Postal Connections Parent Announces 2nd Qtr Results
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Global Business Services, Inc. and its subsidiary, Postal Connections Franchise, announced today an increase in second quarter revenues, accompanied by increased operating income and net income for the six-month period ended December 31, 2003. Second Quarter Results Total revenues increased from $461,429 to $1,225,029 an increase of 165%. Sales of franchises increased 220% from $358,325 to $1,148,938. Operating expenses decreased from $2,016,718 to $885,697 or 56%. Operating income rose $1,894,621 from a net loss of $1,555,289 to net income of $339,332. Net income for the six months ended was $212,853 or $0.01 per share as compared to a net loss of $1,731,738 or ($0.14) per share. "Our improved results for the six months were due to higher sales of individual franchises, as well as two area franchise sales, including the Los Angeles/Ventura County and Chicago area, and the reduction of operating expenses," stated Michael Handelman, Chief Financial Officer. "We are pleased with our sales growth and continued reduction of operating expenses. Our operating subsidiary, Postal Connections, based in San Diego, now has 58 franchises sold and 7 area franchise sales." "The second quarter of continued profitable operations shows the results of management's ongoing efforts and clearly indicates that the Company is headed in the proper direction," says Steve Thompson, CEO and President of Global Business Services, Inc. "Consistent profitable performance, while building a solid, competitive, growth oriented franchise-company, remains the objective." 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: Global Business Services, Inc. Global Business Services, Inc Michael Handelman (CFO), 310-360-1215 ext. 222 mhandelman@gbsi.biz www.gbsi.biz |
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