In achieving these quarterly results Global Business Services generated a profit from continuing operations of $62,743 for the nine months ended March 31, 2004, compared to a loss of $2,147,406.

The complete third quarter report can be reviewed on EDGAR by using the following direct link to the company's EDGAR Profile :http://www.sec.gov/cgi-bin/browse-edgar?company=Global+Business+Services&CIK=&filenum=&State=&SIC=&action=getcompany
Third Quarter Results

During the three months ended March 31, 2004 the Company sustained an operating loss of $129,604 compared to a loss of $389,123 for the same period last year. Revenues for the three months ended March 31, 2004 increased from $53,594 to $1,037,818.The increase is due primarily from store build-out revenue, which provides for lower margins. For the nine months ended March 31, 2004, Revenues from Sales of Franchises increased from $335,220 to $2,121,649 an increase of 530%. Revenues from Franchise Royalties increased from $80,167 to $141,198 an increase of 76%. Operating expenses decreased from $2,464,424 to $2,053,119 or 17%. Selling, General and administrative expenses decreased by $1,249,936 from $ 2,440,914 to $1,190,978 or 51%. Operating income rose $2,258,765 from a loss of $2,049,037 to a gain of $209,728. Net income from continuing operations for the nine months ended was $62,743 or $0.003 per share as compared to a net loss of $2,147,406 or ($0.17) per share.

'The company continues to show excellent growth in all major categories,'quotes Stephen Thompson, President and CEO of Global. 'With consistent franchise sales from our corporate sales department along with our Area Franchisee's, we expect to see a strong finish to the Company's first profitable year of operations.'

Forward-looking statements contained herein are made pursuant to the 'safe harbor'provisions of the Private Securities Litigation Reform Act of 1995. Actual results may be materially different. Factors that could cause actual results to differ include activity levels in the securities markets and other risk factors such as the ability of the Company to meet its working capital needs, the ability of the Company to successfully market its goods and services, and other risks detailed in the Company's periodic filings with the Securities and Exchange Commission.

Source:postalconnections.com