LOS ANGELES, May 14 /PRNewswire-FirstCall/ -- Polaris
International Holdings, Inc. (Pink Sheets: PIHN), a global IT
outsourcing services company with a U.S.-Japan dual market base, today announced
unaudited consolidated financial results for the second fiscal
quarter of 2010 ending March 31, 2010
(all figures in U.S. dollars).
"We are happy to announce that our subsidiary in Japan continues to perform well and that we
have recently set up U.S. offices in San
Diego, CA to launch U.S. based business activities. We are
steadily and firmly expanding our operations," said Kuni Misawa, CEO/President of Polaris
International Holdings, Inc. "Meanwhile, we are carefully exploring
and doing due-diligence on additional outsourcing service companies
as potential acquisition targets in North
America."
2010Q2 Financial Summary
1. 2010Q2 Financial Statements include Real Estate division
financials of Staff IS Co. The former owner of Staff IS has agreed
to separate its real estate division from Staff IS within six (6)
months from November 1, 2009. Until
the separation has been completed, interest payments on the
mortgage shall be deducted from the purchase price of $1.7 million.
2. IT division of Staff IS in Japan had $678,226.00 in revenues with $48,712.00 EBITDA for the quarter ending
March 31, 2010.
3. Total Consolidated Revenue for the quarter ending
March 31, 2010 was $678,226.00. The revenues were primarily
attributable to operations in Japan.
4. Total Consolidated Expenses for the quarter ending
March 31, 2010 were $755,963.00. The expenses were primarily
attributable to cost of materials, salaries and management costs,
other general and administrative expenses and for expansion for our
U.S. based business set up.
5. The Company raised a total of $127,936.00 through the sales of restricted
Series B Preferred Shares.
Management Discussions
1. Staff IS, our subsidiary in Japan, continues to perform well while we have
set up an additional new office location in San Diego, CA to expand our business
operations in the United States.
We believe that our San Diego
office will be a hotbed for the IT business including web design,
graphics and software development.
2. As of April 30, 2010, Staff IS
has a total of approximately $1.3
million in sales in which $645,000 is reflected in accounts receivable and
$655,000 is for upcoming projects
that are contractual agreements with our customers.
3. Staff IS also anticipates receiving large scale projects
later in 2010. Staff IS has recently initiated our first ASP
services to our customers in full scale.
4. Our U.S. Based Polaris International business activities will
now start to kick in as we have recently opened our new office in
San Diego, CA. Sales Projections
for the 2010 calendar year fall in the $536,000 range with margins in the 30 percent
range plus. These projections include new business in IT Services,
web design, software development, marketing and graphic services.
We have a "Registration for Updates" module on our website.
Please visit www.polaris-int.com and register to receive periodic
updates.
About Polaris International Holdings, Inc.:
Polaris International Holdings, Inc., a Delaware corporation with offices in
Huntington Beach and Los Angeles, California and in Tokyo, Japan is in the business of supplying
services for Network Infrastructure, ASP and Cloud Computing
Solutions. Its management team is composed of seasoned
international business professionals with over 60 years of
expertise in technology, media, entertainment and investment
industries. POLARIS with both a U.S. and Japan market base is well positioned for the
global evolution occurring in IT services and is meeting this
evolution with its progressive collection of 'Cloud Solutions and
Services' for its corporate Fortune 100 clients. POLARIS' near term
plan is to build out its 'Global IT Services' through acquisitions
and/or strategic partnerships. The Company is currently engaged in
due diligence with several international businesses which, if
successfully completed, will significantly expand its territory
from Japan to include other
rapidly growing Asian markets and North American markets.
www.polaris-int.com
Safe Harbor: Statements regarding financial matters in this
press release other than historical facts are "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, Section 21E of the Securities Exchange Act of 1934, and as
that term is defined in the Private Securities Litigation Reform
Act of 1995. The Company intends that such statements about the
Company's future expectations, including future revenues and
earnings, technology efficacy and all other forward-looking
statements be subject to the Safe Harbors created thereby. Since
these statements (future operational results and sales) involve
risks and uncertainties and are subject to change at any time, the
Company's actual results may differ materially form the expected
results.
SOURCE Polaris International Holdings, Inc.