Net Revenue Nearly Triples in First Quarter
Operating Income Increases 344%
Operating Margin and Net Income Margin Reach 30% and 18%, Respectively
ALAMO, Calif., Oct. 22, 2008 (GLOBE NEWSWIRE) -- SupportSave Solutions Inc. (OTCBB:SSVE), a provider of Business Processing Outsourcing ("BPO") services, today reported fiscal first quarter ended August 31, 2008.
During the first quarter, the company reported net revenue of $438,000, an increase of 286.9% versus the same period last year as the company continued to expand its exposure throughout several different industries around the world.
Operating income increased to $129,159, a 343.9% increase over the same period one year prior. This came primarily due to increased efficiencies among the company's major cost centers. Accordingly, operating margins increased more than 400 basis points to 29.5% versus the company's first quarter in 2007.
Net income grew to $77,085, an increase of 253.3% over the first quarter of 2007. This follows the fourth quarter of 2008 that saw the Company report its first net operating and net income loss following significant non-recurring operating expenses related to the cost of issuing stock to employees, consultants and services, and via private placement.
Turning to the balance sheet, the company reported net cash provided by operating activities of 109,006, nearly triple the $27,707 reported in the year ago period. During the quarter, cash and cash equivalents increased 19.8% to $523,167 and an increase of 266.6% versus the fiscal first quarter of 2007.
Chris Johns, SupportSave Solutions Chief Executive Officer noted, "Following a fourth quarter that saw relatively significant one-time recurring expenses, we were more than able to resume the tremendous growth we have grown used to. As expected, our Business Processing Outsourcing product is in great demand as small to mid-sized corporations across the globe look to reduce costs on many levels as a way to weather the global economic slowdown. Our attractive platform has allowed us to branch off into broad number of industries and increase our footprint on a global basis. We feel we are well positioned to increase the roster of our clients during this slowdown and maintain them going forward as they see the marked improvement in their business processing."
About SupportSave Solutions Inc.
SupportSave Solutions provides offshore BPO services which we deliver primarily to U.S.-based clients from our facilities in the Philippines. BPO services involves contracting with an external organization to take primary responsibility for providing a business process or function, such as customer management, transcription and captioning, processing services, human resources, procurement, logistics support, finance and accounting, engineering, facilities management, information technology and training. These customer care services and solutions are provided by our skilled customer service representatives to small and mid-sized companies in the healthcare, communication, business services, financial services, publishing, and travel and entertainment industries.
Forward-Looking Statements
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