DigitalPost Interactive, Inc., a leader in the digital media-sharing and social networking space, today reported its financial results for last year. The company reported growth in both business segments, with family website subscriptions increasing to $724,800 in 2009 from $310,000 in 2008 and revenues from professional services contracts rising to $637,700 in 2009 from $178,900 in 2008.
Recurring subscribers grew from 13,151 to 16,559 year-over-year. This number includes subscribers to TheFamilyPost.com, DigitalPost’s direct B2C web property, and DigitalPost’s B2B partners, including Kiddie Kandids.
DigitalPost continued to maintain lower expense levels while generating revenue growth throughout the year. Net cash used by operating activities for 2009 declined dramatically to $267,700 from $1,515,700 in 2008.
Net loss dropped significantly from $4.0 in 2008 to just $1.9 million in 2009. Net loss for the year included non-cash items consisting of: $657,200 in stock-based compensation, $409,500 of amortization of debt discounts, $258,800 of change in fair value of conversion feature liability, and $135,200 of depreciation and amortization expense. Net loss for 2008 included non-cash items consisting of $1,811,500 in stock-based compensation, $519,600 of amortization of debt discounts, and $79,200 of depreciation and amortization.
“Our 2009 revenues more than doubled to $1.4 million from $489,000 in 2008,” commented DigitalPost Chief Executive Michael Sawtell. “Also, our loss from operations narrowed by more than 66% to $1.1 million from $3.3 million in 2008, and net cash used in operations dramatically improved by more than 82% to $268,000 from $1.5 million in 2008. In summary, both business segments performed well in 2009, and our new partnerships and contracts provides us a positive outlook for continued growth in 2010. ”