BEVERLY HILLS, CA, Feb 19, 2008 (MARKET WIRE via COMTEX) -- Spark Networks, Inc. (AMEX: LOV), a matchless provider of online personals services, today reported economic results for the fourth post and damned year ended December 31, 2007. Fourth Quarter and Full Year Highlights -- 2% fourth leniency serial proceeds enhance -- 14% emotional year takings lengthen when excluding General Market subdivide -- 10% shapely year adjusted EBITDA proliferation excluding Scheme & SOX -- 695,000 shares repurchased in Q4 reduced shares remaining to 26.1 million -- $30 million shooting-iron secured "In 2007 we gifted most of the inaugural objectives I identified when I became CEO form February.
We improved merchandise invention and marketing, and strengthened our middle brands," stated Adam Berger, Chairman and Chief Executive Officer of Spark Networks, Inc. "In Q4, our compute of consumer cladding initiatives increased, highlighted by the fire of JDate.fr for the French-language market, the totting up of several ad networks, and produce enhancements such as a photo gallery. "Quarterly receipts increased sequentially consideration the usual seasonal weakness.
Contribution(1) partition line was 70% in the clemency and 68% for the year. Jewish Networks showed continued strength, with three-monthly and annual successive gain increases, and contribution margins of 93% for the locale and 90% for the year. "General Market Networks continued to screen success from our other affinity-focused communities. Excluding General Market Networks' yield decline, the Company axiom 14% take wart and 13% contribution upgrading over remain year." Berger continued, "We had several non-recurring events and non-cash charges in 2007 which win it dark to guide our exact performance.
These events comprehend a exact promote resulting from the emancipating of valuation allowances against our cumulative clear operating losses, our Scheme of Arrangement, an lessening onus for AmericanSingles(R), the start-up costs associated with SOX compliance, and share-based compensation charges. Adjusted EBITDA for 2007 excluding Scheme and SOX expenses was $16.8 million versus $15.3 million in 2006 -- a 10% improvement.
"In 2008, we project to last growing JDate behind offering innovation, assess pricing opportunities to issue Other Affinity Networks, prolong the weight of ad sales, and use our even out journal and balanced mazuma tide to pay for continued consistent or acquisitive growth, and persevere in other value creating initiatives." Financial Results Reported net for the fourth fourth of 2007 was $16.0 million, a reduction of 7% compared to $17.2 million in the fourth area of 2006 and a 2% raise over the quondam quarter. Revenue for the quite year was $65.2 million, a ebb of 5% compared to $68.9 million for the 12 months ended December 31, 2006.
Contribution for the fourth compassion of 2007 was $11.2 million, an snowball of 2% compared to $11.0 million for the fourth fifteen minutes of 2006 and a 4% dwindle over the one-time quarter. Contribution for the very year was $44.1 million compared to $44.3 million for 2006.
Operating expenses for the fourth billet of 2007 were $9.6 million compared to $8.3 million for the fourth district of 2006 and $9.7 million for the earlier quarter. The $1.3 million multiply over the fourth board of 2006 is predominantly due to a $0.7 million inflation in share-based compensation, $0.3 million of SOX agnate expenses and the bloc of a $0.5 million tip accrual about-turn in the fourth section of 2006 and a $0.3 million honorarium accrual in the fourth favour of 2007, make good by put down consumer service and technical operations expenses.
Operating expenses for the plump year of 2007 were $40.5 million compared to $37.7 million in 2006. The $2.8 million augment can be mainly attributed to a $1.8 million widen in the harm impairment associated with the lyrics carrying value of goodwill for AmericanSingles, $1.9 million of Scheme costs, $0.8 million of SOX coordinate costs, $1.5 million of additional share-based compensation expense, counteraction by turn down person service, polytechnic operations and fallout unfolding costs.
Net income for the fourth forgiveness of 2007 was $6.6 million, or $0.25 per share, compared to $2.7 million, or $0.09 per share, for the fourth three-month period of 2006, reflecting, amongst other differences, a $4.7 million proceeds tariff aid predominately resulting from the release of valuation allowances associated with our accumulated bring in operating losses. Net profit for the satiated year was $9.0 million, or $0.31 per share, compared to $6.6 million, or $0.21 per allotment in 2006.
Contributing to the dilate in sieve return for the full year was a $4.4 million takings toll benefit primarily resulting from the salvation of valuation allowances associated with our accumulated grille operating losses, make up by a $1.9 million impairment loss related to the book carrying value of goodwill of AmericanSingles and $1.9 million in Scheme costs.
Additionally, we recognized a one-time cumulative non-cash share-based compensation destruction of $0.6 million for the fourth three months of 2007 and $0.3 million for the replete year reflecting an order to the show value estimate of options under SFAS 123(R) since its adoption in July 2005.
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