Smart Online, Inc. (OTCBB: SOLN), a leading provider of Software-as-a-Service (SaaS) applications for the small business market, today reported results for its second fiscal quarter ended June 30, 2008.
Total revenues were $1,726,000 for the second quarter of 2008 compared to $1,204,000 for the same quarter in fiscal year 2007, representing an increase of $522,000, or 43 percent. Gross profit increased $407,000, or 37 percent, to $1,499,000 from $1,092,000. Operating expenses increased $413,000, or 19 percent, to $2,624,000 from $2,211,000. Net loss grew to $1,302,000 from $1,215,000, an increase of $87,000, or 7 percent.
"Smart Online continues to grow revenue while focusing on cost containment and bringing new partnerships to the market, such as the one with MLM Holdings, announced at the end of June," said David E. Colburn, chief executive officer of Smart Online. "As we enter the second half of 2008, our shareholders are foremost in our mind as we pursue our business strategy," Colburn said.
About Smart Online
Smart Online, Inc. (OTCBB: SOLN) delivers private-label, Software-as-a-Service (SaaS) applications designed to enable its corporate partners to acquire and retain small business customers. Smart Online's applications help partners increase their recurring revenue, while aiding their small business customers to more efficiently start, manage and grow their businesses. To learn more, please visit www.smartonline.com.
Smart Online and the Smart Online logo are trademarks and/or registered trademarks of Smart Online, Inc. in the United States. Other marks belong to their respective owners.
Forward-Looking Statements
Statements in this press release that are "forward-looking statements" are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of many factors, including, but not limited to, delays in development schedules, changes in market conditions, product announcements by other companies, the potential impact of current litigation or any future litigation, customer perception of the value of Smart Online's enhanced products, Smart Online's dependence on corporate partners to market its products, and its ability to effectively manage expenses. For further information regarding risks and uncertainties associated with Smart Online's business, please refer to the Risk Factors section of Smart Online's SEC filings, including, but not limited to, its Annual Report on Form 10-K for the year ended December 31, 2007 and the Quarterly Reports on Form 10-Q, copies of which may be obtained on the web site of the Securities and Exchange Commission. All forward-looking statements in this press release are based on information available to Smart Online on the date hereof. Smart Online undertakes no duty to update any forward-looking statement or to conform the statement to actual results or changes in Smart Online's expectations.