MacroSolve today reported its financial results for the year ended December 31, 2012. Improvements were noted in many different areas as the company implemented a strategy focused on debt elimination and profitability.
Revenues for the year just ended totaled $2,988,000 as compared to $1,404,000 in 2011. This 113% increase was attributed to increases in IP licensing and services.
Gross profit rose 104% year-over-year to $1,683,000 due to the sale of Illume Mobile in July and the elimination of its lower margin professional services.
Operating expenses increased to $3,025,000 in fiscal 2012 from $2,139,000 in 2011. The increase was expected as MacroSolve expanded sales and marketing initiatives in the first half of the year. There were also one-time charges related to the divestiture of Illume Mobile.
Net loss for fiscal 2012 was narrowed significantly to ($1,776,000), as compared to fiscal 2011 net loss of ($2,534,000). MacroSolve also noted an improved use of cash in operations, with cash used in operating activities declining by $769,000 in fiscal 2012 as compared to fiscal 2011.
“As anticipated, we achieved positive cash flow and profitability in the fourth quarter. Our experienced management team is leveraging our unique position in the mobile app intellectual property space by providing advisory services to a portfolio of clients, including mobile app developers, fortified by intellectual property, which in combination can create substantial passive revenues and equity holdings for our shareholders,” stated MacroSolve CEO and President, Jim McGill.
For more information, visit www.macrosolve.com
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