LAS VEGAS, Aug. 15, 2011 (GLOBE NEWSWIRE) -- Ideal Financial Solutions, Inc. (OTCQB:IFSL), a fully reporting company listed on the OTCQB, and a creator of various financial products and services for businesses and individuals, has filed its second quarter financials on Form 10-Q with the Securities and Exchange Commission. The full document, including financial statements and management's discussion and analysis, may be viewed online at the SEC's EDGAR website and our corporate site: www.globenewswire.com/newsroom/ctr%3Fd=222048%26l=1%26a=www.idealfsi.com%26u=http%253A%252F%252Fus.lrd.yahoo.com%252FSIG%253D13s2ls3nc%252F%252A%252Ahttp%25253A%252Fwww.globenewswire.com%252Fnewsroom%252Fctr%25253Fd%253D207095%252526l%253D1%252526a%253Dwww.idealfsi.com%252526u%253Dhttp%2525253A%2525252F%2525252Fwww.idealfsi.com" target="_top" rel="nofollow">www.idealfsi.com later today.
"In the first quarter of 2011, we reported net income as we began to see the initial benefits of our retooling and turnaround. That positive trend has continued as we have extended our profitability quarter-over-quarter by over 3600%, growing profits from a modest $4,294 in Q1 to a respectable $158,821 in Q2, while dropping over 23% to the bottom line," stated Ideal Financial Solutions CFO, Ben Larsen. "Obviously, the dollar value is not enormous but generating over 23% profit from gross revenues is a testament to our progress and refined business model which we are working diligently to execute and expand."
CEO Steve Sunyich added, "We are tremendously pleased by the positive trends in our operational costs and profit growth. In addition to the valued increase in profitability which exemplifies a reduction in cost per sale and heightened efficiency, it is also strong proof of concept of our penetration into lucrative new verticals with our time-proven personal finance and cash management system. Debt is on every American's mind more than ever and we have a solution that can help millions. Now that we have the right formula in place we hope to continue increasing revenues."
Financial Highlights:
- After continued innovation and business diversification the company has increased profitability with an increase of over 3600% in net income quarter-to-quarter.
- The company is essentially debt free, with the majority of business operations' retooling costs behind it.
- The Board of Directors initiated a plan to start buying stock from the open market to reduce dilution.
- No sale of stock or financing was required to see the company through the transition and establishment of new business development.
- With the transition completed, the business model is fully scalable.
- Aside from the disputed credit card-related fine accrued over a year ago, our balance sheet is in good condition for a technology/service-based company.
- With revenue roughly the same as last quarter, our improved processes, streamlined costs and efficiencies are becoming apparent as the bottom line continues to improve.
Based in Las Vegas, Nevada, Ideal Financial Solutions (http://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 financial services, Ideal uses its automated CashFlow Management(C) tools and its Credit to Wealth Systems to assist individuals, families and small businesses in building financial independence. Select the following links to view more information on Ideal's brands such as Ideal Financial HR, Ideal Cash Secrets and iLenderAssistance.com. Please connect with us on Linkedin or Twitter. For investors who would like to receive Ideal's newsletter, please send your email address to: support@idealfsi.com
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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 grow as projected; that increases in marketing or other expenses may increase more rapidly than revenues; that any recent positive trends in the company's financial position may be reversed because of declines in revenues, increases in costs and/or unexpected liability event. The company expressly disclaims any obligation to update or revise any forward-looking statements found herein.