PR
Newswire -- September 10, 2010 HOUSTON,
Sept. 10 /PRNewswire-FirstCall/ -- TaxMasters, Inc. (OTC Bulletin
Board: TAXS),
the IRS tax relief company and a leading provider of tax representation services,
today announced the company's financial results for the second quarter ended June
30, 2010. Despite a troubled economy and a post-tax season slowdown during the
second quarter of 2010, TaxMasters saw increased revenue to the tune of 24.6%
on the quarter with a year-to-date increase in revenue of 38.8%. For
the second quarter of 2010, TaxMasters revenue increased $2.2 million, or 24.6%,
to approximately $11.1 million, from approximately $8.9 million for the second
quarter of fiscal 2009. Total operating expenses for the quarter were approximately
$13.3 million, an increase of $4.1 million, or 44.6%, from approximately $9.2
million for the same period in 2009. For
the second quarter of 2010, the Company reported a net loss of approximately
$1.4
million, versus a net loss of approximately $349,000 for the second quarter of
fiscal 2009. The increase in net loss of approximately $1.1 million was mainly
due to the increase in operating expenses. For
the six months ended June 30, 2010, revenue increased approximately $6.3 million,
or 38.8%, to approximately $22.4 million, up from approximately $16.1 million
for the same period in 2009. For the first six months of 2010, total operating
expenses increased approximately $7.9 million, or 51.5%, to approximately $23.1
million compared to $15.2 million for the same period in 2009. For
the six months ended June 30, 2010, TaxMasters reported a net loss of approximately
$465,000 compared to a net income of approximately $867,000 for the same six month
period in 2009. The decrease in net income of approximately
$1.3 million is
mainly due to the increase in operation expenses. Patrick
Cox, President and Chairman of TaxMasters, Inc., said, "With a down economy
and the post-tax season slowdown, we are excited about a 24.6% revenue increase
for the second quarter. The IRS continues to send notices to delinquent taxpayers
and we continue to provide compliance, filing, and settlement services vital to
re-introducing taxpayers into the US taxing system. TaxMasters is well positioned
to assist the growing number of taxpayers who need help regaining compliance with
the IRS." In
conjunction with this release, an audio review of financial results of the quarter
ended June 30, 2010 will be posted to the TaxMasters investors website (http://investors.txmstr.com).
The review will be available for download and review on September 16, 2010. About
TaxMasters, Inc. TaxMasters,
Inc. (OTC Bulletin Board: TAXS), the IRS tax relief company, is the first publicly
traded tax representation firm in the United States. Started by Patrick R. Cox
in 2001, TaxMasters offers a full suite of services and counsel to taxpayers across
the country facing seemingly insurmountable tax problems, and relief from substantial
federal tax debt. Tax services from TaxMasters include IRS consultations, tax
return preparation, settlement analysis, and assistance with IRS automated collections,
Revenue Officer involvement and collection due process. Employing
over 300 people, TaxMasters leverages the expertise of ex-IRS agents, enrolled
agents, attorneys, CPAs, and seasoned tax consultants ready to counsel and assist
every day people with their specific tax problems today. Forward-Looking
Statements Any
forward-looking statements, as defined in the Securities Exchange Act of 1934,
in this release (often identified by such words as "believes," "expects,"
"beginning,"
"intended," "planned") regarding future expectations, objectives,
and plans for TaxMasters, Inc. are based on opinions and estimates of management
at the time the statement was made. Various known and unknown factors may cause
actual results to be materially different from the expected outcomes.
TaxMasters,
Inc. does not, as a matter of policy, update or revise forward-looking statements.
Actual results may vary materially.
Investors/Media:
Suzanne McGee
(212) 651-4225
SOURCE
TaxMasters, Inc.
Subject
Codes: PC/t.100910150000266, PT/lang.en, PC/ticker, IN/FIN,
IN/OTC, SU/ERN,
RE/Texas, PC/priority.r, PC/category.f,
PC/class.1248, PC/WAVO_....k., PC/APT_....k,
PC/trade_k,
PC/wavo5_k, PC/class.1278, PC/class.1058, PC/WAVO_t.....,
PC/APT_t...., PC/state_t, PC/wavo1_t, PC/DataFeat_txprn,
PC/port_32, PC/Billing_FC1,
PC/Billing_IRW,
PC/Billing_RWB, PC/Billing_TEX, PC/Billing_TNW,
PC/1stAcc_157614,
PC/bureau_PH, PC/port_01, PC/port_96,
PC/port_31, PC/port_33, PC/port_19,
PC/port_91,
PC/contact, PC/website, PC/id_PH62478
Company Codes: NASDAQ-OTCBB:TAXS,
TAXS.OB
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