Upstream Worldwide Inc., a reverse logistics, direct-from-consumer recycler of precious metals and electronics, today reported its second-quarter financial results for the three months ended June 30, 2010, as well as the successful completion of an approximate $3 million equity financing.
The company reports that on August 19, 2010 it sold 2,943,750 shares of a new Series B Preferred Stock and 73,593,750 warrants for gross proceeds of $2,943,750. Participation in the financing was comprised primarily of existing shareholders including Upstream CEO Doug Feirstein.
“We are pleased to have completed this financing and are thankful for the confidence our investors have placed in our management team. This capital infusion will allow the company to strategically pursue its direct-from-consumer businesses. Given the restructuring measures we have undertaken, we are confident that we can improve our returns on our media investments and generate steadily improving results and cash flows in the future. We remain committed to the continued implementation of our business plans focusing on our expansion into recycling of mobile phones to increase our service offerings and improve our overall customers’ experience,” Feirstein stated in the press release.
For the second quarter ended June 30, 2010, Upstream recorded revenues of $7.75 million, as compared to $1.49 million reported for the comparable period of 2009.
Net loss of $(318,830) for the quarter is compared to $1.72 million for the quarter ended June 30, 2009. The company attributes the substantial increase in revenue during the quarter ended June 30, 2010, to significant increases in the volume of advertising in 2010, as well as an increase in the overall effectiveness of those advertisements.
Upstream’s consolidated revenue for the third and fourth quarter of 2009 totaled $6.8 million and $19.6 million, respectively, a dramatic increase over the respective prior quarters. However, revenue during the first quarter of 2010 declined to $17.3 million and declined again to $7.8 million during the second quarter of 2010.
In response to the lower revenues generated in recent quarters, Upstream focused on certain restructuring efforts, which enabled the company to reduce its net loss from $(2.47 million) during the first quarter of 2010 to $(318,830) during the second quarter of 2010.
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