PhotoWorks has announced that its digital revenue for fiscal Q1 2005 exceeded digital revenue for the same period in fiscal 2004 by 40%, marking PhotoWorks' second consecutive quarter for double digit growth in digital revenue.
For the first quarter of fiscal 2005, the Company reported total net revenues of $4,219,000, compared to $5,755,000 for the first quarter of fiscal 2004. The decline in net revenues is due to the continued decline in traditional film processing revenues, partially offset by the strong performance of its digital products and services. Revenues from digital products and services increased to $1,323,000 compared to $944,000 in the prior year's first quarter.
Increased marketing activity accounted for more than doubling the number of website visitors and an increased number of new sign-ups for the newly re-launched PhotoWorks.com.
"People are discovering that PhotoWorks' Custom Photo Books and Signature Greeting Cards are a great new way to share and preserve their memories," said Philippe Sanchez, President and CEO of PhotoWorks. "Best of all, consumers realize that they can easily create their own innovative and inspiring mementos in the highest quality at a price that they never imagined possible."
