CLEVELAND, May 16, 2011 (GLOBE NEWSWIRE) -- SearchPath HCS Inc. (Pink Sheets:SRCP), announced that its fiscal 3rd quarter results show total revenues YTD, of $703,877, increased 7% over the same period in 2010 when the company reported $656,226. During the release of its third quarter results for fiscal 2011, SearchPath HCS, a leading human capital solutions provider, announced that net income, went from $49,436 for the first three quarters of 2010 to $64,761 for the first 3 quarters of 2011, for a 31% increase. Royalty income for the 3rd quarter rose from $55,202 in 2010 to $99,831 in 2011 – an 81% increase year over year.
Positioned for Aggressive Growth
"These results clearly illustrate that SearchPath International is positioned for aggressive growth due to three primary factors," observed Tom Johnston, CEO of SearchPath HCS. "We continue to attract and secure new franchisees. Our existing franchisees are adding new search consultants, resulting in higher productivity and a heightened level of royalties, and finally the evolutions of our search techniques are helping our franchisees to address the competitive environment for both clients and candidates."
Validation Of SearchPaths' Approach
Corporate placement fees, went from $65,500 for the first three quarters of 2010 to $212,368 for the first 3 quarters of 2011, representing a 224% YOY increase.
"The overall hiring environment is risk averse, so companies are seeking candidates with more robust skills and experiences. Thus, clients are requiring that candidates become heavily invested in the hiring process," said Johnston. "Our recruitment approach targets currently employed, highly successful professionals whom are considered 'passive candidates.' Subsequently, the SearchPath approach helps our candidates demonstrate their ability to be effective immediately."
About SearchPath HCS, Inc.
SearchPath HCS, Inc. is a rapidly growing human capital solutions firm and the parent company of SearchPath International, Inc. (SPI) www.searchpath.com. SPI is a U.S.-based talent acquisition professional services firm, with 65 franchises nationwide. Founded in 2005, SPI's goal is to become the premier, vertically-integrated provider of talent acquisition professional services in the world. In addition to being a stand-alone talent and acquisition services firm, SPI is also a franchisor of its business that has redefined the way clients do business with recruiters by implementing a client-centric approach that combines proven industry best practices and revolutionary concepts.
Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of1934. All statements, other than statements of historical fact, including, without limitation, those with respect to the objectives, plans and strategies of the Company and SPI set forth herein and those preceded by or that include the words "believes,'' "expects,'' "given,'' "targets,'' "intends,'' "anticipates,'' "plans,'' "projects,'' "forecasts'' or similar expressions, are "forward-looking statements". Although the Company's management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. The Company assumes no obligation to update any of the information contained or referenced in this press release.