|
Total income climbs to $1.1 million - quarterly net income increases to $351,389 - or $0.02 per share LAS VEGAS– Public Company Management Corporation (OTC BB:PUBC) announced that revenues for the quarter ending 12/31/04 increased 270% or by $296,284, from $109,708 to $405,992, compared to the corresponding period previous year. The increase is revenue was attributable to both higher client activity and the receipt of additional Healthcare Business Services Group, Inc. (OTCBB:HBSV -News), formerly Winfield Financial Group, shares for additional services beyond the original contract agreement. PUBC had total other income of $726,460, as compared with a net expense of $25,787, or an increase of $775,346. $742,256 of this difference was from unrealized holding gains on customer stocks held during the quarter. PUBC’s selling, general and administrative expenses ("SG&A") increased $420,710, from $166,892 to $587,602. This increase was mainly attributable to approximately $250,000 incurred on research reports, earning calls, audited financials, and public relations. PUBC had net income of $351,389 for the first quarter of 2005 compared to a net loss of $89,984 during the corresponding period previous year. The increase in net income is mainly attributable to increases in unrealized gain on holding securities. According to Stephen Brock, Chief Executive Officer of PUBC, “The outstanding quarterly performance substantially exceeded our public guidance and Spelman Research’s published expectations. This quarter lays the groundwork for demonstrating that PUBC is executing its business plan with a balanced top line and realized/unrealized portfolio gains platform. Our deal flow has recently been extremely robust and we have a healthy backlog of business going into this next quarter. We will release our FYE05 revenue estimates within a week.”
PUBLIC COMPANY MANAGEMENT CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
3-Month Periods Ended December 31, 2004 and 2003
(Unaudited)
2004 2003
--------- ----------
Revenue $ 405,992 $ 109,708
Selling, general & administrative 587,602 166,892
Depreciation and amortization 12,442 7,013
--------- ----------
Total operating expenses 600,044 173,905
--------- ----------
Net income (loss) from operations (194,052) (64,197)
--------- ----------
Other income and (expense)
Interest expense (11,121) (1,733)
Interest income 6,464 8
Realized gain on sale of securities 101,324 88,401
Unrealized gain (loss) on holding securities 629,793 (112,463)
--------- ----------
Total other income and (expense) 726,460 (25,787)
--------- ----------
Net income (loss) before income taxes 532,408 (89,984)
--------- ----------
Deferred income tax (benefit) 181,019 -
--------- ----------
NET INCOME (LOSS) $ 351,389 $ (89,984)
--------- ----------
--------- ----------
Basic and diluted loss per share $.02 $(.01) Weighted average shares outstanding 21,065,730 15,731,274 Last week, PUBC announced it had retained Hawkwood Capital Partners to spearhead the company’s strategic alliance initiatives. Scott Carroll, principal of Hawkwood Capital Partners and a veteran of Merrill Lynch (NYSE:MER - News) and Citicorp Mortgage (NYSE:C - News), will manage the business development initiative program. The company also filed an amended report on Form 8-K to report adjustments to audited financial statements that were previously filed. Certain errors were uncovered resulting in an understatement of previously reported net income and an overstatement of previously reported paid in capital as of September 30, 2004. For more information see SEC filings at www.sec.gov. About Public Company Management Corporation PCMC helps business owners create liquidity for investors and long-term value for their companies, shareholders and partners by participating in public capital markets. PCMC supports the full lifecycle of entering the public market through its various subsidiaries: Education Registration and listing Regulatory compliance PCMC leads by example, demonstrating to current and future clients best practices in taking a company public, investor relations, public relations, regulatory compliance, and raising capital. Contact: Safe Harbor This press release contains or may contain forward-looking statements such as statements regarding the Company’s growth and profitability, growth strategy, liquidity and access to public markets, operating expense reduction, and trends in the industry in which the Company operates. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company’s filings with the Securities and Exchange Commission. The Company assumes no obligation to update these forward-looking statements to reflect actual results, changes in risks, uncertainties or assumptions underlying or affecting such statements, or for prospective events that may have a retroactive effect. |
 |
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
 |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
 |
© 2004 - 2010 Public Company Management Corporation - All Rights Reserved Home | Site Map |
 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||