30DC, maker of MagCast digital publishing platform, reports higher Q3 revenue
New York, NY – May 19, 2014 — 30DC, Inc., a provider of web-based tools for the monetization of digital content, today announced that during the three and nine month periods ended March 31, 2014, the Company, recognized revenues of $265,213 and $2,416,239 respectively from continuing operations compared to $251,462 and $1,058,854 during the three and nine month periods ended March 31, 2013. Revenues from continuing operations were from the following sources during the three and nine months ended March 31, 2014 compared to March 31, 2013.
Revenues from continuing operations for the third quarter and first nine months of fiscal 2014 were 5.5% and 128% higher respectively than the third quarter and first nine months of fiscal 2013, due primarily to increased sales of the MagCast Digital Publishing Platform.
According to Ted Greenberg, 30DC’s CFO, “over the past two years the Company’s business strategy has evolved towards internally developed digital publishing and marketing services. As our service offerings for MagCast and Market Pro Max have matured and we have developed video based training programs around these services, our Company’s efforts are starting to pay off.” For the first nine months of fiscal 2014 Products & Services Revenue increased 280% over the first nine months of fiscal 2013. Management believes the Company is poised for significant revenue growth in the near future.
Operating Expenses from continuing operations were $495,263 and $2,393,869 respectively, for the three months and nine months ended March 31, 2014, compared to $464,151 and $1,531,961 for the same periods in the prior fiscal year.
Net loss was $(218,270) or $(.00) per share, and net income $112,276, or $.00 per share, for the third quarter and nine months ended March 31, 2014, compared to a loss of $(139,096), or $(.00) per share, and a loss of $(372,332) or $(.00) per share, for the same periods of fiscal 2013. The increase in net income during the first nine months of fiscal 2014 compared to the same period in the prior fiscal year was primarily due to the effect of increased sales of the MagCast Publishing Platform.
30DC ended the third quarter of fiscal 2014 with $102,015 of cash and $760,630 of shareholders’ equity. The Company currently has 76,843,464 commons shares outstanding which reflects the redemption of 10,560,000 shares during the quarter as part of the divestiture of the Immediate Edge business. Operating results for the Immediate Edge for all periods reported in the March 2014 10Q have been reclassified to discontinued operations and are not included in the above numbers for continuing operations.