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[QUOTE]Originally posted by Purl Gurl: [QB] [...] COMPARISON OF RESULTS FOR THE NINE MONTHS ENDED JUNE 30, 2005 AND 2006 REVENUES. From the nine month quarter ended June 30, 2005 to the nine month quarter ended June 30, 2006 revenues increased by $363,118 or 15.6% from $2,321,550 to $2,684,668. The increase in revenues is due to the addition of new customers and products during the nine months ended June 30, 2006. Clancy's Remit-online.com service has processed 129,504 transactions totaling $5,192,061 for the nine months ended June 30, 2006. Revenues are generated based on a per transaction fee less bank processing costs. The gross amount of cash flowing through Remit-online.com cannot be presented as revenue based on the SEC accounting guidance. The Company only presents its net profit from each transaction as revenue in the statements of operations. COST OF SERVICES. For the nine months ended June 30, 2005 compared to the nine months ended June 30, 2006, cost of services decreased by $13,041 or 2.3% from $557,299 to $544,258 for the Company. Cost of services as a percentage of service contract income was 29.7% for the 2005 quarter and 24.4% for the 2006 quarter. RESEARCH AND DEVELOPMENT. The Company's parking enforcement systems research and development costs decreased from $45,020 to $35,358, or 21.5%, from the nine months ended June 30, 2005 to 2006. Product development and improvement is still paramount to the Company, and costs are being incurred for development of several new items. GENERAL AND ADMINISTRATIVE. General and administrative expenses increased by $120,309 or 8.5% from $1,412,168 to $1,532,477 for the nine months ended June 30, 2005 and 2006, respectively. The increase relates primarily to increased rent, salaries, office supplies, health insurance, repairs and maintenance, and UTS opening offices in additional cities. -12- NET INCOME. For the nine months ended June 30, 2006, the Company reported net income of $279,016 compared to $152,692 for the nine months ended June 30, 2005. The primary reason for the increase in net income is the increase in net revenue which is discussed above. [...] Full filing: http://www.sec.gov/Archives/edgar/data/789318/000078931806000010/a10q0606.txt Slow, steady growth as expected. Purl Gurl [/QB][/QUOTE]
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