Certified Services, Inc. Announces First Quarter 2003 Results.Business Editors NEW YORK--(BUSINESS WIRE)--May 1, 2003 Certified Services, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CSRV CSRV Civil Service Rifle Volunteers (British) CSRV Coates Spherical Rotary Valves ) a leading provider of professional employer organization A professional employer organization (PEO) provides outsourcing of payroll, workers' compensation, human resources and employee benefits administration. It does this by hiring a client company’s employees, thus becoming their employer of record. (PEO) services, today announced results for the first quarter of 2003. Revenues were $12,712,527 compared to $5,205,570 in the prior year's quarter. Net income was $717,443, or $0.08 per share on 8,448,922 weighted average shares outstanding, compared to $774,303 or $0.23 per share on 3,421,145 weighted average shares outstanding during first quarter 2002. "We view our first quarter results as a positive indicator that our overall business strategy of integrating several PEO businesses while developing standardization is on target. Our improvements in pricing and cost management were evident considering first quarter results are generally weaker due to many payroll taxes being at their peaks and sharply declining throughout the year," said CSRV's Dan L. Pixler, President and Chief Executive Officer. "Our focus during the second quarter of 2003 is to finalize and consummate the acquisition of StaffAmerica and its related companies from BACE n., a., & 1. See Base. International. Closing the StaffAmerica acquisition will substantially advance CSRV's five-year business plan of providing human resource solutions to an estimated 100,000 worksite employees nationwide," stated Mr. Pixler. "With the addition, integration and standardization of StaffAmerica we will be providing PEO services to more than 1,800 clients with approximately 60,500 worksite employees in 32 states." CSRV is a New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of based holding company engaged in the professional employer organization (PEO) industry. Through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , The Cura CURA Community-University Research Alliance CURA Centre Universitaire de Recherche en Astrologie CURA Cambridge University Rifle Association Group, Inc., CSRV provides a broad range of services for small and medium size businesses including payroll and benefits administration, employee record keeping and regulatory compliance, health and workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. insurance programs, and worksite safety management. 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 Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial " section of the Company's Form 10-KSB and other reports and filings with the Securities and Exchange Commission. |
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