Exhibit 99
For Immediate Release
Optionable Reports Record Results and Strong Growth
For Second Quarter 2006
Briarcliff Manor, NY - July 25, 2006 - Optionable, Inc. (OTCBB: OPBL), a rapidly
growing provider of natural gas and other energy derivatives brokerage services,
today announced record results from operations for the quarter ended June 30,
2006.
Revenues for the quarter ended June 30, 2006 increased 94% to
$2,476,664 from $1,277,984 for the quarter ended June 30, 2005. Net income for
the quarter increased 304% to $668,547 compared to $165,289 for the second
quarter of 2005. Diluted earnings per common share increased to $0.01 per share,
on 52,465,725 diluted shares, for the second quarter of 2006, versus $0.00 per
share, on 51,406,431 diluted shares, for the second quarter of 2005.
"We are pleased to be able to report continued strong year
over year growth in the volume of options traded along with the growing demand
for our brokerage services," said Kevin Cassidy, chief executive officer of
Optionable. "We continued to see strong demand for natural gas contracts even as
we moved out of the traditional peak demand during the winter heating months in
the northeast. Our continued growth reflects our ability to execute trades in a
demanding market and provide our customers with broad access to counterparties."
For the six months ended June 30, 2006, Optionable reported
revenues of $4,710,660, an increased of 93% from $2,436,786 for the first half
of 2005. Net income for the six months increased 394% to $1,493,456 compared to
$302,577 for the six months ended June 30, 2006. Diluted earnings per common
share increased to $0.03 per share, on 52,588,678 diluted shares, for the six
months of 2006, versus $0.01 per share, on 51,406,431 diluted shares, for the
first six months of 2005.
"The energy markets continue to be very active as investors
look for opportunities and closely follow global events and the beginning of the
hurricane season," continued Cassidy. "We believe that these factors will
continue to contribute to volume growth in the energy derivatives market and
that Optionable is well positioned with the expertise needed to trade in these
increasingly complex markets. At the beginning of the third quarter, OPEX our
electronic trading platform was launched. We are confident that it will provide
a strong market advantage tool for customers seeking visibility and new
opportunities to trade natural gas contracts."
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Optionable, Inc. - Page 2
About Optionable
Optionable, Inc. is a leading provider of natural gas and
other energy derivatives trading and brokerage services, headquartered in
Briarcliff Manor, NY. The company provides its services to brokerage firms,
financial institutions, energy traders and hedge funds nationwide. In addition
to the traditional voice brokerage business, Optionable is developing an
automated derivatives trading platform. OPEX is a real-time electronic trade
matching and brokerage system designed to improve liquidity and transparency in
the energy derivatives market. For more information about Optionable and OPEX
please visit www.optionable.com.
Safe Harbor Statement
This release contains forward-looking statements which are made pursuant to the
safe harbor provisions of Section 21E of the Securities Exchange Act of 1934.
The forward-looking statements in this release do not constitute guarantees of
future performance. Those statements involve a number of factors that could
cause actual results to differ materially, including risks associated with
market acceptance of OPEX, our ability to retain key employees, reliance of
strategic relationships, intense and increasing competition, concentration of
services revenues related to natural gas derivatives, increased governmental
regulations as well as other risks detailed in the Company's filings with the
Securities and Exchange Commission. Optionable assumes no obligation to update
any forward-looking information contained in this press release or with respect
to the announcements described herein. OPEX is a servicemark of Optionable, Inc.
CONTACTS
Allan Jordan
The Global Consulting Group
Tel: (646) 284-9452
Email: ajordan@hfgcg.com
Optionable, Inc.
Results of Operations
(Unaudited)
For the three-month period ended For the six-month period ended
June 30, June 30,
------------------------------------ ------------------------------------
2006 2005 2006 2005
--------------- ----------------- --------------- -----------------
Net revenues $ 2,476,664 $ 1,277,984 $ 4,710,660 $ 2,436,786
Cost of revenues 1,189,010 796,333 2,036,778 1,403,105
--------------- ----------------- --------------- -----------------
Gross profit 1,287,654 481,651 2,673,882 1,033,681
Total operating expenses 303,861 246,090 583,068 591,721
Operating income 983,793 235,561 2,090,814 441,960
Other (expense)/income, net (315,246) (70,272) (597,358) (139,383)
--------------- ----------------- --------------- -----------------
Net income $ 668,547 $ 165,289 $ 1,493,456 $ 302,577
=============== ================= =============== =================
Basic earnings per common share $ 0.01 $ 0.00 $ 0.03 $ 0.01
=============== ================= =============== =================
Diluted earnings per common share $ 0.01 $ 0.00 $ 0.03 $ 0.01
=============== ================= =============== =================
Basic weighted average common
shares outstanding 51,407,165 51,406,431 51,406,798 51,406,431
=============== ================= =============== =================
Diluted weighted average common
shares outstanding 52,465,725 51,406,431 52,588,678 51,406,431
=============== ================= =============== =================
Optionable, Inc.
Balance Sheet
June 30, 2006 December 31, 2005
(Unaudited)
Current Assets:
Cash $ 2,384,146 $ 1,811,453
Accounts receivable, net 758,071 352,332
Other receivables 725,984 458,355
------------------- -------------------
Total current assets 3,868,201 2,622,140
Other assets 251,323 240,274
------------------- -------------------
Total assets $ 4,119,524 $ 2,862,414
=================== ===================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable and accrued expenses $ 630,734 $ 465,540
Due to related parties 1,699,528 2,233,771
------------------- --------------------
Total liabilities 2,330,262 2,699,311
Stockholders' Equity: 1,789,262 163,103
------------------- --------------------
Total liabilities and stockholders' equity $ 4,119,524 $ 2,862,414
=================== ====================