FRESNO, Calif., Oct. 7, 2008 -- Pro Travel Network, Inc. (OTCBB:PTVL) (the "Company") is pleased to announce its financial results for the fiscal year ended June 30, 2008. PTVL reported a 112% increase in revenue, an 86% increase in gross profit, and had positive comprehensive income of $185,639.
Total revenues for the year ended June 30, 2008 increased 112% to $9,612,073, from revenues of $4,528,755 for the previous year.
Operating expenses decreased 17%, to $3,175,348, as compared to total operating expenses of $3,807,571 for the year ended June 30, 2007. Net income applicable to common stock is $261,286, compared to a net loss of $1,962,558 for the year ended June 30, 2007. The increase in revenues is primarily attributable to the increase in sales, reduction in expenses and successful growth of our business.
"We are happy to report to our shareholders that the Company achieved a significant financial milestone and a turning point in our operating history producing positive income for the fiscal year," stated Paul Henderson, President and Chief Executive Officer of Pro Travel Network Inc. "The strong sales growth and margin improvements are a result of our operational plans and disciplined management of expenses. We have worked hard to grow our business, and it is exciting to see our efforts yield excellent returns. As we enter our 6th year of operations, we believe more than ever that there is tremendous growth opportunity ahead for Pro Travel Network. Our recent acquisition in Australia gives us a powerful launch pad into the emerging markets of Asia. Travel is the largest industry in the world, and we intend to increase our global footprint to capture more revenue overseas."
The company filed Form 10-K Annual Report with the Securities and Exchange Commission for the fiscal year ended June 30, 2008. For more information please review the Form 10-K. Annual shareholder conference call will be held on 15 October at 11 AM PDT. To participate in the conference please visit Pro Travel website for details or contact at the email below.
Pro Travel Network is an emerging growth direct to consumer service business leveraging the powerful home-based business concepts with the travel industry. The company offers one of the most unique and comprehensive independent travel agent training packages in the travel industry, and currently has nearly 12,000 Independent Travel Agents nationwide.
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. The OTC Bulletin Board has not reviewed this press release and neither approved nor disapproved the information contained in this press release.
CONTACT INFORMATION
AGORACOM Investor Relations
www.agoracom.com/IR/ProTravelnetwork
or email
PTVL@agoracom.com
For more information, please review the company's filings with the Securities & Exchange Commission (http://www.sec.gov/cgi-bin/browse-ed...
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties. Although Pro Travel Network, Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any assumption could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion should not be regarded as a representation by Pro Travel Network, Inc. or any other person that the objective and plans of Pro Travel Network will be achieved.
