(1888PressRelease)
December 04, 2008 - SEOUL, KOREA, The Davis Mayer Group, Inc. a leading venture capital firm in Asia announced today a net income from continuing operations in the third quarter of 2008 of $3,721,330 a gain of 7% compared to the profits in the third quarter of 2007. Third quarter 2008 results include pre-tax restructuring and other charges of $906,941 related to the company's Business Improvement Plan ("BIP"). Third quarter 2007 operating results included pre-tax restructuring and other charges of $742,560.
General and administrative expenses for the three months ending September 30, 2008 decreased to $462,115 versus $620,931 for the three months ending September 30, 2007. This decrease is attributed to the streamlining of overall employee use. The Davis Mayer Group has implemented and advanced its in-house software to perform many of the services employees were performing manually.
"The third quarter demonstrated the strategic value of our diversified performance marketing offerings and our operating team's ability to deliver strong financial performance," said Peter Mayer, chief executive officer of The Davis Mayer Group. "In spite of some macroeconomic weakness and continued challenges in the financial industry, we delivered solid performance in the quarter and continue to believe we will achieve our 2008 financial performance goals."
The Davis Mayer Group continues to utilize its substantial capital resource base to invest in several new ventures per year, concentrating on opportunities with the most potential for future commercial applications. Historically, Davis Mayer has demonstrated its strength in identifying promising new technologies and patents long before they are ready to market. In making its selections, the Davis Mayer Group looks for innovative technology that has the potential for multiple product applications, as well as entrepreneurs who have outstanding technical backgrounds. The Davis Mayer Group expects to work in partnership with these entrepreneurs in developing their technology throughout the business-building process.
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of The Davis Mayer Group, Inc. (the Company) to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors.
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