ID Watchdog, Inc. Reports Significant Revenue Increases for Second Quarter 2009
Revenue for the second quarter 2009 increased to $1.9 million compared to revenue of $1.1 million for the second quarter 2008. Revenue for the six months ended June 30, 2009 increased to $3.1 million compared to revenue of $2.0 million for six months ended June 30, 2008. The gross profit percentage remained constant at approximately 76% for both the 2009 quarter and six months periods.
During the second quarter 2009, $3.5 million of the Company’s convertible debenture holders converted their holdings into ordinary shares of the Company’s stock. At June 30, 2009, only $80,000 of the convertible debentures remains on the books. “This event strengthens the Company’s balance sheet”, said Daryl Yurek, CEO, “and we appreciate the confidence displayed by our debenture holders.
“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.
“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.
In order to conserve operating cash, beginning in the second quarter of 2009, the Company has decreased its marketing expenses and reduced its general and administrative expenses. The Company plans to maintain its existing customers and decrease expenditures until we obtain additional financing.
The MD&A and the consolidated financial statements and the accompany notes are available on the Company's website at www.idwatchdog.com and the SEDAR website at www.sedar.com.
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.
Contact:
Felicia Morgan
ID Watchdog, Inc.
303-339-8099
InvestorRelations@idwatchdog.com
www.idwatchdog.com
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.
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