NEW YORK, Aug. 25, 2016 (GLOBE NEWSWIRE) -- Profit Planners Management, Inc. (PPMT) announced its financial results for the year ended May 31, 2016. Revenues increased by 59% to approximately $1,294,000 compared to revenues of $813,000 for the prior year. The increase in revenues is primarily attributable to the addition of new clients and increased billings to our existing clients.
"We are very pleased with our revenue growth and improved margin; we plan to continue to make this our priority,” said Wesley Ramjeet, PPMT's CEO. Our Selling General and Administrative expenses declined by 12% to approximately $489,000. The decline is a result of our focus on controlling our variable cost. Our gross margin increased by approximately 16% to 48% primarily because of improved pricing on our engagements.
Net income for the year ended May 31, 2016 was $.02 per share as compared to a net loss of $.05 in the prior year. "We will continue to focus on organic growth and look at synergistic acquisitions.” said Wesley Ramjeet, PPMT's CEO.
About Profit Planners Management, Inc.
Profit Planners Management, Inc. (PPMT) is a fully reporting publicly traded company that provides Management, Business Advisory, CFO, Tax Advisory and other Professional Services and Business Solutions. Members of our team have both public accounting, investment banking and management consulting experience, and many of them have successfully started and operated their own companies. This expertise allows our team to understand and then implement what a company needs to achieve its business goals. For more information, visit: www.profitplannersmgt.com
This press release contains forward-looking statements including without limitation those about the Company's estimated revenue, earnings per share and future plans. All statements other than statements of historical fact made in this report are forward looking. In particular, the statements herein regarding industry prospects, future results of operations or financial position and the Company's dividend plans, are forward-looking statements. These forward-looking statements can be identified by the use of words such as "believes," "estimates," "could," "possibly," "probably," anticipates," "projects," "expects," "intends," "may," "will," or "should" or other variations or similar words. No assurances can be given that the future results anticipated by the forward-looking statements will be achieved. Forward-looking statements reflect management's current expectations and are inherently uncertain. Our actual results may differ significantly from management's expectations.
FOR FURTHER INFORMATION, PLEASE CONTACT: Profit Planners Management, Inc. Wesley Ramjeet Chairman & CEO 800-748-1704 Wesley@PPMTGroup.com
Source:Profit Planners Management, Inc.