Posted by: Cynthia Mittelsteadt
BOCA RATON, FL -- 05/25/10 -- MediaNet Group Technologies, Inc. (OTCBB: MEDG), a worldwide marketing firm, today announced financial results for the second quarter and six months ended March 31, 2010.
For the second quarter ended March 31, 2010, revenues increased 41% to $7,030,213 compared to $4,999,126 for the second quarter ended March 31, 2009. Gross profit in the second quarter was $2,665,566, or 38% of revenues, compared to $1,958,549, or 39% of revenues, in the same period of 2009, an increase of 36% over the second quarter of 2009. Net income in the second quarter was $836,601 resulting in earnings per basic share of $0.03 and per fully diluted share of $0.00, as compared to net income for the second quarter of 2009 of $676,382, and earnings per basic share and fully diluted share of $0.03. In the second quarter of 2010, the weighted average number of basic and fully diluted shares outstanding was 28,484,206 and 339,037,717, respectively. In the same period of 2009, the weighted average number of shares outstanding was 20,674,802 on both a basic and fully diluted basis. The increase in basic shares outstanding between the periods is primarily attributable to the exercise of warrants. The substantial increase in fully diluted shares outstanding is due to our issuance of 5 million shares of Series A Convertible Preferred Stock in October 2009.
For the six months ended March 31, 2010, revenues increased 77% to $14,520,401 compared to $8,187,410 for the six months ended March 31, 2009. Gross profit in the six month period ended March 31, 2010 was $5,098,205, or 35% of revenue, compared to $2,930,317, or 36% of revenue, in same period of 2009, an increase of 36% over 2009. Net income in the first six months of 2010 was $1,293,470 resulting in earnings per basic share of $0.05 and per fully diluted share of $0.00, as compared to net income for the first six months of 2009 of $562,286, and earnings per basic and fully diluted share of $0.02. In the first six months of 2010, the weighted average number of basic and fully diluted shares outstanding was 28,484,206 and 277,167,462, respectively, as compared to the same period of 2009, when the weighted average number of shares outstanding was 20,674,802 on both a basic and fully diluted basis.
Commenting on the first half of 2010 results, Michael Hansen, President and Chief Executive Officer, stated, "We are excited that our unique operating strategy successfully maintained momentum and growth during the first half of 2010. We have successfully commenced our US operations to one single location in Boca Raton. We believe that the execution of our prudent and measurable operating strategy will continue to widen the gap between DubLi and any potential competitors during a time where many established shopping portals are struggling due to lack of flexibility and scalability. Our comprehensive operating, growth and financial strategies of the entire DubLi universe are all designed to maximize our relationship with the end consumer and provide them with the best possible experience when visiting our site. We continue to deliver a superior product that has genuine value to the consumer which we believe will drive them to return to our model. One of our competitive advantages is that our business model allows us to offer whatever is in demand at a particular moment in time, regardless of economic issues, and without having to consider ties to any vendor or manufacturer."
Kent Lee Holmstoel, Chief Operating Officer, continued "While executing on growth strategy we have simultaneously been investing considerable time, resources and capital into technology that we believe will set new trends for Internet shopping in the future. These investments include providing proper training and support of our sales and marketing engine, DubLi Network, as well as developing our global auction portal that will allow us to capitalize from consumers all over the globe. We are also focused on continuing to identify and take advantage of the changing dynamics of consumer behavior by giving them tangible aspects from which to continue to return to our portals."
DubLi.com, a global online shopping community features over 1,100 brick & click and traditional online stores its US DubLi Cash Back Rewards Mall. DubLi online shopping community members enjoy up to a 30% cash back reward if they shop and purchases products in the DubLi Cash Back Rewards Mall. A DubLi Smart Shopper saves up to 60% in discount PLUS the cash back reward. Go to http://www.itsfunfastfree.com for the best deals on the Web.
If you purchase 10 credits ($8 USD) to bid in the DubLi Auctions, you get a $500 travel voucher and a $25 gift certificate from restaurant.com Register here: http://www.itsfunfastfree.com
Contact:
Cynthia Mittelsteadt
DubLi Shopping Consultant
Skype: cynthia.ebishop
(510) 659-6330
cynthiamittel@gmail.com
http://dubli.com/2959282
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