Company to Hold Conference Call to Discuss 2009 Business Outlook
PALM DESERT, Calif., June 9 /PRNewswire-FirstCall/ — Spare Backup, Inc. (OTC Bulletin Board: SPBU), an industry-leading provider of automated, online backup applications, and cloud services for home users and small businesses, announced today that it sees total subscriptions for the second quarter of 2009 ranging between $1.3 and $1.6 million. We anticipate record revenue for the second quarter of 2009 ranging between $500,000 and $600,000 and unearned revenue from annual subscriptions between $800,000 and $1.1 million. The unearned revenue will be recognized as revenue over the subscription term as per our revenue recognition policy which is based on generally accepted accounting principles.
The improved top line performance was largely attributable to its continued rollout of data backup offerings with its partners. Revenue is expected to benefit slightly from an improving pound (GBP) currency in the quarter versus the U.S. dollar. During first quarter of 2009 we had total subscriptions of approximately $1.1 million. We recognized revenues for the first quarter of 2009 amounting to approximately $456,000 and unearned revenue from annual subscriptions sold during first quarter amounting to approximately $608,000. The total subscriptions in the 2nd quarter are expected to exceed the total amount of revenue recorded for the full year of 2008. Seasonality has historically caused the second half of the year to be stronger than the first half.
Management anticipates the roll out of its current and new RETAIL partnerships, as well as other OEMs, and new product offerings such as Spare Room, Spare Mobile, and Spare Sync will continue to expand revenue in the coming quarters. Management will be hosting a conference call to discuss its business outlook for 2009. The information for that call is as follows:
* Date: July 7, 2009
* Time: to be separately announced
* Dial-in number for US/Canada: to be separately announced
* Dial-In number for international callers: to be separately announced
* Conference ID: to be separately announced
Mr. Cery Perle, CEO of the Spare Backup, Inc., commented, “We continue to achieve positive momentum and are excited by the growth in our subscriptions as well as the progress we are making on numerous business fronts. We will be discussing current business relationships, new product launches, pending transactions, financings and new business relationships. We look forward to further communicating where we see the future of our company as we strive to reach our goal of positive EBITDA in 2009 and profitability in 2010.”
For additional information, visit http://www.sparebackup.com. For investor relations, please contact our investor relations department at 760-779-4241 Ext. 224 or firstname.lastname@example.org.
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