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APES
ACCUFACTS SCREENING
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APES
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RMIWA Grandfathered
10/22/04 3:14 PM
Post #1
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ACCUFACTS SCREENING (APES) RSS Feed

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Created
10/22/04
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APES .60/.70 6.7m shares out, SE $1.53m 1 Yr Chart: http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=apes&sid=0&o_symb=apes&f.... What They Do: Accufacts Pre-Employment Screening, Inc. is primarily engaged in researching and providing decision support information to its clients, generally Human Resources departments of corporations, through its wholly owned subsidiary, Maglio-Accufacts Pre-Employment Screening, Inc. These services typically include pre-employment background checks and screenings of new hire candidates and/or employees. The background information products and services provided by the Company include Criminal History Checks, Credit Information Checks, Social Security Number Verifications, Motor Vehicle Reports, Employment Verifications, Education Verifications, Professional/Personal Reference Verifications, Professional License Verifications and Federal Criminal/Civil Searches, as well as substance testing and exit interviews. 6mo results: SIX MONTHS ENDED JUNE 30,2004 COMPARED TO SIX MONTHS ENDED JUNE 30, 2003: Revenues for the six months ended June 30, 2004 were $ 2,526,938, versus $2,049,131 for the six months ended June 30, 2003. This is an increase of $477,807, or 23.3% for the period. As mentioned above, this increase was mostly due to an increase in court fees associated with obtaining background information. Cost of services for the six months ended June 30, 2004 were $1,726,358, up $ 300,131, or 21.0% from the cost of services for the six months ended June 30, 2003, which were $1,426,227. This increase, for the most part, corresponds to the increase in court fees associated with providing services. General and Administrative costs for the six month period ended June 30, 2004 were $ 420,307 compared with $ 451,564 for the same period in 2003. This is a decrease of $ 31,257, or 6.9% from the six month period in 2003. This decrease was mainly due to efficiency in the financial reporting and administrative areas of the company. Operating income for the six months ended June 30, 2004 was $380,273, compared to operating income of $171,341 for the same period in 2003. Income before income taxes for the six months ended June 30, 2004 was $376,448, compared to $166,021 for the same period ended June 30, 2003. As a result, the Company realized net income per share of $0.03 compared to $0.02 for the same period in 2003. Net cash provided by operating activities for the six months ended June 30, 2004 was $323,070, compared to net cash used in operations of $14,190 for the six month period ended June 30, 2003. Ending cash for the six months ended June 30, 2004 was $1,082,454 compared to ending cash for the same period in 2003 of $240,003. LIQUIDITY AND CAPITAL RESOURCES At June 30, 2004, Accufacts had total assets of $2,124,278, compared with $1,733,072 at December 31, 2003, representing an increase in assets of $391,206, or 22.6%. The majority of this increase relates to an increase in cash balances of approximately $284,387, which is associated with the higher operating income levels due to the continuing efficiencies realized in the administrative and financial areas of the Company. For the same periods, the Company had total liabilities of $ 570,780 at June 30, 2004 compared to $ 413,737 at December 31, 2003, reflecting a increase of $ 157,043, or 38.0%. The increase in total liabilities is mostly due to an increase of approximately $71,158 in accounts payable balances. As mentioned above, this increase was also attributable to the increase in court fees associated with providing services. The Company has a $25,000 business checking/overdraft line of credit. As of June 30, 2004, there was $0 outstanding on this line of credit. It bears interest at the prime rate plus 6.0% and is collateralized by the assets of the Company. Effective August 12, 2003, the Company obtained an additional $400,000 line of credit with a bank. The line of credit matures August 31, 2004 and can be renewed annually subject to certain conditions and covenants. The line of credit bears interest at prime plus 1.0%. Interest is payable monthly. The line of credit is collateralized by substantially all of the assets of the Company and is personally guaranteed by the majority stockholder and president of the Company. As of June 30, 2004, there was $0 outstanding on this line of credit. Management is continuing to refine operations with a focus toward increasing revenues through aggressive marketing initiatives and generating a continuous stream of positive earnings. We believe that the Company is poised to leverage competitive advantages and generate continued profitable growth.
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