NEW YORK, Aug. 25, 2016 (GLOBE NEWSWIRE) -- Profit Planners Management, Inc. (PPMT) announced its financial results for the year ended May 31, 2016. Revenues increased by 59% to approximately $1,294,000 compared to revenues of $813,000 for the prior year. The increase in revenues is primarily attributable to the addition of new clients and increased billings to our existing clients.
"We are very pleased with our revenue growth and improved margin; we plan to continue to make this our priority,” said Wesley Ramjeet, PPMT's CEO. Our Selling General and Administrative expenses declined by 12% to approximately $489,000. The decline is a result of our focus on controlling our variable cost. Our gross margin increased by approximately 16% to 48% primarily because of improved pricing on our engagements.
Net income for the year ended May 31, 2016 was $.02 per share as compared to a net loss of $.05 in the prior year. "We will continue to focus on organic growth and look at synergistic acquisitions.” said Wesley Ramjeet, PPMT's CEO.
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