businesses and to our industry in particular. We have moved from a business model essentially 100% dependent on handicapping information and services, to become a more diversified sports, handicapping and entertainment company. We take pride in our ability to continue adapting to changes and exploiting opportunities. As these numbers show, we have created a business model with multiple revenue streams from handicapping sales, television production and sales of advertising and sponsorships. A prime example is the multi-year deal we structured last year with Hooters Casino Hotel Las Vegas. We are looking at this as a model to structure additional high-margin relationships with mainstream sponsors eager to reach our valuable database. Our database demographics are highly prized by advertisers -- males 21-49, high disposable income, college-educated, small business owners, professionals and/or self-employed, interested in sports, gaming and entertainment lifestyles. Over the past years we have built these databases such that we and our advertisers are now able to directly reach over a million highly desirable consumers. We believe it to be one of the most valuable assets of the company and one that we have only begun to exploit. I am proud of today's results and proud of how far we have come."

Said Douglas Miller, COO, "We are especially pleased that we have been able to achieve these higher revenues while holding the line on operating expenses. One of the very attractive aspects of our business is that we operate with substantial gross margins. In our services division, once we achieve our break-even point, as much as 50% of additional top line revenues flow through to the bottom line. The percentage can be even greater for incremental advertising revenues. Our goal over the coming months is to increasingly monetize our database and to continue to hold the line on expenses while exploring opportunities to add high-margin revenues, all to increase our bottom line."

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