SOURCE: SupportSave Solutions, Inc.

SupportSave Solutions, Inc.

September 01, 2009 22:24 ET

SupportSave Reports Fiscal 2009 Financial Results

ALAMO, CA--(Marketwire - September 1, 2009) - SupportSave 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.

About SupportSave Solutions, Inc.

SupportSave Solutions (OTCBB: SSVE) is a low-cost provider of outsourced customer service, technical support and back-office support which are delivered primarily to U.S.-based clients from our facilities in the United States and The Philippines from just $5 per hour.

For more information please visit: http://www.supportsave.com

Forward-Looking Statements

Certain statements, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements generally are identified by the words "believes," "project," "expects," "anticipates," "estimates," "intends," "strategy," "plan," "may," "will," "would," "will be," "will continue," "will likely result," and similar expressions. We intend such forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of complying with those safe-harbor provisions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements.


                        SUPPORTSAVE SOLUTIONS, INC.
                        CONSOLIDATED BALANCE SHEETS
                        AS OF MAY 31, 2009 and 2008


                                                          2009      2008
                                                        --------- ---------
                         ASSETS
CURRENT ASSETS
    Cash and cash equivalents                           $ 474,626 $ 436,719
    Investments in marketable securities                   98,063     1,538
    Accounts receivable - trade                            14,932     6,545
    Accounts receivable - other                             6,200         0
    Interest receivable                                       790         0
                                                        --------- ---------
  Total Current Assets                                    594,611   444,802
                                                        --------- ---------

PROPERTY AND EQUIPMENT, net                               130,546   107,781
                                                        --------- ---------

OTHER ASSETS
    Security deposit                                        7,482     7,482
    Note receivable - building                            210,000         0
    Deferred income tax                                    50,000         0
                                                        --------- ---------
Total Other Assets                                        267,482     7,482
                                                        --------- ---------

TOTAL ASSETS                                            $ 992,639 $ 560,065
                                                        --------- ---------

          LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
    Accounts payable                                    $  31,961 $  10,713
    Accrued wages                                          25,560       -0-
    Deferred revenue                                        2,719    17,733
                                                        --------- ---------
Total Current Liabilities                                  60,240    28,446
                                                        --------- ---------

STOCKHOLDERS' EQUITY
    Common stock, $.00001 par value, 100,000,000 shares
     authorized; 13,255,198 and 12,655,198 shares
     issued and outstanding at May 31, 2009 and 2008,
     respectively                                             132       126
    Additional paid in capital                          1,143,292   921,298
    Treasury stock                                        -64,207         0
    Cumulative translation adjustment                     -21,958    -9,833
    Accumulated deficit                                  -124,860  -379,972
                                                        --------- ---------
Total Stockholders' Equity                                932,399   531,619
                                                        --------- ---------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY              $ 992,639 $ 560,065
                                                        ========= =========







                        SUPPORTSAVE SOLUTIONS, INC.
                  CONSOLIDATED STATEMENTS OF OPERATIONS
                FOR THE YEARS ENDED MAY 31, 2009 and 2008


                                                       2009        2008
                                                    ----------- -----------
REVENUE
Sales                                               $ 1,974,163 $ 1,005,863
Less: returns and allowances                            -60,871     -16,093
                                                    ----------- -----------

TOTAL REVENUE                                         1,913,292     989,770

OPERATING EXPENSES                                    1,649,498   1,378,788
                                                    ----------- -----------

OPERATING INCOME (LOSS)                                 263,794    -389,018
                                                    ----------- -----------

OTHER INCOME (EXPENSE)
Interest income                                           6,250       3,543
Miscellaneous other income                                4,906           0
Gain on sale of investments                              24,712      32,913
(Losses) from currency hedging transactions             -96,282      -5,825
Gain on the sale of building                              1,732           0
                                                    ----------- -----------
TOTAL OTHER INCOME (EXPENSE)                            -58,682      30,631
                                                    ----------- -----------

NET INCOME (LOSS) BEFORE PROVISION FOR FEDERAL
 INCOME TAX BENEFIT (EXPENSE)                           205,112    -358,387

PROVISION FOR FEDERAL INCOME TAX BENEFIT (EXPENSE)       50,000           0
                                                    -----------

NET INCOME (LOSS)                                   $   255,112 $  -358,387
                                                    =========== ===========

NET INCOME (LOSS) PER SHARE: BASIC AND DILUTED      $      0.02 $     -0.03
                                                    =========== ===========

WEIGHTED AVERAGE SHARES OUTSTANDING: BASIC AND
 DILUTED                                             12,918,508  11,880,772
                                                    =========== ===========

Contact Information

  • Contact:

    SupportSave Solutions, Inc.
    Craig Jackson
    248-230-4101
    Email Contact