Business
RealBiz Media Group, Inc. Reports Operational Profitability, a First
RealBiz Media Group, Inc. Reports Operational Profitability, a First.
About this update from Verus International, Inc.
[{"type":"text","content":"\n \n \n RealBiz Media Group, Inc. Reports Operational Profitability, a First\n \n \nRealBiz Media Group, Inc. Reports Operational Profitability, a First\n\n2016 2nd Quarter Results Show Over $65,000 Operating Profit, a First in the History of the Company\n\n \n NEW YORK, NY--(Marketwired - Jun 16, 2016) - RealBiz Media Group, Inc. (OTCQB: RBIZ), a video technology provider for the real estate industry, announced today the release of its fiscal 2nd quarter results. Highlights included:\n \n \n Operating income of $65,537 vs a loss of $(1,276,744) in the same quarter year ago;\n \nRevenues for the quarter were $259,414, down 19% vs year ago;\n \nComprehensive gain (loss) for the quarter was reduced from $(1,073,212) to $(80,707).\n \n \n Furthermore, the six month operating loss was cut from $(2,668,117) to $(85,072). The loss was mostly attributable to onetime items associated with our annual filing. The Comprehensive loss of $(80,707) was mostly attributable to interest payments associated with senior debt. Net cash used for the six month period was reduced from $(1,086,182) to $(224,977). Complete details of our financial data can be found at http://realbizmedia.com/investor-relations-sec-fillings/\n The company introduced its new direct-to-agent and direct-to-broker product, NestbuilderAgent, to much acclaim in this second quarter. Marketing and sales focus was placed on this expansive product with the hire of two key, senior level sales personnel and the beginnings of a dynamic inside sales force.\n Six month revenues were also down 13% to $533,338 mostly reflecting continued weakness in our RB360 video production system. The company, recognizing the commoditized nature of video, has pivoted to ancillary product lines, addressing agent and broker needs through comprehensive marketing products such as NestbuilderAgent.\n \"This is a momentous day for RealBiz as the company has finally been able to report its first quarterly profit since inception as a public company,\" said Alex O. Aliksanyan, CEO of RealBiz. \"We believe the superlative reviews NestbuilderAgent has received from the real estate media and community is an excellent indicator of the long term traction of the product. Besides creating beautiful videos that help in the sales effort, we now have built an entire marketing platform that incorporates video into a mul...