New book by Larry Connors Click here Improve your trading - See how
Financial and operating highlights for the 1st Quarter ending August 31, 2009 include:
-- "Revenue" increased by 31% and "Total Revenue" increased by 35% during
the three month ended August 31, 2009 when compared to the three month
ended August 31, 2008.
-- During the three months ended August 31, 2009 "Operating Expenses" was
75% of "Total Revenue" as against 71% of "Total Revenue" for the three
months ended August 31, 2008. This is due to increase in the client base
that leads to the leveraging of operating expenses.
-- During the three months ended August 31, 2009 SupportSave Solutions
generated a Net Income of $127,470 (Net Profit 22%) as against $77,085 (Net
Profit 18%) for the three months ended August 31, 2008, an increase of 65%.
-- When compared the three month ended result of August 31, 2009 with
August 31, 2008, "Cash and cash equivalents" are increased by $291,905.
Financial Results
(All amounts are in U.S. Dollars and in accordance with the generally accepted accounting principles in the United States ("GAAP"), unless otherwise specified. Consolidated financial results include financial results of "Philippine Operations")
For the three months ended August 31, 2009, revenue was $596,804 as against $454,460 for the three months ended August 31, 2008. This was accomplished as a result of higher BPO sales realization and expansion of our facilities and operation during the reported period.
Even with our increased customer base "Returns and Allowances" during the three months ended August 31, 2009 $(5,111), is less as compared to the three months ended of August 31, 2008 figure of $(16,562).
For the three months ended August 31, 2009 our "Total Revenue" was $591,693, as compared with $437,898, for the same three month period ended August 31, 2008.
Operating expenses for the three months ended August 31, 2009 were $446,060 as compared to $308,740 for the same three month period ended August 31, 2008. Increase in Operating expenses was due to increased operational activity.
"Other Income (Expenses)" for the three month ended August 31, 2009, includes a "Gain on sale of Investments" for $27,395 and a favorable foreign currency hedging transactions resulted in a gain of $17,437 when compared with $(18,895) for the same three months period ended August 31, 2008.
EBITDA for the three months ended August 31, 2009 is $157,950, as compared to $(140,003) for the three months ended August 31, 2008.
Three Months Ended Three Months Ended
August 31, 2009 August 31, 2008
Operating Income $ 145,633 $ 129,158
Add: Depreciation $ 12,317 $ 10,845
================== ==================
EBITDA $ 157,950 $ 140,003
================== ==================
The Net Income for the three month ended August 31, 2009 was $127,470, as compared to $77,085, for the three month ended August 31, 2008.
For the three month ended August 31, 2009 the Company's working capital was $744,434 as against $534,371 for the three month ended August 31, 2008. Major portion of our Current Assets is in the form of "Cash and cash equivalents" of $766,531.
For the three months ended August 31, 2009 "Net cash provided by operating activities" was $189,579 as against $120,710 for the three months ended August 31, 2008. Net operating cash flow increased due to the increase in net income by 65%.
With our strong liquidity position we will not require additional capital to execute our plans for the future, unless we expand into additional facilities or grow through the acquisition of complementary businesses.
Chris Johns, SupportSave's CEO, noted, "We have achieved 35% increase in the Revenue and 65% in Net Earnings during the three months ended August 31, 2009 when compared to the three months ended August 31, 2008. My sincere thanks to our clients and employees. Even during the global recession we have made our service attractive and increased our client base. Our services are in great demand as small to mid-sized corporations across the globe look to reduce costs to withstand the economic downturn. Going forward we plan to cater to a wider segment of the market and expand our client base."
About SupportSave Solutions, Inc.
SupportSave Solutions is the fastest growing publicly traded Business Process Outsourcing (BPO) provider with 96% Year over Year growth in its latest fiscal year ended May 31, 2009. SupportSave offers low-cost, high quality outsourced customer service, technical support and back-office support to businesses of any size. With Operations in both the US and The Philippines, we provide full-time dedicated agents from just $5 per hour. Visit www.SupportSave.com or www.OutsourcedEmployee.com for small businesses.
Forward-Looking Statements
Certain statements, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements generally are identified by the words "believes," "project," "expects," "anticipates," "estimates," "intends," "strategy," "plan," "may," "will," "would," "will be," "will continue," "will likely result," and similar expressions. We intend such forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of complying with those safe-harbor provisions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements.
SUPPORTSAVE SOLUTIONS, INC.
CONSOLIDATED BALANCE SHEETS
AS OF AUGUST 31, 2009 (UNAUDITED) MAY 31, 2009 (AUDITED)
August 31, May 31,
ASSETS 2009 2009
(Unaudited) (Audited)
----------- -----------
Current Assets
Cash and cash equivalents $ 766,531 $ 474,626
Investment in marketable securities 20,013 98,063
Accounts receivable - trade 40,449 14,932
Accounts receivable - other -- 6,200
Prepaid expenses 790 790
----------- -----------
Total Current Assets 827,783 594,611
----------- -----------
PROPERTY AND EQUIPMENT, NET 143,291 130,546
----------- -----------
Other Assets
Security deposits 11,482 7,482
Note receivable - Florida office
building 210,000 210,000
Investment in closely held company 16,500 --
Deferred income tax -- 50,000
----------- -----------
Total Other Assets 237,982 267,482
----------- -----------
TOTAL ASSETS $ 1,209,056 $ 992,639
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable - trade $ 25,132 $ 31,961
Payroll tax withholdings 11,412 --
Accrued wages 31,898 25,560
Deferred revenue 907 2,719
Accrued income taxes 14,000 --
----------- -----------
Total Current Liabilities 83,349 60,240
----------- -----------
STOCKHOLDERS' EQUITY
Common stock, $.00001 par value, 100,000,000
shares authorized, 13,255,198 shares issued
and outstanding 132 132
Additional paid-in-capital 1,153,096 1,143,292
Treasury stock (3,029) (64,207)
Cumulative translation adjustment (27,103) (21,958)
Retained earnings (deficit) 2,611 (124,860)
----------- -----------
Total Stockholders' Equity 1,125,707 932,399
----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,209,056 $ 992,639
=========== ===========
SUPPORTSAVE SOLUTIONS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED AUGUST 31, 2009 AND 2008 (UNAUDITED)
Three Months Three Months
Ended Ended
August 31, August 31,
2009 2008
----------- -----------
REVENUE
Sales $ 596,804 $ 454,460
Less returns and allowances (5,111) (16,562)
TOTAL REVENUE 591,693 437,898
OPERATING EXPENSES 446,060 308,740
----------- -----------
OPERATING INCOME 145,633 129,158
----------- -----------
OTHER INCOME (EXPENSE)
Interest income 3,880 1,826
Other income 125 4,596
Gains/(losses) on sales of investments 24,395 --
Gains/(losses) from currency hedging
contracts 17,437 (18,895)
----------- -----------
TOTAL OTHER INCOME (EXPENSE) 45,837 (12,473)
----------- -----------
NET INCOME BEFORE PROVISION FOR
FEDERAL INCOME TAX BENEFIT 191,470 116,685
PROVISION FOR FEDERAL INCOME TAX (BENEFIT) (64,000) (39,600)
----------- -----------
NET INCOME $ 127,470 $ 77,085
=========== ===========
Contact: SupportSave Solutions, Inc. Craig Jackson 248-230-4101 Email Contact
SOURCE: SupportSave Solutions, Inc.
http://www2.marketwire.com/mw/emailprcntct?id=DFA3185FE3F05007
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.