Published: November 17, 2008
Legends Business Group, Inc. Announces Third Quarter Earnings Increase of $.02 per Share
Legends Business Group, Inc. (OTCBB: LGBS)
announced today that third quarter 2008 gross revenues were just under $1.7
million versus $6,000 in the third quarter of 2007. Gross revenues for the
first nine months of fiscal 2008 rose approximately 10,000% to just under
$2 million as compared to $18,000 for the first nine months of fiscal 2007.
The Company announced $642,586 in net income for the nine months ended
September 30, 2008, compared to a net loss of $2,819 for the first nine
months ended September 30, 2007. The strong increases are in addition to
the company's efforts to eliminate accrued long-term debts and are
attributed to the astonishing success of its client companies. The
Corporation, which became a publicly held company little more than 10
months ago, provides consultative alternative billing and marketing
services to its client companies.
Third Quarter Highlights:
-- Entered into a consulting agreement with custom communications
provider, Travel Pal Assistants, Inc., a Texas Corporation.
-- Satisfied repayment of long-term debt obligations.
-- Completion of fully integrated custom marketing services platform.
"We are maturing through the transitional development stages of our
business and are now realizing accrued revenues from our earlier marketing
campaigns. Revenues will continue to accrue monthly and grow as new and
existing client companies and campaigns are developed," said Larry
Powalisz, President and CEO of Legends Business Group, Inc.
Net income increased approximately $521,784 for the three months ended
September 30, 2008 or $0.02 per share with 32% profit margins on
approximately $1.7 million in revenues for the same time period. See the
September 2008 Balance Sheet and Statement of Operations for further
explanation below.
"We project continued growth and revenues to increase throughout the
remainder of 2008 and 2009. The anticipated launch of several new campaigns
under development and the projected growth of our new and existing client
companies significantly increases our expectations for 2009 and 2010,"
continued Powalisz.
About Legends Business Group, Inc.:
Legends Business Group, Inc. is an Over the Counter Bulletin Board stock
which trades under the symbol LGBS. To obtain additional information about
Legends Business Group, Inc., please visit the Company's website, which may
be found at: www.lbgi.net.
This press release contains statements that are "forward-looking," and
involve a number of risks and uncertainties. Statements that are not
historical facts are considered forward-looking statements, and are subject
to Safe Harbor provisions as defined in the United States Private
Securities Litigation Reform Act of 1995 Company results and performance
may be materially different from future results, strategies, plans or goals
expressed or implied by any forward-looking statements made herein. The
Company disclaims any obligation to update or revise any forward-looking
statements.
LEGENDS BUSINESS GROUP, INC.
(A Development Stage Company)
STATEMENT OF OPERATIONS
(Unaudited)
For the Period
2-Mar-06
Three Months Ended Nine Months Ended (Inception) to
September 30, September 30, September 30,
----------------------- ----------------------- -----------
2008 2007 2008 2007 2008
----------- ----------- ----------- ----------- -----------
Revenues:
Consulting
and
brokerage
fees $ 1,670,568 $ - $ 1,945,968 $ - $1 ,945,968
Agent
agreement
fees 26,414 - 33,949 - 33,949
Revenue from
related party - 6,000 8,000 18,000 48,000
----------- ----------- ----------- ----------- -----------
1,696,982 6,000 1,987,917 18,000 2,027,917
----------- ----------- ----------- ----------- -----------
Cost of
services:
Client
marketing 945,464 - 1,095,878 - 1,095,878
Leased
employees 89,058 - 89,058 - 89,058
----------- ----------- ----------- ----------- -----------
1,034,522 - 1,184,936 - 1,184,936
----------- ----------- ----------- ----------- -----------
Gross Profit 662,460 6,000 802,981 18,000 842,981
Expenses:
General and
administrative 117,789 4,239 158,334 18,758 7,937,380
Subcontractor - - - - 3,000
Depreciation 687 687 2,061 2,061 6,870
Consulting fee
- officer - - - - 7,000
----------- ----------- ----------- ----------- -----------
Total expenses 118,476 4,926 160,395 20,819 7,954,250
----------- ----------- ----------- ----------- -----------
Net income
(loss) $ 543,984 $ 1,074 $ 642,586 $ (2,819) $(7,111,269)
=========== =========== =========== =========== ===========
Weighted
average
number of
common shares
outstanding,
basic and
fully diluted 32,615,000 77,615,000 32,615,000 77,615,000 30,506,374
=========== =========== =========== =========== ===========
Net income
(loss)
per
weighted
share basic
and fully
diluted $ 0.02 $ 0.00 $ 0.02 $ 0.00 $ (0.23)
=========== =========== =========== =========== ===========
LEGENDS BUSINESS GROUP, INC.
(A Development Stage Company)
BALANCE SHEET
September 30, December 31,
2008 2007
(Unaudited) (Audited)
------------- ------------
ASSETS
Current assets:
Cash $ 137,111 $ 4,651
Accounts receivable 747,662 -
------------- ------------
Total current assets 884,773 4,651
Equipment, net of accumulated depreciation 3,604 5,665
------------- ------------
Total assets $ 888,377 $ 10,316
============= ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts Payable $ 51,196 $ -
Loan from shareholder 2,671 2,671
Customer deposit 25,000 -
------------- ------------
Total current liabilities 78,867 2,671
------------- ------------
Long term liabilities:
Line of credit shareholder 158,654 -
Accrued interest 625 -
------------- ------------
Total long term liabilities 159,279 -
------------- ------------
Stockholders' equity:
Preferred stock, $.0001 par value, authorized
100,000 shares; 45,000 issued and
outstanding as of September, 2008 5 -
Common stock, $.001 par value, authorized
500,000,000 shares; 32,615,000 issued and
outstanding as of September, 2008 32,615 77,615
Additional paid-in capital 7,728,880 7,683,885
Accumulated deficit during development stage (7,111,269) (7,753,855)
------------- ------------
Total stockholders' equity 650,231 7,645
------------- ------------
Total liabilities and stockholders'
equity $ 888,377 $ 10,316
============= ============
Copyright © 2010, MarketWire
Copyright © 2010, NewsBlaze,
Daily NewsTags: ,ProfessionalServices:Consulting, ProfessionalServices:OtherProfessionalServices, ,OTCBULLB,OTCBULLB,FL,CASSELBERRY, FL
Search News
Daily News
