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.
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.