SAN DIEGO–(BUSINESS WIRE)–Who’s Your Daddy, Inc. (OTCBB:WYDY) today reported record revenues for the quarter ended June 30, 2007 of $812,233, a 392% increase from revenues of $165,173 in the quarter ended June 30, 2006 and a 507% increase from revenues of $133,814 in the prior quarter ended March 31, 2007.
Edon Moyal, CEO of Who’s Your Daddy, stated, “In future years, we expect that this second quarter, just ended will be viewed as the turning point for the Company. Our products are rapidly gaining traction as we started shipping to large grocery chains during the quarter.
We are in active discussions with other chains which will increase our growth substantially. Even without that added boost, we expect the third quarter revenues to be $1.2 million or higher.”
“The second quarter was a change for the better in a number of other areas,” continued Mr. Moyal. “We eliminated over $2 million in convertible debt. Our management team and board have been significantly strengthened, and we have added experienced sales personnel to our sales team with proven track records in selling energy drinks. Our investments in marketing have increased dramatically to give our products added exposure and consumer awareness. In sum, we are very optimistic about the future and look forward to accelerating our growth.”
Condensed income statements (please refer to the Report on Form 10Q for full statements and footnotes):
| 3 Months Ended June 30 | 6 Months Ended June 30 | ||||||||||||||||
| 2007 | 2006 | 2007 | 2006 | ||||||||||||||
| Revenues, Net | $ | 812,233 | $ | 165,173 | $ | 946,047 | $ | 315,630 | |||||||||
| Cost of Goods Sold | 450,706 | 68,745 | 541,207 | 157,515 | |||||||||||||
| Gross Margin | 361,527 | 96,428 | 404,840 | 158,115 | |||||||||||||
| Operating Expenses | |||||||||||||||||
| Administrative and General | 539,130 | 591,728 | 1,114,610 | 1,191,731 | |||||||||||||
| Sales and Marketing | 405,933 | 108,230 | 766,206 | 423,268 | |||||||||||||
| Provision for severance | 100,000 | – | 100,000 | – | |||||||||||||
| Total | 1,045,063 | 699,958 | 1,980,816 | 1,614,999 | |||||||||||||
| Operating Loss | (683,536 | ) | (603,530 | ) | (1,575,976 | ) | (1,456,884 | ) | |||||||||
| Interest Expense | (4,421 | ) | (187,664 | ) | (37,989 | ) | (385,865 | ) | |||||||||
| Net Loss | $ | (687,957 | ) | $ | (791,194 | ) | $ | (1,613,965 | ) | $ | (1,842,749 | ) | |||||
| Loss per Share | $ | (0.03 | ) | $ | (0.06 | ) | $ | (0.08 | ) | $ | (0.13 | ) | |||||
| Weighted Average Shares | 26,790,776 | 14,301,345 | 21,261,115 | 14,301,345 | |||||||||||||
About Who’s Your Daddy, Inc.
Who’s Your Daddy, Inc. is a brand management company focused on the marketing, production and distribution of the “Who’s Your Daddy®” “King of Energy(TM)” line of beverages for the rapidly growing $4.9 billion U.S. energy drink market. We currently hold trademarks for a variety of products worldwide. Who’s Your Daddy, Inc. stock is traded publicly under the “WYDY” ticker symbol. For more information, go to (www.whosyourdaddyinc.com; www.kingofenergy.com). The Company’s blog site is at www.kingofbloggers.com.
This document contains "forward-looking statements" related to future events. Forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," or "will." Forward-looking statements by their nature address matters that are uncertain. Particular uncertainties which could adversely or positively affect our future results include: consumer tastes, availability of production, liquidity, general economic conditions, and the activities of competitors. These uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.