CLEVELAND, Feb. 16, 2011 (GLOBE NEWSWIRE) -- SearchPath HCS Inc. (Pink Sheets:SRCP) announced that its total revenues of $973,983 for the 2010 calendar year-end increased 30% over the same period in 2009 when the Company reported total revenue of $750,730. During the release of its second quarter results for fiscal 2011, SearchPath, a leading human capital solutions provider, announced that it has shown continuing improvement, narrowing its operating loss to $15,395 from a net operating loss of $373,917 in 2009.
Calendar Year End Franchise Royalties and Corporate Placement Fees Increase
SearchPath's annual calendar year royalty income increased 17% versus the same 12 month period in 2009. In 2009, the company had experienced 16% annual calendar year growth versus the prior 2008 calendar year. For the calendar year end, corporate placement fees of $281,791 increased 396% YOY from $60,125.
Disciplined Cost Containment, Stabilized Franchise Income, Refocused Placement Efforts
"Thanks to the positive programs we've put in place, SearchPath has been able to come through this very tough economy with a clear record of stable growth, as indicated by two straight years of royalty increases," observed Thomas K. Johnston, Chief Executive Officer of SearchPath HCS, Inc. "Our aggressive placement fee velocity this year is a dramatic result of SearchPath's focus on revenue generation since completing a successful effort to solidify franchise relations and net income."
About SearchPath HCS, Inc.
SearchPath HCS, Inc. is a rapidly growing human capital solutions firm and the parent company of SearchPath International, Inc. (SPI) . SPI is a U.S.-based talent acquisition professional services firm, with 65 franchises nationwide. Founded in 2005, SPI's goal is to become the premier, vertically-integrated provider of talent acquisition professional services in the world. In addition to being a stand-alone talent and acquisition services firm, SPI is also a franchisor of its business that has redefined the way clients do business with recruiters by implementing a client-centric approach that combines proven industry best practices and revolutionary concepts.
Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of1934. All statements, other than statements of historical fact, including, without limitation, those with respect to the objectives, plans and strategies of the Company and SPI set forth herein and those preceded by or that include the words "believes,'' "expects,'' "given,'' "targets,'' "intends,'' "anticipates,'' "plans,'' "projects,'' "forecasts'' or similar expressions, are "forward-looking statements." Although the Company's management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties which could cause the Company's future results to differ materially from those anticipated. The Company assumes no obligation to update any of the information contained or referenced in this press release.
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