BUDH news---Budgethotels Network Inc.'s (OTCBB: BUDH - news) President, Mr. William Marshall, commenting on the Company's first quarter results, announces that he is pleased with the Company's financial progress.
The Company's reported loss of $120,761 for the quarter included $96,557 in non-cash expenses. The Company's operations generated a profit for the period of $109,237 before head office administration charges.
Mr. Marshall goes on to state that the Company's revenue growth through the traditionally slowest months of the year is particularly encouraging. In accordance with GAAP this revenue growth is not reflected in the Company's Income Statement but on the Balance Sheet where Unearned Revenue increased in the quarter from $287,000 to $350,000. Unearned Revenue represents revenue from contracts signed which will be taken into the Company's Income Statement over the life of the contract. It is anticipated that the Company's revenue growth will continue through the year.
This is not a reco to buy! Please do your DD!
