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Exhibit 99.1
FOR IMMEDIATE RELEASE
Smart Move, Inc. Reports First Quarter 2008 Results
Comparable Revenue Increase 21%
Moves in Progress increase 88%
Moves in Progress increase 88%
Denver, Colorado — (Business Wire) — May 19, 2008 — Smart Move, Inc. (AMEX: MVE) today reported
financial results for its first quarter ended March 31, 2008.
Highlights for the first quarter of 2008 as compared to the first quarter of 2007 include:
| • | Q1-2008 Revenues increased 21% to $1.1 million as compared to Q1-2007. |
| • | Moves in progress increased 88% to $1.27 million at March 31, 2008. (A “move in
progress” is a customer move confirmed by a signed contract which move has not yet been
completed. The costs associated with moves in progress are reflected as deferred costs and
any cash collected on a move in progress is reflected as deferred revenue.) |
| • | Established strategic working relationships with two of the top corporate relocation
companies in the United States to engage their resources to expand the reach of Smart
Move’s innovative programs directly to major corporations. |
| • | The company established new alliances and arrangements with Wheaton Van Lines, and
United Van Lines to supply their national operations with SmartVaults™ and expedited
transit logistics services. |
| • | Smart Move acquired the household goods transportation brokerage business of Star Move
Alliance, and witnessed a significant increase in the number of accessible move leads that
identify potential business opportunities. These leads also foster marketing synergies we
are developing with our van line partners. |
“In order to execute our business plan we require additional capital from external sources and we
continue to face significant risks and uncertainties discussed in our recent 10-Q report relating
to our financing requirements, commented Chris Sapyta, President and Chief Executive Officer of
Smart Move. I’m pleased, however, that despite the overall economic weakness, and the well
documented decline in housing sales and relocation activity, Smart Move continues to see growth in
internal bookings. For example, in the recent week ended May 9, 2008 the company recorded the
highest number of booked moves and highest value of revenue bookings in the Company’s history,
Sapyta added. We had anticipated from prior years that the highest revenue booking weeks would
normally not come until late June or July, but these recent booking results reflect we have already
eclipsed certain of the benchmarks we monitor at a much earlier stage in the moving season”.
“I would like to thank all of the employees at Smart Move for their continued effort and dedication
to not only hitting sales goals, but most importantly executing and performing on each of our
moves. Our customers continue to get the best customer service and moving experience available,
and this is the value proposition that will continue to ensure that we produce positive results for
many years into the future.”
First Quarter 2008 Results
Smart Move’s comparable revenue for the first quarter increased by $197,342 to $1,145,290, an
increase of 21%. The net loss for the first quarter increased to $3,172,919 compared to a net loss
of $1,524,259 incurred in the first quarter of 2007. The increase in the net loss is due primarily
to:
| • | Increase in depreciation expense of $333,889 |
| • | Increase in interest expense of $682,398 (of which $606,934 is an increase in non
cash amortization of debt discounts) |
| • | Loss on debt extinguishment of $361,981 |
| • | An income tax benefit of $980,000 reduced the loss in 2007. |
The following information was filed by Smart Move, Inc. (SMVE) on Monday, May 19, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Smart Move, Inc.'s financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Smart Move, Inc..
SMVE Quarterly Reports
- 10-Q Quarterly Report November 2008
-
10-Q Quarterly Report August 2008
- 10-Q Quarterly Report May 2008
