FORT LAUDERDALE, Fla., Aug. 23, 2010 (GLOBE NEWSWIRE) -- Upstream Worldwide, Inc. (OTCBB:MFGD), a reverse logistics, direct-from-consumer recycler of precious metals and electronics, reports its second quarter financials for the period ending June 30, 2010, as well as the successful completion of an approximate $3 million equity financing. On August 19, 2010, Upstream Worldwide 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 the Company's Chief Executive Officer, Doug Feirstein.
For the quarter ended June 30, 2010, the Company recorded revenues of $7,756,322 compared to $1,490,560 in revenues for the quarter ended June 30, 2009. The Company's net loss was $318,830 for the quarter ended June 30, 2010 compared to $1,722,893 for the quarter ended June 30, 2009. The substantial increase in revenue during the quarter ended June 30, 2010, as compared to the same period in 2009 was driven by significant increases in the volume of advertising in 2010, as well as an increase in the overall effectiveness of those advertisements. For the six months ended June 30, 2010 the company recorded revenue of $25,028,455 versus $2,676,002 for the corresponding six-month period of 2009.
Upstream Worldwide's consolidated revenue for the third and fourth quarter of 2009 of $6.8 million and $19.6 million, respectively, increased dramatically over the respective prior quarters. The Company's revenue during the first quarter of 2010 however, 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, the Company has focused on certain restructuring efforts. These adjustments have enabled the Company to reduce its net loss from $2,479,923 during the first quarter of 2010 to $318,830 during the second quarter of 2010.
Doug Feirstein, Chief Executive Officer of Upstream, stated, "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."
About Upstream Worldwide, Inc.
Upstream is a direct-from-consumer reverse logistics recycler of precious metals and electronics. The company utilizes direct-to-consumer advertising to solicit individuals interested in liquidating unwanted items. Through its global platform the company facilitates an end-to-end consumer solution, from acquisition through liquidation. With Upstream's consumer websites, including: www.globenewswire.com/newsroom/ctr%3Fd=194311%26l=11%26a=www.sobredeoro.com%26u=http%253A%252F%252Fwww.sobredeoro.com">www.sobredeoro.com, www.globenewswire.com/newsroom/ctr%3Fd=194311%26l=11%26a=www.Dollars4Gold.ca%26u=http%253A%252F%252Fwww.Dollars4Gold.ca">www.Dollars4Gold.ca, www.globenewswire.com/newsroom/ctr%3Fd=194311%26l=11%26a=www.MyGoldEnvelope.com%26u=http%253A%252F%252Fwww.MyGoldEnvelope.com">www.MyGoldEnvelope.com, www.globenewswire.com/newsroom/ctr%3Fd=194311%26l=11%26a=www.money4golduk.com%26u=http%253A%252F%252Fwww.money4golduk.com">www.money4golduk.com, and www.globenewswire.com/newsroom/ctr%3Fd=194311%26l=11%26a=www.eurofuergold.de%26u=http%253A%252F%252Fwww.eurofuergold.de">www.eurofuergold.de, the company strives to provide the most convenient, efficient and secure method for individuals to liquidate and recycle unwanted items. For more corporate information, please visit www.globenewswire.com/newsroom/ctr%3Fd=194311%26l=11%26a=www.Money4Gold.com%26u=http%253A%252F%252Fwww.Money4Gold.com">www.Money4Gold.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements including improvement of our returns on our media investments and improving results and cash flows in the future. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects" and similar references to future periods.
Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you therefore against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements include the future price of gold and precious metals which may cause consumers to recycle their precious materials, whether or not our advertising reaches consumers with phones to recycle, competition from large retailers which provide phone drop boxes and other competitors, the future effectiveness of our advertising campaigns and the continued willingness of people to use us to recycle their cell phones.
Further information on our risk factors is contained in our filings with the Securities and Exchange Commission, including the Form S-1/A filed on July 12, 2010. Any forward-looking statement made by us in this press release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.