Online marketing services provider, SearchCore, Inc.(SRER) Friday reported an increase in net income for its second quarter compared to a year ago, reflecting a rise in revenues and a significant gain from change in fair value of earn-out liabilities.
Net income for the second quarter was $3.3 million or $0.04 per share, versus $683,509 or $0.01 per share compared to the prior year. The company realized a gain from change in fair value of earn-out liabilities of $2.59 million during the quarter.
Total revenues for the second quarter rose by 44% to $4.22 million from $2.94 million last year, primarily due to increases in the number of customers, the number of 'listing packages' offered and the fees charged for the packages.
Shares of SearchCore last traded at $0.45 down 1 cent or 2.17% at the OTC Markets.
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