Labwire Files Second and Third Quarter Reports - Correction: Nine Month Gross Revenue Numbers Increase For 2006 and 2007. See th

HOUSTON , Nov. 30 /PRNewswire-FirstCall/ -- Labwire, Inc. (Pink Sheets: LBWR), a leading provider of employee screening solutions and canine security and surveillance services, is pleased to announce that it has filed its interim quarterly...


HOUSTON , Nov. 30 /PRNewswire-FirstCall/ -- Labwire, Inc. (Pink Sheets: LBWR), a leading provider of employee screening solutions and canine security and surveillance services, is pleased to announce that it has filed its interim quarterly financial reports for the periods ending June 30, 2007 and September 30, 2007 .

For the quarters ending June 30, 2007 and September 30, 2007 Labwire reported gross revenue of $1,009,310, and $1,143,804, respectively. This compares favorably to last years results for the same periods of $899,908 and $778,959, respectively. This represents a 12.2% increase for the second quarter and a 56.9% increase for the third quarter.

'For the nine months ended September 30, 2007 , Labwire's gross revenue was $3,321,089 compared to $2,735,907 during the same period in 2006. This represents an increase of $585,182 or 21%.'

For the quarter ended June 30, 2007 Labwire reported gross profit of $445,379 compared to gross profit of $317,659 in the second quarter of 2006, an increase of $127,720 or 40%. For the quarter ended September 30, 2007 Labwire reported gross profit of $216,721 compared to a gross profit of $211,011 during the same period in 2006, an increase of $5,710 or 2.7%.

For the second and third quarters of 2007 operating expenses were $298,988 and $252,980 compared to operating expenses of $285,134 and $286,945 respectively. These results represent a reduction of this cost as a percentage of sales for the June quarter to 30% for 2007 verses 32% for 2006 and 22% for September 2007 verses 37% for September 2006 . Correspondingly the nine months numbers also improved from $909,858 for 2006 to $849,246 for 2007. This represents an improvement of expense leverage as a percentage of sales from 33% for the nine months ended September 2006 to 26% for the same period of 2007.

"I am so proud of our Labwire team for continuing to grow sales while also reducing the cost of delivery of services. As the Labwire platform continues to successfully perform, our plans for growth (sales & acquisitions) will move forward," said Dexter Morris , CEO, Labwire Inc.

Net income also improved for these two quarters. Net income for the June 2007 quarter was $107,822 verses $28,156 for 2006, a 283% increase. Likewise, net income for the September 2007 quarter was $159,962 compared to a loss of $83,400, a $243,362 dollar improvement. The nine month net income results also improved from a loss of $31,264 for 2006 to a profit of $338,126 for 2007. This represents a total dollar improvement for the nine month period ended September 2007 of $369,390.

About Labwire

Labwire Inc., Headquartered in Houston , TX, provides secure and compliant employee drug screening and background checking services to Fortune 500 corporations via the Labwire(TM) Platform. Labwire(TM) is a proprietary, web- based application that streamlines the complex regulatory and record management activities associated with employee screening, delivering accurate timely results while eliminating service calls and paper trails. This comprehensive solution to managing employee screening services is the most efficient and cost-effective platform in the industry.

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