CSRV .80/.84...mixed picture due to this lawsuit...if it does come into play. But, $.05 for the qtr and $1.6m for the 9mo is $.19 per sh net inc for the 9mo:
(COMTEX) B: Certified Services, Inc. Summarizes Third Quarter Results
B: Certified Services, Inc. Summarizes Third Quarter Results
FT. LAUDERDALE, Fla., Nov 18, 2003 (BUSINESS WIRE) -- Certified Services, Inc.
(OTCBB:CSRV) a leading provider of human resource management services, today
announced its results for the third quarter of 2003. As reported in the
Company's Form 10-QSB, net revenues increased to $20,343,067 or 8.0% of gross
billings of $254,760,225, compared to $12,606,773 or 7.0% of gross billings of
$177,833,267 in the prior year's quarter. Income from operations also increased
to $796,984 or 3.9% of net revenues compared to $384,169 or 3.0% of net revenues
in the prior quarter. As a result, this third quarter net income was $500,691 or
$0.05 per share on weighted average shares outstanding of 9,197,811 compared to
$711,036 (including a tax benefit of $326,867) or $0.10 per share on 6,949,978
weighted average shares outstanding during the prior year's third quarter.
Dan L. Pixler, President and CEO of CSRV stated, "This was a quarter in which
our company had to face several considerable challenges, the ultimate results of
which are still unknown. The third quarter has presented us with a lawsuit which
could require the reconfiguration of our long-term risk management strategy, and
reconstitution of our capital arrangement with our primary shareholder and risk
manager. The third quarter results, however, demonstrate the extraordinary
efforts of our entire team. While faced with these hurdles, we have been able to
improve our third quarter operating income by 30% since 2002. The Company's
acquisitions, including the recently acquired PEO operations of BACE
International, Inc., have created many of the economies of scale and reductions
of departmental duplication we had hoped for that are beginning to have a
positive financial impact on our company."
In conclusion, Pixler commented, "Notwithstanding the self-financing of all of
our acquisitions and growth, our company has enjoyed seven consecutive quarters
of profitability. We could not be prouder of our people who have made this
possible."
CSRV is a Fort Lauderdale based holding company now entering its third year of
operation. It currently provides, through its wholly owned subsidiaries The Cura
Group, Inc. and American HR Holdings, Inc., a broad range of human resource
management services for small and medium size businesses including payroll and
benefits administration, employee record keeping and regulatory compliance,
health and workers' compensation insurance programs, and worksite safety
management. The company distributes approximately $1 billion of payroll and
related benefits on behalf of 1,900 clients to approximately 50,000 worksite
employees from its five service centers located in Florida, New Jersey and
Texas.
This document includes forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act
of 1934. These forward-looking statements are subject to known and unknown
risks, uncertainties and other factors that may cause actual results,
performance, or achievements of the company to be different from those expressed
or implied above. The company expressly disclaims any duty to update or revised
forward-looking statements. The risks and uncertainties which forward-looking
statements are subject to include, but are not limited to, the effect of
governmental regulations, the economy, competition, the company's ability to
implement price increases, the company's ability to integrate its enhanced
payroll processing software and other risks detailed from time to time in the
"Management's Discussion and Analysis" section of the Company's Form 10-KSB and
other reports and filings with the Securities and Exchange Commission.
SOURCE: Certified Services, Inc.
CONTACT: Certified Services, Inc., Ft. Lauderdale
Danny L. Pixler, 954-677-0202
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KEYWORD: TEXAS NEW JERSEY FLORIDA
INDUSTRY KEYWORD: HUMAN
RESOURCES
EARNINGS
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