Accesspoint Records Monthly Net Income for First Time in Company's 7-Year History.Business Editors LOS ANGELES--(BUSINESS WIRE)--Oct. 10, 2003 Accesspoint Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ASAP (chat) asap - As soon as possible. ) today announced a historic moment in the ongoing operational turnaround of the company: the company recorded its first net income for the month and eight months ended August 31, 2003. The company reported unaudited net income of $21,075 on revenues of $9,004,350 for the eight months ended August 31, 2003 and net income of $358,573 on revenues of $1,098,295 for the month of August 31, 2003. Due to the recent settlement of a number of protracted pro·tract tr.v. pro·tract·ed, pro·tract·ing, pro·tracts 1. To draw out or lengthen in time; prolong: disputants who needlessly protracted the negotiations. 2. legal disputes, the company has been able to record significant income related to the forgiveness of debt accrued for in prior periods related to the lawsuits. Despite the obstacles that the current management team confronted upon assuming control in January 2002, the company has improved its operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. consistently for each period of the year 2003. The merchant portfolio of the company has experienced a net gain of more than 13% from the prior year, making the total increase in gross margin per transaction 30%. The increase in gross margin is due to changes in the portfolio which have delivered higher quality merchants with larger per transaction margins and lower chargebacks. The company is also continuing its program for specialized service to the largest and most profitable merchants while increasing its level of interaction with all merchants. Forward Looking Statements This press release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. created thereby. Investors are cautioned that certain statements in this release are "forward looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 and involve known and unknown risks, uncertainties and other factors. Such uncertainties and risks include, among others, certain risks associated with the operation of the company described above. The Company's actual results could differ materially from expected results. |
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