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SearchCore Announces First Quarter 2012 Financial Results

NEWPORT BEACH, Calif. May 24, 2012 SearchCore, Inc. March 31, 2012

http://photos.prnewswire.com/prnh/20120106/LA31342LOGO

First Quarter 2012 Highlights

  • Revenues increased 78% year-over-year.
  • $0.9 million ($0.1) million
  • EBITDA margin was 25%.
  • $0.7 million ($0.2) million

Management Commentary

Jim Pakulis

Doug Francis

First Quarter 2012 Financial Results 

March 31, 2012 $3.6 million $2.0 million March 31

$2.9 million $2.2 million

March 31, 2012 $0.9 million $0.1 million March 31, 2012 March 31, 2012 $0.7 million $0.2 million

$3.5 million March 31, 2012 $0.2 million $3.0 million

$3.4 million March 31, 2012 $0.1 million

Balance Sheet Overview

March 31, 2012 $1.4 million $7.9 million $15.7 million $1.5 million $8.3 million $18.6 million December 31, 2011

About SearchCore, Inc.

Newport Beach www.SearchCore.com

Safe Harbor Notice

Certain statements contained herein are "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995).  SearchCore, Inc. cautions that statements made in this news release constitute forward-looking statements and makes no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management.  Actual results could differ materially from current projections or implied results.  SearchCore, Inc. undertakes no obligation to revise these statements following the date of this news release.

financial tables to follow –

SEARCHCORE, INC.

Condensed Consolidated Statements of Operations (Unaudited)

Three Months Ended

March 31,

2012

March 31,

2011

REVENUE

     Sales

$

3,613,339

$

2,032,005

     Total revenue

3,613,339

2,032,005

OPERATING EXPENSES

     Cost of sales

184,955

47,795

     Selling, general and administrative expenses

2,679,630

2,162,286

     Total operating expenses

2,864,585

2,210,081

     Operating Income (loss)

748,754

(178,076)

Other Income (Expense)

     Gain on change in fair value of earn-out liability

2,964,115

     Interest income

178

     Interest expense

(13,245)

Total other income

2,950,870

178

INCOME (LOSS) FROM CONTINUING

OPERATIONS BEFORE INCOME TAXES

3,699,624

(177,898)

     Provision for Income Taxes

217,000

INCOME (LOSS) FROM CONTINUING OPERATIONS

3,482,624

(177,898)

(Loss) income from discontinued operations, net of $39,000 and zero tax benefit for the quarters ended March 31, 2012 and 2011, respectively

(58,859)

126,107

NET INCOME (LOSS)

$

3,423,765

$

(51,791)

Income (loss) per share, Basic and Diluted

     Income (loss) from continuing operations

$

0.04

$

(0.00)

     Income (loss) from discontinued operations

(0.00)

0.00

     Total income (loss) per share

$

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