Polaris International Holdings, Inc. (Pink Sheets: PIHN), a global IT outsourcing services company with a U.S.-Japan dual market base today announced unaudited consolidated financial results for the first fiscal quarter of 2010 ended December 31, 2009 (all figures in U.S. dollars).
During the quarter ended December 31, 2009, the Company completed the acquisition of the IT business of Staff IS Co., Ltd. and Polaris Technologies, Inc. in Japan and established its core operations. Polaris Technologies became an ASP division of Staff IS. These acquisitions have provided the Company steady revenues, experienced staff and high profile customers. An application service provider (ASP) is a business that provides computer-based services to customers over a network.
“Our subsidiary in Japan performed well, despite an increasingly difficult economic environment,” said Kuni Misawa, CEO/President of Polaris International Holdings, Inc. “Our operations in Japan continue to expand. Additionally, the Company currently plans to launch U.S. based business activities in the second quarter of 2010 while our focus remains on research and exploring additional outsourcing service companies as potential acquisition targets in North America.”
2010Q1 Financial Summary
2010Q1 Financial Statements include Real Estate division financials of Staff IS Co. The former owner of Staff IS has agreed to separate its real estate division from Staff IS within six (6) months from November 1, 2009. Until the separation has been completed, interest payments on the mortgage shall be deducted from the purchase price of $1.7 million.
IT division of Staff IS in Japan had $722,254.00 in revenues with $84,078 EBITDA for the two months, November and December, 2009.
Total consolidated revenue for the quarter ended December 31, 2009 was $722,254.00. The revenues were primarily attributable to operations in Japan.
Total consolidated expenses for the quarter ended December 31, 2009 were $750,153.00. The expenses were primarily attributable to cost of materials, salaries and management costs, and other general and administrative expenses.
The Company raised a total of $94,053 through the sales of restricted Series B Preferred Shares.
Source:http://www.prnewswire.com/news-releases/polaris-international-holdings-inc-announces-first-quarter-2010-financial-report-89584522.html
