Company Purchased Additional Property to Provide Support and Service to Existing Operations
ALAMO, CA -- (Marketwire) -- 01/16/09 -- SupportSave Solutions Inc. (OTCBB: SSVE), a
leading provider of Business Process Outsourcing ("BPO") services, today
reported its 2008 fiscal second quarter financial results, ended November
30, 2008.
During the quarter, the Company reported net revenue of $394,000, an
increase of 86% versus the same period one year prior. The Company incurred
a $146,000 operating loss, due primarily to a non-recurring one-time
consulting expense of $222,000 paid in company shares. Accordingly, net
income fell 66% to $14,000 versus the second quarter of 2007.
Year-to-date, the company grew its revenue by 156% to $832,000, experienced
a 120% or $17,000 operating loss due primarily to the reasons listed above,
and recorded a net income increase of 46% assisted by other income of
$107,000.
Turning to the balance sheet, the Company reported cash and cash
equivalents of $410,000, up 87% or $219,000 from one year ago.
During the second quarter, the Company invested $268,000 for an investment
property in Boca Raton, FL intended to double as new office space. The
Company chose Boca Raton because of the many talented financial and
mortgage professionals displaced by the financial and housing crisis that
has hit this region particularly hard.
Chris Johns, SupportSave Solutions' Chief Executive Officer, noted, "Our
dramatic year-over-year increase in revenue is due to the Company's mission
to increase its footprint both geographically and throughout different
industries. We have experienced this significant revenue growth since our
inception and we don't foresee any change as we continue to cultivate new
relationships globally and move ahead with our strategic initiatives.
"A key part of our strategic plan materialized during the second quarter.
We strongly believe that by purchasing property in the Boca Raton location
we will attract displaced professionals who will assist the Company in
attracting new clients to our BPO operations.
