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Affinity Media International Corp. Announces Hotels At Home, Inc. Financial Results for the Twelve Months Ended December 31, 2007 |
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Revenue increased 19.6% to $24.9 million |
Affinity Media International Corp. (BULLETIN BOARD: AFMI.OB), a special purpose acquisition company that previously announced a definitive agreement to acquire Hotels At Home, Inc., today announced Hotels At Home's financial results for the twelve months ended December 31, 2007.
Financial Highlights for Twelve Months Ended December 31, 2007
- Revenue increased 19.6% to $24.9 million
- Gross profit rose 17.9% to $15.7 million
- Net income increased 20.0% to $3.3 million
Total revenue for the twelve months ended December 31, 2007 was $24.9 million, as compared to $20.8 million for the comparable period in 2006, a 19.6% increase. Revenue from international operations, which include Canada and Europe, grew approximately 61.8% to $5.2 million for the twelve months ended December 31, 2007 from $3.2 million in the same period of 2006.
Gross profit for the twelve months ended December 31, 2007 was $15.7 million, a 17.9% increase over the $13.3 million reported in the same period in 2006.
Net income for the twelve months ended December 31, 2007 was $3.3 million, a 20.0% increase from $2.8 million reported in the same period of 2006. The company is currently an S-corporation and each stockholder is required to pay taxes individually. In the event the corporation was taxed at C corporate status, net income for December 31, 2007 on a pro forma basis would have been $2.2 million compared to pro forma net income of $1.8 million for the same period of 2006, a 21.6% increase.
At December 31, 2007 Hotels At Home had cash, cash equivalents and marketable securities of $4.7 million compared to $3.2 million at December 31, 2006.
Messrs. Peter Engel and Howard Cohl, CEO and President, respectively, of Affinity Media, noted, "We are pleased with the strong financial performance Hotels At Home delivered in 2007. These results are particularly impressive given the financial difficulties many companies in the retail and mail order sectors have been experiencing in the current economic environment. The Company is an industry leader with a rapidly expanding partner base and a record of both revenue growth and profitability. Hotels At Home's 2007 financial results further validate our belief that it is an ideal choice for our business combination and will provide a solid foundation for growth, both organic and through acquisition."
About Affinity Media International Corp.
Affinity Media International Corp. is a publicly traded acquisition corporation focused solely on acquiring businesses in the publishing industry. Affinity Media raised gross proceeds of approximately $18.9 million through its IPO completed in June 2006 led by Maxim Group LLC.
About Hotels At Home, Inc.
Hotels At Home, Inc. is an industry leading publisher of in-room retail catalogues and hotel-branded e-commerce Web sites for luxury hotels and resorts worldwide. Founded in 2000, Hotels At Home has established partnerships with many of the world's leading hotel brands. Hotels At Home's programs are available in approximately 2,400 properties representing over 500,000 rooms worldwide. Hotels At Home is headquartered in Fairfield, New Jersey, and maintains international operations in Paris, France and Toronto, Canada.
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