NEW YORK, NY--(Marketwired - Jun 16, 2016) - RealBiz Media Group, Inc. (
- Operating income of $65,537 vs a loss of $(1,276,744) in the same quarter year ago;
- Revenues for the quarter were $259,414, down 19% vs year ago;
- Comprehensive gain (loss) for the quarter was reduced from $(1,073,212) to $(80,707).
Furthermore, the six month operating loss was cut from $(2,668,117) to $(85,072). The loss was mostly attributable to onetime items associated with our annual filing. The Comprehensive loss of $(80,707) was mostly attributable to interest payments associated with senior debt. Net cash used for the six month period was reduced from $(1,086,182) to $(224,977). Complete details of our financial data can be found at http://realbizmedia.com/investor-relations-sec-fillings/
The company introduced its new direct-to-agent and direct-to-broker product, NestbuilderAgent, to much acclaim in this second quarter. Marketing and sales focus was placed on this expansive product with the hire of two key, senior level sales personnel and the beginnings of a dynamic inside sales force.
Six month revenues were also down 13% to $533,338 mostly reflecting continued weakness in our RB360 video production system. The company, recognizing the commoditized nature of video, has pivoted to ancillary product lines, addressing agent and broker needs through comprehensive marketing products such as NestbuilderAgent.
"This is a momentous day for RealBiz as the company has finally been able to report its first quarterly profit since inception as a public company," said Alex O. Aliksanyan, CEO of RealBiz. "We believe the superlative reviews NestbuilderAgent has received from the real estate media and community is an excellent indicator of the long term traction of the product. Besides creating beautiful videos that help in the sales effort, we now have built an entire marketing platform that incorporates video into a multi prong tool that sells homes!" continued Mr. Aliksanyan.
The company continues to work towards the completion of the turnaround via a reverse stock split and accompanying uplist with its advisors and bankers.
About RealBiz Media Group, Inc.
RealBiz Media Group, Inc. is a real estate digital media and technology company whose proprietary video processing technology makes it one of the leaders in providing home video tours to the real estate industry. Its client base reaches more than 350,000 real estate agents and brokers. The company provides a series of products including a consumer portal at http://www.nestbuilder.com, an agent-only platform known as Nestbuilder Agent 2.0, an agent social media and marketing solution known as ReachFactor, a growing MVA network, virtual tours and mobile apps. The company enjoys access to many of the nation's largest real estate companies with numerous approved vendors and national contracts.
Safe Harbor Statement
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