Cypress Financial Services Inc. announces earnings for second quarter ended March 31, 1997.CYPRESS, Calif.--(BUSINESS WIRE)--May 7, 1997--Cypress Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:CYFS CYFS Check Your Faulty Spelling (polite form) ) reported profits of $1,778 for the second fiscal quarter ended March 31, 1997 compared with profits of $48,444 during the same period a year ago. The profits of $1,778 for the second fiscal quarter reflect a substantial improvement over the loss of $135,420 incurred during the first fiscal quarter ended Dec. 31, 1996. Revenues for the second quarter were $1,375,938 compared with $1,216,868 for the first quarter. For the six months ended March 31, 1997, the company reported revenues of $2,592,806 as compared with $2,461,374 for the six months ended March 31, 1996. The 5.3 percent increase in revenues resulted from the increase in the company's sales and collection of its portfolio receivables. The company reported a net loss of $133,642 for the six months ended March 31, 1997 as compared with a net loss of $11,910 for the six months ended March 31, 1996. The increase in net loss was due to increases in operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. and certain revenue loss during the first quarter. The company experienced down time in collection activity in the first quarter due to upgrading its collection software, computer hardware and additional personnel training time. In January 1995, Cypress Financial Services Inc. diversified its operations from recovery of accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying on contingency to include the company's direct purchases of discounted portfolio receivables for its own collection account. The company recognized a $507,688 gross profit from this activity for the six months ended March 31, 1997 as compared with a $48,050 gross profit recognized for the six months ended March 31, 1996. The company has a remaining face value portfolio receivables balance of $63,468,530 as of March 31, 1997. Cypress Financial Services Inc., with headquarters in Cypress, is a diversified accounts receivable and debt recovery services company currently operating throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Japan, employing over 118 people from its corporate headquarters. CONTACT: Cypress Financial Services, Cypress Otto J. Lacayo, 714/995-0627, Ext. 344 800/633-2668, Ext. 344 URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. : http://www.cypress1.com |
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