MARLTON, N.J., May 3 /PRNewswire-FirstCall/ -- Allegiant
Professional Business Services, Inc. (OTC Bulletin Board: APRO)
said today that it is poised to report projected gross billings of
$144 million for calendar year 2009.
In accordance with GAAP and subject to audit, APRO projects
reportable revenues of $47
million.
The company has also changed its fiscal year end to December 31.
CEO David Goldberg said that he
is pleased with the preliminary figures on the 2009 performance and
that 2010 also looks robust in sales and operations.
In other news, APRO announced today that it has completed its
financial records audit for the three-month period ending
December 31, 2008. Allegiant will
report revenues of $1,162,838 and a
net loss of $1,558,499. Due to the
late filing of its Form 10K for this reporting period, workers'
compensation liabilities were included through April 25, 2010, as such amounts were known as of
the date of this release. This resulted in a charge to earnings of
$1,064,000. The charges would not
have been reportable as of the timely date for the conclusion of
audit work. The resultant net loss would have been $494,499. Allegiant expects to file its Form 10K
within three weeks.
Management is now working on closing the subsequent quarters of
2009 and hopes to be caught up with all financial filings by
August 14, 2010.
Regarding the 2008 results, Goldberg said the problems of start
up and consolidation of systems and procedures has been completed
and looks forward to continuing improvement in the Company's
performance in the future periods.
Allegiant Professional Business Services, Inc. provides staffing
and PEO services to small and medium-size businesses, relieving our
clients from many of the day-to-day tasks that negatively impact
their core business operations, such as payroll processing, human
resources support, workers' compensation insurance, safety
programs, employee benefits, and other administrative and
aftermarket services predominantly related to staffing -- staff
leasing, temporary staffing and co-employment. We not only provide
core services but a wide selection of employee and employer
benefits and aftermarket products.
Safe Harbor:
Statements in this press release that are not historical facts
are forward-looking statements, including statements regarding
future revenues and sales projections, plans for future financing,
the ability to meet operational milestones, marketing arrangements
and plans, and shipments to and regulatory approvals in
international markets. Such statements reflect management's current
views, are based on certain assumptions and involve risks and
uncertainties. Actual results, events, or performance may differ
materially from the above forward-looking statements due to a
number of important factors, and will be dependent upon a variety
of factors, including, but not limited to, our ability to obtain
additional financing that will allow us to continue our current and
future operations and whether demand for our products and services
in domestic and international markets will continue to expand. The
Company undertakes no obligation to publicly update these
forward-looking statements to reflect events or circumstances that
occur after the date hereof or to reflect any change in the
Company's expectations with regard to these forward-looking
statements or the occurrence of unanticipated events. Factors that
may impact the Company's success are more fully disclosed in the
Company's most recent public filings with the U.S. Securities and
Exchange Commission ("SEC"), including its annual report on Form
10-K for the year ended Sept. 30,
2008, and its subsequent filings with the SEC.
SOURCE Allegiant Professional Business Services, Inc.
