ID Watchdog, Inc. Reports Significant Revenue Increases for Fourth Quarter and Calendar Year 2008
934% and 2,836% Increases in Revenue for Fourth Quarter and Year-End, Respectively, Compared With Same Periods the Previous Year
DENVER, CO – May 06, 2009 – ID Watchdog, Inc. (TSX Venture: IDW), the most comprehensive consumer identity monitoring service available, reported a 934% increase for the fourth quarter 2008 compared with the same period in 2007 and a 2,836% increase in revenue for the year ended December 31, 2008, compared to the year ended December 31, 2007. All amounts are in US dollars.
Revenue for the fourth quarter 2008 increased to $1.4 million compared to revenue of $136,293 for the fourth quarter 2007. Quarter over quarter revenue increased 9.9% from third quarter revenue of $1.3 million. Revenue for the year-end December 31, 2008, increased to $4.7 million compared to revenue of $159,681 for year-end December 31, 2007. Cost of revenue for the year-end 2008 was $1.1 million resulting in a gross profit of $3.6 million, while cost of revenue for year-end 2007 was $86,988 resulting in gross profit of $72,693.
As of December 31, 2008, the Company had approximately 38,000 customers with active subscriptions. The Company has enrolled over 40,000 new customers during the first quarter 2009.
“Our significant revenue increases are attributable to our focus on the marketing initiatives we have implemented to support our suite of identity theft protection, detection, and resolution products and services,” said Daryl Yurek, CEO. “In 2007, the Company was still in its developmental stages; fourth quarter of 2007 represented our transition into an operating company and 2008 was really about our becoming a revenue generating company.”
“We continue to see increased demand for our products, especially given that during economic downturns, crime rates historically rise and consumers want to feel better protected. ID Watchdog provides a robust and cost-effective solution to our customers. We’re off a strong start in 2009 as a result of our ramped up marketing initiatives and will continue to focus on customer retention. We are confident about achieving our goals of continued revenue growth and providing increased value to our shareholders.”
For more news and information on ID Watchdog, Inc., please visit http://irgnews.com/coi/IDW.V where you can find information on the Company, investor presentations, and more.
About ID Watchdog, Inc.
Headquartered in Denver, ID Watchdog is the only identity theft detection and resolution company that provides patent-pending, three-tiered comprehensive monitoring, detection and resolution for identity theft. Unlike its competitors, ID Watchdog proactively detects identity theft problems at their source. Developed with the assistance of national consumer advocacy groups; the U.S. Postal Service; federal, state and local law enforcement agencies, and state and local Attorneys General, ID Watchdog’s service is focused on detecting the source of identity theft problems as early as possible, in as many places as possible, and taking immediate corrective action on behalf of the consumer. For more information, please visit www.IDwatchdog.com.
The Investor Relations Group
Investor Relations Group
Cautionary Statement on Forward-looking Statements
This news release includes "forward-looking information" which addresses future events and conditions which are subject to various risks and uncertainties. Generally, the words "expect", "intend", "estimate", "will" and similar expressions identify forward-looking information. By their very nature, forward-looking information are subject to known and unknown risks and uncertainties that may cause the actual results to differ materially from those anticipated in such forward-looking statements, some of which may be beyond the Company’s control. Although the Company believes that its expectations reflected in these forward-looking information are reasonable, no assurance can be given that actual results will be consistent with these forward-looking information. Important factors that could cause actual results to differ from these forward-looking information are disclosed in the Company’s filings with Canadian regulators at www.sedar.com. ID Watchdog assumes no obligation to update the forward looking information of management beliefs, opinions, projections, or other factors should they change. Investors are cautioned not to place undue reliance on forward-looking information, which speak only as of the date they are made.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.