Smart Move, Inc. Reports Second Quarter 2008 Revenue Increase
Comparable Revenue Increase of 30%
Moves In Progress Increase of 96%
Denver, Colorado (Business Wire) August 14, 2008 Smart Move, Inc. (AMEX: MVE) today reported financial results for its second quarter ended June 30, 2008.
Highlights and items of significance for the second quarter of 2008 include:
Revenues increased 30% to $1,747,135 for the 2nd Quarter 2008 as compared to 2nd Quarter 2007.
Moves in progress increased 96% to $2,294,000 at June 30, 2008.
The Company began providing its services to third party corporate relocation companies in June 2008 adding an additional revenue channel.
Smart Move now maintains strategic business relationships with five major van line operators as contrasted with only one van line partner in 2007.
“I am pleased to report that each quarter Smart Move has consistently increased bookings and sales thanks to the efforts of our internal sales team,” commented Chris Sapyta, President and Chief Executive Officer. “To put these sales developments in perspective, we are just now in our third full moving season and the company is beginning to benefit from brand recognition, referrals and repeat customers. This momentum, combined with our improved web presence, has increased internal sales opportunities. Operationally we continue to aggressively monitor and reduce our costs of moving and storage. I think it important to note that our sales have increased by 30% this quarter over prior year 2007’s comparable sales during the same three month period, while our direct costs of sales have increased by only 6% over the same three month period as compared to second quarter 2007. In addition, our selling, general and administrative costs have remained flat as compared with the prior year periods, demonstrating the success of our efforts to increase operating leverage on these expenses. (see table below).
Sapyta also added that “We continue to face hurdles in funding our operations. Securing the additional capital we need to implement and advance our business model continues to command our urgent attention, as we’ve discussed in our 10-Q for the quarter ended June 30, 2008”.
The Company believes another true benchmark of growth is the 96% increase in its moves in progress over the comparable period ending June 30, 2007. (Moves in progress represent the anticipated future revenue of the Company for existing customer contracts that for accounting purposes cannot be recognized in the current period until the move has been completed.)
Reported Sales and Cost of Operations for the Second Quarter 2008
    3 months ended June 30,     Increase/     % Increase/  
    2008     2007     (Decrease)     (Decrease)  
    (unaudited)     (unaudited)              
  $ 1,747,135     $ 1,344,171     $ 402,964       30 %
Cost of moving and storage (excluding depreciation and amortization)
    1,700,403       1,609,526       90,877       6 %
Gross profit (loss) excluding depreciation and amortization
    46,732       (265,355 )     312,087       -118 %
Total selling, general and administrative expenses
    1,595,739       1,573,461       22,278       1 %
Operating loss including depreciation and amortization
    (2,162,112 )     (2,716,524 )     554,412       -20 %
Net loss
  $ (3,058,204 )   $ (2,454,639 )   $ (603,565 )     25 %



The following information was filed by Smart Move, Inc. (SMVE) on Friday, August 15, 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.

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