Before the opening bell today, SNAP Interactive, Inc. reported its operating results for the fourth quarter of 2008 as well as the full year. Revenue increased dramatically from $389,181 for the fourth quarter of 2007 to $1,087,144 for the fourth quarter of 2008, a 179% increase. For the full year, revenue increased from $424,564 in 2007 to an astounding $3,011,627 for 2008, a 609% increase.
Net Income also improved substantially, going from a loss of $914,997 for 2007 to income of $796,960 for 2008. Based on the weighted average number of shares outstanding during the period, SNAP reported net income of approximately $0.08 per share for 2008, as compared to a net loss of ($0.09) for 2007.
“SNAP has dedicated the last several months to new product development in order to diversify future revenue streams,” stated SNAP President and CEO Clifford Lerner. “As evidenced by our recent iPhoneâ„¢ application launch, we are making significant progress in enhancing our market footprint and product offering. As we have emphasized throughout the year our primary focus has not yet been on immediate revenue generation, though we did cap the year with strong sequential top line growth.â€
He continued, â€œWe were profitable throughout 2008 which afforded us the comfort and flexibility to execute our business plan without significant financial constraints. We attempted to keep expenses as low as possible for most of the year, however expansion and hiring of new programmers became necessary as we continued to grow. Our net income was lower in Q4 than the previous quarter due to a variety of increased costs including compensation, income taxes, expenses associated with the expansion of our programming team and the development of our new products including our new iPhone application. Because we were profitable for all of 2008 and therefore able to finance our operations on our existing revenue, our recent focus has shifted toward new product development as we keep our eyes firmly planted on our long-term vision for SNAP to be a leader in the social dating and mobile dating spaces.”