Business
Paltalk Reports Second Quarter 2020 Results
Reports Profitable and Cash Flow Positive Quarter JERICHO, NY, Aug. 06, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Paltalk, Inc., formerly known as
About this update from Intelligent Protection Management Corp.
[{"type":"text","content":"Reports Profitable and Cash Flow Positive Quarter\n JERICHO, NY, Aug. 06, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Paltalk, Inc., formerly known as PeerStream, Inc. (“Paltalk,” the “Company,” “we,” “our” or “us”) (OTCQB: PALT), a leading communications software innovator that powers multimedia social applications, today announced financial and operational results for the second quarter ended June 30, 2020. FINANCIAL AND BUSINESS HIGHLIGHTS: During the three months ended June 30, 2020, the Company executed key components of its business objectives, which resulted in the following: achieved net income of $0.5 million for the three months ended June 30, 2020 by growing subscription revenue compared to the same period last year and by executing on our streamlined operating plan, which eliminated costs associated with our secure communications business headcount; active subscribers increased by approximately 2.0% compared to the second quarter of 2019 and increased approximately 1.7% as compared to the previous three months ended March 31, 2020; subscription revenue increased by 5.3% compared to the same period last year and increased by 21.1% compared to the previous quarter; decreased our operating expenses through a streamlined plan of operations by $1.6 million, or 36.0%, compared to the three months ended June 30, 2019; in connection with the commercial launch of YouNow Inc.’s (“YouNow”) Props tokens on our Camfrog application, the Company received 7.0 million Props tokens in May 2020 (3.0 million of which were received upon signing the agreement and 4.0 million of which were received upon launching YouNow’s Props platform on Camfrog) and recognized a corresponding $112 thousand of technology services revenue; and in July 2020 we completed the sale of our secure communications business for an aggregate purchase price of $250 thousand, which provides for future revenue share potential of up to an additional $0.5 million, allowing the Company to participate in the upside of that business without losing focus on its core application business. Liquidity and Capital Resources achieved positive net cash flow of approximately $1.0 million for the six months ended June 30, 2020, an improvement of $2.9 million when compared to the six months ended June 30, 2019, and positive cash flow from operations of $0.4 million for the six month...