Supportsave Solutions (OTC BB:SSVE)

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Wednesday, May 2, 2012

SUPPORTSAVE SOLUTIONS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS ENDED FEBRUARY 29, 2012 AND FEBRUARY 28, 2011 (UNAUDITED)

	2012			2011
REVENUE
Sales	$	1,143,538		$	770,893
Less returns and allowances		-0-			(15,902	)

TOTAL REVENUE		1,143,538			754,991

EXPENSES
Wages and benefits		561,532			601,413
Rent		59,667			76,793
Telephone, internet and utilities		66,728			41,057
Commissions		13,820			42,695
Selling, general and administrative		294,431			112,400

TOTAL EXPENSES		996,178			874,358

OPERATING INCOME (LOSS)		147,360			(119,367	)

OTHER INCOME (EXPENSE)
Interest income		1,092			(42	)
Other income		22,286			-0-
Bad debt expense		-0-			(110,000	)
Settlement expense		(10,235	)		(32,000	)

TOTAL OTHER INCOME (EXPENSE)		13,143			(142,042	)

NET INCOME (LOSS) BEFORE PROVISION FOR FEDERAL INCOME TAX (BENEFIT)		160,503			(261,409	)

PROVISION FOR FEDERAL INCOME TAX (BENEFIT)		56,000			(91,000	)

NET INCOME (LOSS)	$	104,503		$	(170,409	)

NET INCOME (LOSS) PER SHARE:
BASIC AND DILUTED	$	0.01		$	(0.01	)

WEIGHTED AVERAGE SHARES OUTSTANDING:
BASIC AND DILUTED		17,164,617			15,186,031

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Tuesday, January 24, 2012

SUPPORTSAVE SOLUTIONS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED NOVEMBER 30, 2011 AND 2010 (UNAUDITED)

	2011			2010
REVENUE
Sales	$	899,505		$	750,424
Less returns and allowances		-0-			(3,780	)

TOTAL REVENUE		899,505			746,644

EXPENSES
Wages and benefits		443,483			706,096
Rent		53,500			28,177
Advertising		132			13,076
Telephone, internet and utilities		28,199			52,340
Commissions		11,167			37,124
Settlements expense		(2,000	)		-0-
Legal and accounting		15,217			20,374
Depreciation		18,230			14,825
Selling, general and administrative		172,167			66,837

TOTAL EXPENSES		740,095			938,849

OPERATING INCOME (LOSS)		159,410			(192,205	)

OTHER INCOME (EXPENSE)
Interest income		2,291			5,622
Other income		2			204
Gains/(losses) on sales of investments		(4,995	)		-0-
Gains/(losses) on sales of assets		(2	)		-0-

TOTAL OTHER INCOME (EXPENSE)		(2,704	)		5,826

NET INCOME (LOSS) BEFORE PROVISION FOR FEDERAL INCOME TAX (BENEFIT)		156,706			(186,379	)

PROVISION FOR FEDERAL INCOME TAX (BENEFIT)		54,000			(65,000	)

NET INCOME (LOSS)	$	102,706		$	(121,379	)

NET INCOME (LOSS) PER SHARE:
BASIC AND DILUTED	$	0.01		$	(0.01	)

WEIGHTED AVERAGE SHARES OUTSTANDING:
BASIC AND DILUTED		18,417,143			14,728,558

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Monday, October 17, 2011

SUPPORTSAVE SOLUTIONS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS ENDED AUGUST 31, 2011 AND 2010 (UNAUDITED)

	Three Months Ended			Three Months Ended
	August 31, 2011			August 31, 2010
REVENUE
Sales	$	911,171		$	572,587
Less returns and allowances		(2,651	)		(5,934	)

TOTAL REVENUE		908,520			566,653

EXPENSES
Wages and benefits		407,895			680,948
Rent		67,595			27,034
Advertising		16,434			20,539
Telephone, internet and utilities		45,979			25,250
Commissions		14,550			16,910
Settlements expense		4,500			-0-
Legal and accounting		6,737			8,381
Depreciation		17,798			14,480
Selling, general and administrative		109,717			44,799

TOTAL EXPENSES		691,205			838,343

OPERATING INCOME (LOSS)		217,315			(271,690	)

OTHER INCOME (EXPENSE)
Interest income		1,698			5,806

TOTAL OTHER INCOME (EXPENSE)		1,698			5,806

NET INCOME (LOSS) BEFORE PROVISION FOR FEDERAL INCOME TAX (BENEFIT)		219,013			(265,884	)

PROVISION FOR FEDERAL INCOME TAX (BENEFIT)		77,000			(93,000	)

NET INCOME (LOSS)	$	142,013		$	(172,884	)

NET INCOME (LOSS) PER SHARE:
BASIC AND DILUTED	$	0.01		$	(0.01	)

WEIGHTED AVERAGE SHARES OUTSTANDING:
BASIC AND DILUTED		19,769,266			14,728,558

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Thursday, September 15, 2011

SUPPORTSAVE SOLUTIONS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE YEARS ENDED MAY 31, 2011 AND 2010

	2011			2010
REVENUE
Sales	$	2,845,159		$	2,866,822
Less: returns and allowances		(38,613	)		(54,333	)

NET REVENUE		2,806,546			2,812,489

OPERATING EXPENSES
Wages and benefits		2,963,906			1,656,087
Rent		211,767			103,977
Advertising		87,050			104,390
Telephone, internet and utilities		149,972			145,679
Commissions		165,889			283,526
Severance		149,000			0
Legal and accounting		94,673			62,472
Depreciation		74,240			58,318
Selling, general and administrative		184,308			206,541
TOTAL OPERATING EXPENSES		4,080,805			2,620,990

OPERATING INCOME (LOSS)		(1,274,259	)		191,499

OTHER INCOME (EXPENSE)
Interest income		13,240			16,922
Miscellaneous other income		1,154			235
Gain on sale of investments		0			7,895
Write off of note receivable		(110,000	)		0
Gain (loss) from currency hedging transactions		0			54,964
Gain (loss) on sale of assets		(15,210	)		149,540
TOTAL OTHER INCOME (EXPENSE)		(110,816	)		229,556

NET INCOME (LOSS) BEFORE PROVISION FOR FEDERAL INCOME TAX (BENEFIT) EXPENSE		(1,385,075	)		421,055

PROVISION FOR FEDERAL INCOME TAXES (BENEFIT) EXPENSE		(485,000	)		147,000

NET INCOME (LOSS)	$	(900,075	)	$	274,055

NET INCOME (LOSS) PER SHARE: BASIC AND DILUTED	$	(0.06	)	$	0.02

WEIGHTED AVERAGE SHARES OUTSTANDING: BASIC AND DILUTED		15,771,646			13,638,800

The accompanying notes are an integral part of the financial statements

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Tuesday, January 18, 2011

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS ENDED NOVEMBER 30, 2010 AND 2009 (UNAUDITED)

	2010			2009
REVENUE
Sales	$	750,424		$	851,056
Less returns and allowances		(3,780	)		(3,091)

TOTAL REVENUE		746,644			847,965

EXPENSES
Wages and benefits		706,098			237,085
Rent		28,177			19,768
Telephone, internet and utilities		52,340			29,356
Commissions		37,124			71,793
Selling, general & administrative		115,110			99,924

TOTAL EXPENSES		938,849			457,926

OPERATING INCOME (LOSS)		(192,205	)		390,039

OTHER INCOME (EXPENSE)
Interest income		5,622			3,093
Other income		204			-0-
Gains/(losses) from currency hedging contracts		-0-			9,444
Gains/(losses) on sales of assets		-0-			(3,152)

TOTAL OTHER INCOME (EXPENSE)		5,826			9,385

NET INCOME (LOSS) BEFORE PROVISION FOR FEDERAL INCOME TAX BENEFIT		(186,379	)		399,424

PROVISION FOR FEDERAL INCOME TAX (BENEFIT)		(65,000	)		140,000

NET INCOME (LOSS)	$	(121,379	)	$	259,424

WEIGHTED AVERAGE SHARES OUTSTANDING: BASIC AND DILUTED		15,068,531			13,255,198

NET INCOME (LOSS) PER SHARE: BASIC AND DILUTED	$	(0.01	)	$	0.02

As demonstrated above and going forward, we will experience higher costs related to the compensation of our new management team and the build out and migration to our new 550 seat operation center in the Cybergate building in Cebu, Philippines. The new management team’s stock-based compensation awards are scheduled to continue through the end of the fiscal year, significantly increasing our salary and compensation expense in the near-term. In addition, our new facility was opened in early December 2010 and we experienced higher costs as we migrate to the facility. We believe the new management team and larger, more modern facility will position us to pursue new business contracts that are much larger than the typical and traditionally smaller BPO contracts we now have. Consequently, we anticipate the increased expense associated with the management team and facility will impair our profitability in the near-term and mid-term, but we also anticipate significant improvement in both overall revenues and profits in the long-term as these new contracts are secured and ramp up.

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