August 16, 2007, 12:00 AM

Financials not developing well at PhotoWorks

PhotoWorks hit $2.14 million in revenue for the third quarter of fiscal year 2007, down 20.4% from Q3 2006. Total revenue for the nine months ended June 30 reached $8.43 million, down 8.2% from a year earlier.

 

PhotoWorks Inc. hit $2.14 million in revenue for the third quarter of fiscal year 2007 ended June 30, down 20.4% from $2.69 million in the same period the previous year. Total revenue for the nine months ended June 30 reached $8.43 million, down 8.2% from $9.18 million for the first nine months of fiscal 2006.

The company experienced a net loss during the third quarter of $1.14 million, down 11% from $1.28 million in Q3 2006. For the nine months ended June 30, PhotoWorks lost $4.82 million, up 47% from $2.54 million for the same period in 2006.

However, gross profit as a percentage of net revenue during Q3 2007 increased to 42% compared with 36% during the same quarter last year. Also in the third quarter, the average order value of first-time customers grew 64% to $24.12 compared with $14.73 for the third quarter of 2006. And average overall order value increased 44% to $47.69 compared with $33.05 for Q3 2006.

“PhotoWorks has made significant strides forward in bridging the gap between three distinct photo site strategies competing in the marketplace: share and store sites, retail printing sites, and self-publishing sites,” says Andy Wood, president and CEO. “The company continues to work toward introducing products and services that people can use in their everyday lives, whether they be photo storage and sharing, networking through communities, or running a small business.”

PhotoWorks, No. 491 in the Internet Retailer Top 500 Guide, is a social network that enables users to store and share photographs as well as create and sell hardbound photo books, customized greeting cards, calendars, prints and other products.

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