Disability Access Corp. Announces Preliminary Results for Third Quarter 2008

 

PTS, Inc. (OTCBB:PTSH) today announced that its subsidiary, Disability Access Corporation (DAC), (Pink Sheets:DBYC), is reporting that both unaudited third quarter revenues and unaudited net results for DAC improved over comparison periods of 2007.

 

As of September 30, 2008, third quarter unaudited revenues were approximately $325,000. This compares with third quarter 2007, posting revenues of $309,000 representing an improvement of approximately 5%.

 

For the fiscal (calendar) year-to-date ended September 30, 2008, unaudited revenues were $1,105,000. This compares with revenues for the same period of 2007 of $1,063,000 representing an improvement of approximately 4% from the prior year.

 

As of September 30, 2008, third quarter unaudited net loss was approximately $32,000. This compares with third quarter 2007, net loss of $68,000 representing an improvement of approximately 53%. For the calendar year-to-date ended September 30, 2008, unaudited net income was $112,000. This compares with a net loss for the same periods of 2007 of $64,000 representing an improvement of over 275% from the prior year.

 

It should be noted that DAC’s accounting policy recognizes expenses as incurred and recognizes revenues on the completion of contracts, or in the case of phased contracts, as those phases that are completed. Accordingly, DAC has significant work in progress for which it has recognized the expenses in the third quarter and for which the revenue will be recorded in the fourth quarter. If either the aforementioned expenses were to have been recognized in the fourth quarter, or the aforementioned revenues were to have been recognized in the 3^rd quarter, then instead of reporting a loss for the third quarter the company would have reported net income.

 

As a testimony to the growing strength of DAC’s fundamental business posture, the company is delighted that its performance continues to improve in spite of the troubled national economy. Though original revenue forecasts have been delayed by deferrals in governmental spending, these are only deferrals. As the need for compliance is a function of law, the question is not if the governmental entities and agencies will make the expenditures, but merely when.

 

Based on the current and expected business volumes, the company expects to show improved performance in both top line revenues and bottom line net contribution in the fourth quarter of 2008 in comparison to 2007.

 

About Disability Access Corporation (DAC)

 

Disability Access Corporation (Pink Sheets:DBYC) conducts facility inspections, policy reviews and program analyses in addition to a comprehensive continuum of other compliance services. Over 54 million people in the US have a disability, a number equal to 20% of the population. The Americans with Disabilities Act of 1990 requires all organizational entities, public or private, with more than 15 employees, to provide equal access for individuals with disabilities. It’s estimated that there are more than seven million sites at risk across the United States. Please visit: www.adaconsultants.com.

 

Safe Harbor Statement:

Except for historical information contained herein, the statements in this news release are forward-looking statements that involve risks and uncertainties and are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the company's actual results in the future periods to differ materially from forecasted results.

 

Contact:

PTS, Inc. Patrick Donahoo, 702-327-7266

ptsinc.ir@gmail.com