GBSS .15 x .17 Global Business Services, Inc. Announces Operating Results for Second Quarter
Ending December 31, 2003
BEVERLY HILLS, Calif., Feb 18, 2004 (BUSINESS WIRE) -- Global Business
Services, Inc. (OTCBB:GBSS) and its subsidiary, Postal Connections, a rapidly
growing network of franchise stores in the retail postal and business services
industry, announced today an increase in second quarter revenues, accompanied by
increased operating income and net income for the six-month period ended
December 31, 2003.
Second Quarter Results
Total revenues increased from $461,429 to $1,225,029 an increase of 165%. Sales
of franchises increased 220% from $358,325 to $1,148,938. Operating expenses
decreased from $2,016,718 to $885,697 or 56%. Operating income rose $1,894,621
from a net loss of $1,555,289 to net income of $339,332. Net income for the six
months ended was $212,853 or $0.01 per share as compared to a net loss of
$1,731,738 or ($0.14) per share.
"Our improved results for the six months were due to higher sales of individual
franchises, as well as two area franchise sales, including the Los
Angeles/Ventura County and Chicago area, and the reduction of operating
expenses," stated Michael Handelman, Chief Financial Officer. "We are pleased
with our sales growth and continued reduction of operating expenses. Our
operating subsidiary, Postal Connections, based in San Diego, now has 58
franchises sold and 7 area franchise sales."
"The second quarter of continued profitable operations shows the results of
management's ongoing efforts and clearly indicates that the Company is headed in
the proper direction," says Steve Thompson, CEO and President of Global Business
Services, Inc. "Consistent profitable performance, while building a solid,
competitive, growth oriented franchise-company, remains the objective."
Forward-looking statements contained herein are made pursuant to the "safe
harbor" provisions of the Private Securities Litigation Reform Act of 1995.
Actual results may be materially different. Factors that could cause actual
results to differ include activity levels in the securities markets and other
risk factors such as the ability of the Company to meet its working capital
needs, the ability of the Company to successfully market its goods and services,
and other risks detailed in the Company's periodic filings with the Securities
and Exchange Commission.
SOURCE: Global Business Services, Inc.
CONTACT: Global Business Services, Inc
Stephen Thompson (President & CEO), 310-288-4585
or
Michael Handelman (CFO), 310-360-1215 ext. 222
mhandelman@gbsi.biz
www.gbsi.biz
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Copyright (C) 2004 Business Wire. All rights reserved.
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KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: RETAIL
EARNINGS
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