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SupportSave Reports Fiscal 2009 Financial Results
Tuesday, September 01, 2009 10:54 PM


(Source: MARKETWIRE)trackingSupportSave Solutions, Inc. (OTCBB: SSVE), a provider of Business Processing Outsourcing ("BPO") services, today announced financial and operating results for the fiscal year ended May 31, 2009.

Financial and operating highlights for the year include:

 --  Record revenues of $1,974,163 for fiscal 2009 compared to $1.0 million     for fiscal 2008 --  Revenue increased by 96 % during the year 2009 compared to 2008 --  Operating Expenses were 86 % of revenue compared to 139 % of revenue     for the year 2008 due to greater operational efficiency --  During fiscal 2009, we generated a Net Income of $255,112 compared to     a net loss of $358,387 for fiscal 2008 --  Completed our expansion to 466 workstations (seats) for our service     delivery --  Non-recurring expenses of $222,000 for stock-issuance, $96,282 for     expired non-deliverable forward contracts, and $64,207 for cash used for     stock repurchase program are not expected to have a significantly impact     earnings going forward      

Financial Results

(All amounts are in U.S. Dollars and in accordance with the generally accepted accounting principles in the United States ("GAAP") unless otherwise noted.)

For the fiscal year ended May 31, 2009, revenue was $1,974,163 compared to $1,005,863 for the fiscal year ended May 31, 2008. This was accomplished as a result of higher BPO sales realization and expansion of our facilities and operation during the year 2009.

For the fiscal year ended May 31, 2009 our total revenue was $1,913,292 as compared with $989,770, for the same period ended May 31, 2008.

Operating expenses for the fiscal year ended May 31, 2009 were $1,649,498 as compared to $1,378,788 for the fiscal year ended May 31, 2008. Increase in Operating expenses was due to increased operational activity.

EBITDA for the fiscal year ended May 31, 2009 is $322,583, as compared to $(365,723) for the fiscal year ended May 31, 2008.

                           May 31, 2009            May 31, 2008 Operating Income (Loss)      $ 263,794               $(389,018) Add: Depreciation            $  58,789               $  23,295                              =========               =========     EBITDA                   $ 322,583               $(365,723)                              =========               ========= 

The net profit for the fiscal year ended May 31, 2009 was $255,112, or a profit of $0.02 per share, as compared to a net loss of $358,387, or a loss of $0.03 per share for the fiscal year ended May 31, 2008.

On May 31, 2009 the Company had working capital of $534,371 as against $416,356 for the year ended May 31, 2008 of which $474,626 is cash.

For the fiscal year ended May 31, 2009, net cash provided by operating activities was $500,586 compared with ($325,111) for fiscal 2008. Net operating cash flow increased due to our net income of $255,112 during fiscal 2009.

"We have grown our revenue 96 % during the year and achieved profitability on a net basis, all while strengthening our balance sheet. Our sincere thanks to our clients and employees, who were instrumental in our growth. Our services are in great demand as small to mid-sized companies across the globe look to reduce costs to withstand the economic downturn. Going forward we plan to cater to wider segment of the market and expand our business clients," said Chris Johns, President & CEO.



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