Single Source Announces Second Quarter Results.Business Editors LOS LOS Length of stay, see there ANGELES--(BUSINESS WIRE)--June 21, 2002 Single Source 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. Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :SSFL SSFL Santa Susana Field Laboratory (Boeing Company, Rocketdyne Propulsion and Power, Ventura, California) ), a financial services provider, reported today its results from operations for the three and six month periods ended April 30, 2002. Revenues for the three months ended April 30, 2002 were $5,817, compared to revenues of $116,871 for the same period a year ago. Net loss for the quarter was ($289,879) or less than ($0.01) per basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to net loss of ($100,140) or ($0.04) per basic and diluted share for the prior year period. The weighted average number of common shares outstanding for the three months ended April 30, 2002 was 58,413,375, compared to split adjusted shares of 47,382,756 for the prior year period. For the six-month period ended April 30, 2002, revenues were $18,912, compared to revenues of $515,432 in the same period a year ago. Net loss for the six-month period was ($475,249) or ($0.01) per basic and diluted share, compared to net loss of ($529,326) or ($0.04) per basic and diluted share for the prior year six-month period. Arnold F. Sock, Chief Executive Officer of Single Source Financial Services Corporation, stated, "The decrease in reported revenues was primarily due to the termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. of a relationship with a former employee. These revenues do not include the results of CardReady's operations. Unfortunately, the numbers we are reporting do not reflect the effort we are exerting to make CardReady's business activities profitable in the near future. As most of our shareholders know, in November November: see month. , 2001, we obtained an option to purchase the majority of the stock of CardReady, and we subsequently exercised our option, and expect to close on the acquisition by September September: see month. 1, 2002. "Since signing the option we have focused most of our efforts on assisting CardReady in building its business, and we have certainly achieved significant improvement in CardReady's operating results. From the date of signing the option through to April 30, 2002, CardReady generated approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $566,817 in revenues. Further, during that period, CardReady has grown from monthly merchant processing volume of $1,032,460 in November, 2001 to monthly merchant processing volume of $4,581,877 in April, 2002." Mr. Sock continued, "Once the acquisition is finalized See finalization. , the revenue generated by CardReady will be reportable as revenue of SSFL. Assuming the acquisition of CardReady proceeds as scheduled, and based on our current projections, we should be profitable beginning in the first quarter of fiscal year 2003 (period ending January January: see month. 31, 2003). We are projecting revenues for first quarter of fiscal 2003 to be approximately $1.8 million, with a net profit before tax of approximately $600,000." Single Source Financial Services Corporation Single Source Financial Services Corporation provides financial products and services to small and mid-sized businesses. The Company's focus is the marketing and sale of credit and debit card debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. processing services to "brick and mortar See bricks and mortar. " and web-based merchants. Single Source places its merchant clients with CardReady International, Inc. for credit and debit card processing services. Single Source has just exercised its option to purchase CardReady with the closing to occur by September 1, 2002. CardReady International, Inc. CardReady International, Inc. (www.cardready.com), a bankcard bank·card n. A card issued by a bank authorizing the holder to receive bank services and often functioning as a debit card. processor, currently provides merchant credit card processing services to small and mid-size businesses. As such, CardReady is responsible for the acquisition of merchant processing relationships on behalf of banking institutions. In addition to its core credit card processing services, CardReady recently began offering debit card processing for its merchant clients. For more information, please visit www.magnumfinancial.com or www.mysinglesource.com. The matters set forth in this news release may contain 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. . Forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from expectations. Contributive factors to such differences include those identified in the company's filings with the Securities and Exchange Commission ("SEC").
SINGLE SOURCE FINANCIAL SERVICES CORP
STATEMENTS OF CONSOLIDATED OPERATIONS
For the Three Months For the Six Months
Ended April 30, Ended April 30,
2002 2001 2002 2001
Unaudited Unaudited Unaudited Unaudited
Revenues $5,817 $116,871 $18,912 $515,432
Cost of revenues (1,933) (21,275) (8,265) (99,995)
---------- ---------- ---------- ----------
Gross profit 3,884 95,596 10,647 415,437
Selling, general,
and administrative
expenses (265,374) (184,032) (448,778) (925,234)
---------- ---------- ---------- ----------
Net (loss)
from operations (261,490) (88,436) (438,131) (509,797)
Other income (expenses)
Income from office
sublease 2,400 -- 13,600 --
Interest income 437 134 873 575
Interest expense (31,226) (11,838) (50,691) (19,304)
---------- ---------- ---------- ----------
Net Income (Loss)
before income taxes (289,879) (100,140) (474,349) (528,526)
Provision for income tax -- -- (900) (800)
---------- ---------- ---------- ----------
Net (Loss) $(289,879) $(100,140) $(475,249) $(529,326)
========== ========== ========== ==========
Basic (Loss) Per Share $(0.00) $(0.04) $(0.01) $(0.04)
========== ========== ========== ==========
Weighted average shares
outstanding 58,413,375 11,845,689 57,964,616 11,845,689
========== ========== ========== ==========
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