Yellow Pages Provider YP Corp. Reports Approximately 139% Increase in Revenue, Rubatex Information

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Yellow Pages Provider YP Corp. Reports Approximately 139% Increase in Revenue

YP Corp. Reports Approximately 139% Increase in Revenue, 117% Increase in Operating Income and 123% Increase in Net Income

MESA, Ariz.--(BUSINESS WIRE)--May 11, 2004--YP Corp.(TM) (OTCBB: YPNT), a leading provider of nationwide Internet Yellow Pages and related services, reported its financial results for the three months ended March 31, 2004. Net revenue for the three months ended March 31, 2004 was $16,394,853 compared to $6,849,044 for the comparable period ended March 31, 2003, an increase of approximately 139%. The increase in revenue is principally the result of an increase in the number of our Internet Advertising Package(TM) ("IAP") customers. The company had approximately 305,000 IAP customers at March 31, 2004, compared to approximately 222,092 IAP customers at March 31, 2003, an increase of approximately 37%. The increase in IAP customers is due to the continued success of our marketing program. YP Corp. utilizes direct mailings as its primary marketing program and the sale of IAPs generates its principal revenue. rubatex international
Operating income for the three months ended March 31, 2004 was $5,013,865 compared to $2,311,725 in the same period in fiscal 2003, an increase of approximately 117%. Operating margins were 31% compared to 34% in the same period in fiscal 2003. Income before income taxes for the three months ended March 31, 2004 was $5,163,805 compared to $2,504,774 in the comparable period in 2003, an increase of approximately 106%. Pre-tax margins were 32% in the fiscal 2004 period compared to 37% in the fiscal 2003 period. The decrease in operating and pre-tax margins is primarily the result of a short-term increase in dilution resulting from our program to convert direct-invoice billed customers to telephone billing through the customers' local exchange carriers. However, we expect the dilution to be reduced to more normal levels over the next few quarters as this dilution runs its course through the billing system.

Operating income for fourth quarter 2006 increased 10% to $39.9 million compared to $36.2 million reported for the same period in 2005.

Earnings before interest, taxes, depreciation and amortization ("EBITDA") year 2006 increased 15% to $176 million from $153 million in 2005. EBITDA for fourth quarter 2006 was $42.3 million, an increase of 10% compared to $38.5 million reported for the same period in 2005.
Franchising revenues and total revenues increased 14% year 2006.

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The acquisition closed on December 12, 2006, so Corel will not recognize approximately two weeks of revenue from InterVideo in the first quarter. In addition, revenue from OEM customers is primarily reported to InterVideo after the end of each calendar quarter. Corel is not able to recognize revenue that is reported from OEM customers for products sold prior to the close of the acquisition that traditionally would have been reported in InterVideo's first quarter results. Beginning in our second quarter, we will be able to report the full InterVideo OEM revenue. The impact of these items on revenue will be approximately $15 million in the first quarter. The impact on earnings for both the first quarter and fiscal year 2007 will be approximately $7 million or $(0.27) per share.

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Net profits for the three months ended March 31, 2004 were $3,348,599, or $0.07 per share, compared to net profits of $1,504,921, or $0.03 per share in the comparable period in 2003 or an increase of approximately 123% in net income. Net margins were 20% for the three months ended March 31, 2004 versus 22% for the fiscal 2003 period. The decrease in operating and pre-tax margins is primarily the result of a short-term increase in dilution resulting from our program to convert direct-invoice billed customers to telephone billing through the customers' local exchange carriers. However, we expect the dilution to be reduced to more normal levels over the next few quarters as this dilution runs its course through the billing system.

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For fiscal year 2006, Citrix reported annual revenues of $1.134 billion, compared to $909 million in 2005, a 25% increase. For fiscal year 2007, the company expects net revenues to be around $1.31 billion. For the first quarter of 2007, Citrix reported revenues of $308 million, compared to $260 million in the first quarter of 2006, an 18% revenue growth.

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Angelo Tullo, YP Corp.'s CEO, commented, "We are seeing strong growth in fiscal 2004. Despite the short-term decrease in our margins in the second quarter resulting from the dilution attributable to our conversion program, we expect the long-term effect on profitability to be positive as a result of our efforts."

The company reported royalty revenues of $140.2 million for 2001, compared to $137.7 million for 2000, an increase of 1.8%. For fourth quarter 2001, royalty revenues were $32.6 million, compared to $35.1 million for the same period in 2000. In addition, revenue from partner services increased 16.9% for the year, from $10.3 million in 2000 to $12.0 million in the year ended December 31, 2001.

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YP Corp. will be conducting a conference call to discuss the second quarter financial results at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time), which will include comments by Angelo Tullo, chairman and chief executive officer, and a financial review by David Iannini, chief financial officer. rubatex 1800
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Interested parties may access the call by using confirmation code 507564 at 800-289-0494 for U.S. participants, or at 913-981-5520 for international participants. In addition, a recording of the call will be available for two weeks by referencing the confirmation code and calling 888-203-1112 for U.S. participants, or 719-457-0820 for international participants. This information will also be available on our Web site at www.YP.Com. rubatex 373
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About YP Corp. rubatex tape
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YP Corp., a leading provider of Internet-based Yellow Pages services, offers an Internet Advertising Package(TM) ("IAP") that includes a Mini-WebPage(TM) and Preferred Listing through its Yellow Pages Web site at www.YP.Com. The company's Web site contains listings for approximately 18 million businesses in the United States and 150 million individuals in the United States and Canada. As of March 31, 2004, YP Corp. had approximately 305,000 IAP advertisers. rubatex closed cell gasketing
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YP Corp. also provides an array of other Internet services that complement its Yellow Pages Web site, including an Internet Dial-Up Package(TM) (dial-up Internet access) and QuickSite(TM) (Web site design & hosting services). poly products supplies
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YP Corp. is a longstanding member, exhibitor and sponsor of the two major Yellow Pages trade associations -- Yellow Page Integrated Media Association "YPIMA," the major trade association of Yellow Pages publishers throughout the world, and the Association of Directory Publishers "ADP," which mostly represents independent Yellow Pages publishers. YP Corp. is based in Mesa, Ariz. For more information, visit the Web site at www.YP.Com. shoreline 13171 17 neoprene
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This press release includes statements that constitute "forward-looking statements," which are often characterized by the terms "may," "believes," "projects," "expects," or "anticipates," and do not reflect historical facts. Specific forward-looking statements contained in this press release include, but are not limited to the company's (i) anticipation that the increase in dilution was a short-term event and will be reduced in future quarters; (ii) anticipation of continued growth; (iii) expectation that its efforts will result in increased profitability in the long term. Forward-looking statements involve risks, uncertainties and other factors that may cause actual results, performance or achievements of YP Corp. and its subsidiary to be materially different from those expressed or implied by such forward-looking statements. Factors that could affect the company's results and cause them to materially differ from those contained in the forward-looking statements contained herein include, without limitation, the company's failure to attract or obtain new Internet Advertising Package customers, to realize the desired results of its marketing and solicitation efforts or the failure to launch its branding campaign. neoprene seat covers
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Other factors that may affect forward-looking statements and the company's business generally include but are not limited to: (i) the success of existing competitors and the introduction of new competitors in the market; (ii) the impact of existing or new regulation on the company's marketing and solicitation efforts; (iii) risk factors and cautionary statements made in the company's Annual Report on Form 10-KSB for the period ended Sept. 30, 2003; and (iv) other factors that YP Corp. is currently unable to identify or quantify, but may exist in the future. industrial insulated foam
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Forward-looking statements speak only as of the date the statement was made. YP Corp. does not undertake and specifically declines any obligation to update any forward-looking statements. foam insulation
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 YP CORP. UNAUDITED CONSOLIDATED BALANCE SHEET AS OF MARCH 31, 2004 ASSETS: CURRENT ASSETS Cash and equivalents $2,242,002 Accounts receivable, net of allowance for doubtful accounts of $5,193,394 13,231,132 Prepaid expenses and other current assets 306,815 Deferred tax asset 1,375,329 ------------ Total current assets 17,155,278 ACCOUNTS RECEIVABLE, long-term portion, net of allowance for doubtful accounts of $359,203 1,022,348 CUSTOMER ACQUISITION COSTS, net of accumulated amortization of $2,297,854 3,745,788 PROPERTY AND EQUIPMENT, net 763,603 DEPOSITS AND OTHER ASSETS 45,380 INTELLECTUAL PROPERTY - URL, net of accumulated amortization of $2,100,460 3,432,638 ADVANCES TO AFFILIATES 5,071,892 ------------ TOTAL ASSETS $31,236,927 ============ LIABILITIES AND STOCKHOLDERS' EQUITY: CURRENT LIABILITIES: Accounts payable $822,474 Accrued liabilities 1,994,232 Notes payable - current portion 115,868 Income taxes payable 4,155,425 ------------ Total current liabilities 7,087,999 DEFERRED INCOME TAXES 40,518 ------------ Total liabilities 7,128,517 ------------ STOCKHOLDERS' EQUITY: Series E convertible preferred stock, $.001 par value, 200,000 shares authorized, 131,840 issued and outstanding, liquidation preference $39,552 11,206 Common stock, $.001 par value, 100,000,000 shares authorized, 55,373,636 issued, 48,874,302 outstanding 48,874 Paid-in capital 9,751,126 Deferred stock compensation (4,032,024) Treasury stock at cost (690,306) Retained earnings 19,019,534 ------------ Total stockholders' equity 24,108,410 ------------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $31,236,927 ============

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See the notes to these unaudited financial statements set forth in the petroleum products
company's Form 10-QSB for the quarter ended March 31, 2004. rubatex international
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 YP CORP. UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE AND SIX MONTH PERIODS ENDED MARCH 31, 2004 AND MARCH 31, 2003 Three Months Six Months Three Months Six Months Ended Ended Ended Ended March 31, March 31, March 31, March 31, 2004 2004 2003 2003 ------------ ------------ ----------- ------------ NET REVENUES $16,394,853 $30,261,820 $6,849,044 $12,590,499 ------------ ------------ ----------- ------------ OPERATING EXPENSES: Cost of services 6,618,537 11,500,939 1,848,966 3,671,116 General and administrative expenses 3,134,522 5,925,265 1,666,108 3,042,186 Sales and marketing expenses 1,428,210 2,718,390 862,939 1,495,374 Depreciation and amortization 199,719 395,912 159,306 298,238 ------------ ------------ ----------- ------------ Total operating expenses 11,380,988 20,540,506 4,537,319 8,506,914 ------------ ------------ ----------- ------------ OPERATING INCOME 5,013,865 9,721,314 2,311,725 4,083,585 ------------ ------------ ----------- ------------ OTHER (INCOME) AND EXPENSES Interest (income) expense (78,545) (149,698) (12,069) (12,789) Other (income) expense (71,395) (346,153) (180,980) (229,886) ------------ ------------ ----------- ------------ Total other (income) expense (149,940) (495,851) (193,049) (242,675) ------------ ------------ ----------- ------------ INCOME BEFORE INCOME TAXES 5,163,805 10,217,165 2,504,774 4,326,260 INCOME TAX PROVISION (BENEFIT) 1,815,206 3,583,881 999,853 1,728,447 ------------ ------------ ----------- ------------ NET INCOME $3,348,599 $6,633,284 $1,504,921 $2,597,813 ============ ============ =========== ============ NET INCOME PER SHARE: Basic $0.07 $0.14 $0.03 $0.06 ============ ============ =========== ============ Diluted $0.07 $0.14 $0.03 $0.06 ============ ============ =========== ============ WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic 46,946,458 46,904,402 43,271,333 42,011,711 ============ ============ =========== ============ Diluted 46,946,458 46,904,402 43,271,333 42,011,711 ============ ============ =========== ============

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See the notes to these unaudited financial statements set forth in the rubatex pipe insulation
company's Form 10-QSB for the quarter ended March 31, 2004. rubatex 180
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 YP CORP. UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTH PERIODS ENDED MARCH 31, 2004 AND MARCH 31, 2003 Six Months Six Months Ended Ended CASH FLOWS FROM OPERATING ACTIVITIES: March 31, March 31, 2004 2003 ----------------------- Net income $6,633,284 $2,597,813 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 395,912 298,239 Income recognized on forgiveness of debt - (45,362) Loss on disposal of fixed assets 36,932 Amortization of deferred stock compensation 503,071 - Deferred income taxes 37,962 155,175 Officers & consultants paid common stock - 453,750 Common stock surrendered - (160,979) Changes in assets and liabilities: Trade and other accounts receivable (5,801,351) (2,283,431) Customer acquisition costs (502,547) (1,218,660) Prepaid and other current assets (152,539) (113,628) Other assets 35,000 52,096 Receivable from affiliate (110,121) Accounts payable 394,051 148,684 Accrued liabilities (72,743) (105,603) Due to affiliates 14,017 Income taxes payable 1,466,113 1,573,273 ----------- ----------- Net cash provided by operating activities 2,973,145 1,255,263 ----------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES: Advances made to affiliates and related parties (2,725,000) (400,000) Purchases of intellectual property (151,863) (6,761) Purchases of equipment (233,128) (469,548) ----------- ----------- Net cash (used in) investing activities (3,109,991) (876,309) ----------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from debt - 147,000 Principal repayments on notes payable - (454,000) ----------- ----------- Net cash (used)/provided by financing activities - (307,000) ----------- ----------- (DECREASE) INCREASE IN CASH (136,846) 71,954 CASH, BEGINNING OF PERIOD 2,378,848 767,108 ----------- ----------- CASH, END OF PERIOD $2,242,002 $839,062 =========== ===========

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See the notes to these unaudited financial statements set forth in the rubatex 373
company's Form 10-QSB for the quarter ended March 31, 2004. rubatex rubber
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Contacts rubatex closed cell gasketing
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YP Corp., Mesa poly hunting feeders
David Iannini, 480-654-9646, ext. 1258 (Public Relations)
Fax: 480-654-9747