Update: 50 Below Reports Record Revenues and Profits

By KBJR News 1

Update: 50 Below Reports Record Revenues and Profits

September 1, 2012 Updated Sep 1, 2012 at 11:27 PM CST

Duluth, MN (Northland's NewsCenter) --- The financially troubled Duluth-based Internet Marketing and Web Design Company 50 Below, expects come out of bankruptcy in less than 120 days.

To financially restructure, the company is working with GuideSource, a Twin-Cities based financial consulting firm.

50 Below reports record revenues and profits for the first half of 2012.

Revenues are up 31 percent to $10.3 million from last year.

Profits through June of 2012 were $850,000, as compared to losses of more than $1.2 million in the first half of 2011.

Meanwhile, according to documents filed with US Bankruptcy Court on Wednesday , the company has more than $12 million in unsecured claims, nearly $8.8 million of which is owed to the IRS, and another $1 million to the Minnesota Department of Revenue.

A meeting of the creditors will be held on October 5th.