Certified Services' Year End 2002 Earnings Improve By 500%.Business Editors NEW YORK--(BUSINESS WIRE)--March 31, 2003 Certified Services Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CSRV CSRV Civil Service Rifle Volunteers (British) CSRV Coates Spherical Rotary Valves ), reported today that its year end 2002 earnings increased by nearly 500 percent due to strong organic sales growth, gains in cost savings due to the successful integration of various PEO operations, increased productivity and sales gains achieved from its acquisition of The Cura CURA Community-University Research Alliance CURA Centre Universitaire de Recherche en Astrologie CURA Cambridge University Rifle Association Group Inc. The New York-based PEO holding company reported earnings of $2.99 million, or 51 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. for the year ended December 31, 2002. These earnings reflected an increase in earnings from a loss of ($734 thousand), or ($0.21 cents) a share, a year ago, as reported in the Company's Form 10-KSB. Sales for the year end grew by 294 percent to $542 million gross billings with net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of $40.5 million, up from $166 million gross billings last year with net sales of $13.7 million. In trading on the OTCBB, Certified Services shares closed Friday at $1.22. Dan L. Pixler, President, said the year end showed the strength of merging all of our PEO companies into The Cura Group. "While our New Jersey service center provided strong sales in the first half of the year, our growth accelerated in the second half of the year due the acquisition of The Cura Group of Ft. Lauderdale, Florida and the establishment of a Tampa, Florida “Tampa” redirects here. For other uses, see Tampa (disambiguation). Tampa is a United States city in Hillsborough County, on the west coast of Florida. It serves as the county seat for Hillsborough County.GR6. service center," he said. "Net sales were strong in spite of the challenges encountered in integrating three PEO business units." Pixler said Certified Services expects slightly better earnings during the current year than its earlier internal guidance. The company expects earnings for this year to be in the range of $0.50 cents to $0.55 cents per share. Dunlap & Kieft are providing research and analytical profiles and reports for the company. Certified Services Inc. 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 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") industry. The company currently serves more than 800 clients, with more than 32,000 worksite employees in 28 states. This press release contains statements related to future events and expectations and, as such, constitutes forward-looking statements. 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 revise 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 companies ability to implement price increases, the companies 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-K-SB and other reports and filings with the Securities and Exchange Commission. |
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