Primary Business Systems, Inc. Announces Second Straight Quarter of Stellar Growth, Highest in Company History
Company reduces operating expenses and generates substantial profit.
San Antonio, TX (PRWEB) August 18, 2005 -- Primary Business Systems, Inc. (Ticker PYBS) announced that for its third fiscal quarter ending June 30, 2005 that gross profit grew a record breaking 80% over Q3, 2004. This follows growth in Q2, 2005 of 62%. Operating expenses grew 24% during for the six months ended June 30, or approximately one-third the revenue growth over the same period. The Company delivered net income of 16% in Q3.
"This represents a new era for PBS," says President Rick Matthews. "Last year we revised our sales approach and we are now seeing the results. Our goal was to consistently outpace HR industry growth by at least 50%. During the past two quarters we surpassed industry growth by over 100% and generated a substantial profit," says Matthews. "PBS has recently eliminated certain expenses related to legal matters that have been resolved. This will directly benefit our future profitability. Also, the overall employment market continues to improve. We believe that these events combined with our aggressive sales model are positioning PBS for sustained growth," comments Matthews.
For more information visit our website at www.pbs-sa.com.
About PBS, Inc.
Primary Business Systems Inc. (Ticker PYBS) is a human resource services provider. PBS serves small to medium-sized businesses by outsourcing the human resource burden of reporting, regulations, legalities, screening and administration. We help clients compete more effectively by allowing them to focus their resources on serving customers and building their business. PBS is becoming an end-to-end business services company with a value proposition that integrates HR, insurance and related business services.
Safe Harbor:
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Primary Business Systems, Inc., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
Contact:
Rod Watkins, Investor Relations
888-658-4675
investorrelations@pbs-sa.com
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