LAS VEGAS, Oct. 30, 2009 (GLOBE NEWSWIRE) -- Ideal Financial Solutions, Inc. (Pink Sheets:IFSL) is pleased to announce that the accounting department has finished closing September 2009, completed pre-audit work, and finalized a full conversion from income tax basis to US GAAP. A draft of the financial statements is posted online at www.pinksheets.com.
"We are pleased with the progress of Ideal in terms of operations, profitability, and growth as well as the accounting team we have assembled," said Ideal's CFO, Kent Brown. "We look forward to the audit process to further refine our controls and disclosures in preparation of filing with the SEC."
"Our year-to-date Sales through September 2009 of $5,329,544 and Net Income of $691,062 have grown dramatically when compared to the entire 2008 year of $1,039,141 and -$154,440 respectively," Brown further stated. "An annualized projection of sales through the third quarter indicates a possible growth of approximately 700% over last year. We are focused on bringing our debt-reduction and wealth-building solutions to as many people as we can and are excited to see the growth and direction in which Ideal is going.
"It is important to note that Q2 09 net revenue after refunds was just over $1.9M, which was very close to matching the figures from our enormous gross revenue growth in Q3. Our new way of not recording refunds on our financial statements in Q3 as opposed to the way we reported them in Q2 actually makes it appear as if this quarter was weaker when in fact it was another stellar quarter. Moreover, historically, Q1 and Q2 are the strongest quarters for non-retail internet marketing companies. The fact that we were able to hold steady with our revenues and have continued to generate profits in light of the cyclical nature of our business is a strong indication of how well our new model is working," Brown added.
About Ideal Financial Solutions
Based in Las Vegas, Nevada, Ideal Financial Solutions (www.idealfsi.com) provides the education, support and automated tools to create additional cash resources, rapidly eliminate all non-asset-building debt and build financial independence. As a leader in personal cash flow management systems, Ideal uses its automated CashFlow Management(C) tools (www.myifs.com) and its Credit to Wealth Systems to assist individuals, families and small businesses in building financial independence. To view a short video demo of our services go to www.ibuildwealthclub.net.
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Forward Looking Statements. This release may contain forward-looking statements as well as historical information. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential," or "continue," or similar terms or the negative of these terms. Forward-looking statements, which are included in accordance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, may involve risks, uncertainties and other factors that may cause the company's actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this release. These risks include, without limitation, the risk that the company's revenues will not continue to grow, that fourth quarter revenue may not meet projections because of a associated with the company's new marketing and other initiatives will exceed associated revenues and that the company will not become, or will be significantly delayed in becoming, a fully reporting company for one or more reasons, including a decision by the company not to pursue fully reporting status, absence of capital or other resources to satisfy compliance status, an adverse action or decision by a regulatory agency or other event. The company expressly disclaims any obligation to update or revise any forward-looking statements found herein.