ALEXANDRIA, Va.--July 30, 2003-- On-Site Sourcing, Inc., a provider of technology-driven, document management solutions, today reported its financial results for the second quarter ended June 30, 2003.
The Company announced a net income in the amount of $8,313 or $0.00 per diluted share for the second quarter of 2003. For the second quarter in 2002, net income was $541,474 or $0.10 per diluted share. Revenues for the second quarter 2003 totaled $9.2 million compared to $10.3 million in the comparable quarter in 2002.
The Company, as of June 30, 2003 has reclassified its long-term portion of debt as current. The Company's long-term portion of debt totals approximately $6.4 million, which includes two term notes and a mortgage note payable. The reclassification was in accordance with accounting standards as a result of uncertainty in complying with future bank covenants as revised.
Mr. Christopher Weiler, President and CEO, commented, "We continue to face challenges in the litigation support industry. Our cost cutting efforts have proved effective; however, our gross margins continue to be negatively impacted by a competitive pricing environment, and a lack of large, transactional litigation matters.
A number of initiatives have been implemented this year to match our cost structure with our revenue trends to ensure profitability and compliance with bank covenants. Additional cost cutting measures are currently being implemented this quarter. We are also starting to see results from our investment in the government services market. With the results of these efforts, our Company should be well positioned when our industry comes out of this down cycle. "
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