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PLANTATION, Fla., Mar 26, 2008 (BUSINESS WIRE) -- Online Vacation Center Holdings Corp. (OTCBB:ONVC) announced its results for the fourth quarter and full fiscal year ended December 31, 2007 today.
Net Revenues from Continuing Operations
-- Net revenues from continuing operations increased by $1,304,398 to $3,284,762 for the three months ended December 31, 2007, or 65% more than the same period in the prior year.
-- Net revenues from continuing operations increased by $2,436,532 to $9,324,386 for the twelve months ended December 31, 2007, or 35% more than the same period in the prior year.
Income from Continuing Operations
-- Income from continuing operations increased by $536,812 to $557,072 for the three months ended December 31, 2007, or 2,650% more than the same period in the prior year.
-- Income from continuing operations decreased by $122,419 to $105,239 for the twelve months ended December 31, 2007, or 54% less than the same period in the prior year.
Net Income
-- Net income increased by $612,477 to $650,487 for the three months ended December 31, 2007, or 1,611% more than the same period in the prior year.
-- Net income decreased by $280,473 to a loss of $42,620 for the twelve months ended December 31, 2007, compared to net income of $237,853 or 118% less than the same period in the prior year.
Discontinued Operations
In November 2007, the Company's Board of Directors granted the Company the authority to sell Phoenix International Publishing, LLC, a company acquired in August 2006. Phoenix is a publisher of consumer magazines and guides about travel to the U.S. and Canada. The Company expects that the sale will be completed within one year of the Board of Director's authorization date and Phoenix has been accounted for as discontinued operations. The results of operations and cash flows of Phoenix has been removed from the results of continuing operations and the assets and liabilities of Phoenix have been classified as available for sale, for all periods presented.
-- Net revenues from discontinued operations increased by $289,036 to $1,005,607 for the three months ended December 31, 2007, or 40% more than the same period in the prior year. Net revenues from discontinued operations increased by $783,577 to $1,681,083 for the twelve months ended December 31, 2007, or 87% more than the same period in the prior year.
-- Income from discontinued operations increased by $75,665 to $93,415 for the three months ended December 31, 2007, or 426% more than the same period in the prior year. Income from discontinued operations decreased by $158,054 to a loss of $147,858 for the twelve months ended December 31, 2007, compared to net income of $10,195 or 1,550% less than the same period in the prior year.
Summary Financials
For the Three Months Ended
December 31,
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2007 2006
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Net Revenues from Continued Operations $ 3,284,762 $ 1,980,364
Net Revenues from Discontinued Operations $ 1,005,607 $ 716,571
Income from Continuing Operations $ 557,072 $ 20,260
Income from Discontinued Operations $ 93,415 $ 17,750
Net Income $ 650,487 $ 38,010
For the Twelve Months Ended
December 31,
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2007 2006
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Net Revenues $ 9,324,386 $ 6,887,854
Net Revenues from Discontinued Operations $ 1,681,083 $ 897,506
Income from Continuing Operations $ 105,239 $ 227,658
Income from Discontinued Operations $ (147,859) $ 10,195
Net Income $ (42,620) $ 237,853
About Online Vacation Center Holdings
Online Vacation Center Holdings Corp. is a Florida holding company, focused on building a network of diversified vacation marketers with a wide range of products that can be cross-sold to an extensive customer base. Online Vacation Center Holdings Corp. is one of the country's largest cruise retailers. Its portfolio of travel companies, including Online Vacation Center, Dunhill Vacations and Curves Travel, allows customers to research, plan and purchase a vacation. The Company, based in Plantation, Florida, has been in business for over 30 years and became publicly traded in March 2006. Additional information can be found at www.onlinevacationcenter.com.
Forward Looking Statements
This press release contains forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based upon current expectations, assumptions and projections about Online Vacation Center Holdings Corp. ("ONVC") and its industry. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors, including, but not limited to: ONVC's ability to sell Phoenix within the next year, the business and economic conditions, growth trends in the travel industry; variation in customer demand for ONVC's products and services, our dependency on travel providers for their inventory and other risks described in ONVC's Annual Report on Form 10-KSB for fiscal 2006 filed with the SEC on March 21, 2006 and in other SEC filings made after the date of this press release. Any forward-looking statements are based on management's beliefs as of the date of this press release and we undertake no obligation to update these statements for any reason, even if new information becomes available.
SOURCE: Online Vacation Center Holdings Corp.
Online Vacation Center Holdings Corp., Plantation Edward B. Rudner, 954-377-6400
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