The Company announced that Gross Profit increased 75 percent in the third quarter and 91 percent to $3.01 million for the first nine months of 2011 compared to the same period in 2010. Cost of services as a percentage of revenues were down from 37 to 29 percent in the third quarter and down from 43 to 31 percent for the first nine months of 2011. Administrative and selling expenses were down 95 percent in the third quarter and the net loss decreased 48 percent in the third quarter and 36.5 percent or $3.2 million for the first nine months of 2011.
"Our operating loss was $494,000 in the third quarter of 2011, down from $1.7 million in the same period in 2010. EBITDA (earnings before interest, taxes, depreciation and amortization) for the three month period was $267,000, a true indicator of our improvement to operate the business at a break even basis," Matthew Schissler, co-founder and CEO, said.
“These results demonstrate strength in the three key areas on which we focus our efforts: revenues and gross profits are both up while expenses are down. We are very pleased with our third quarter results with 91% more gross profit for nine months of operating than this time last year, administration and selling expenses down 34% from same three month period last year, and our operating loss down over 72% compared to same period. More importantly, third quarter 2011 operating loss is down almost 45% from second quarter 2011, showing a huge expense reduction in just one quarter. We would urge investors and potential shareholders to view the complete 10Q filing at www.sec.gov," Mr. Schissler said.
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