LOS ANGELES, March 30, 2011 /PRNewswire/ -- 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 first fiscal quarter of 2011 ended December 31, 2010 (all figures in U.S. dollars). The reviewed 2011 Q1 financial statements along with the Quarterly Report will be released next month.
"Our net income for the quarter ended December 31, 2010 was $23,392 in positive. Staff IS, our subsidiary in Japan, continued to perform well," said Kuni Misawa, CEO/President of Polaris International Holdings, Inc. "Our operations in Japan is expanding steadily and firmly. At the same time, we are working hard to complete the planned acquisition. The two year audits (PCAOB-Certified) of the planned acquisition is in progress. We believe that there will be strong synergistic operations among our subsidiaries that will help increase revenues greatly upon completing the transaction."
2011Q1 Financial Summary Total Consolidated Revenues: $935,382 Total Consolidate Cost of Goods Sold: $534,524 Total Consolidated Gross Profit Margin: $400,858 Total Consolidated Operating Expenses: $429,126 Other Income: $51,660 Total Consolidated Net Income: $23,392
The revenues were primarily attributable to operations in Japan. The cost was primarily attributable to cost of materials, salaries and transportation. The operating expenses were primarily attributable to salaries and management costs, and other general and administrative expenses.
The Company raised a total of $18,000 through the sales of restricted Series B Preferred Shares.
Polaris Int. Help Japanese Dig Out from Three Way Disaster
We sincerely appreciate the encouragement and the support expressed to us from all over the world in regards to the earthquake and resulting tsunami and nuclear plant accident in the Northeastern Japan.
Our company is located in Tokyo which is about 200 miles from the stricken area. As a result, we did not suffer any direct damage as a result of the earthquake. However, the situation of damage in a pertinent district is extensive, as seen in the media and we extend our sympathies and prayers for the people.
As you can imagine, installations in the affected area have been put on hold along with all regular business of a nonessential nature. This affects several of our clients. Therefore, we expect this second quarter to see a decrease in sales of 10%.
At the same time, however, we have received new contracts for headquarters relocations to Western Japan from several foreign-affiliated customers. Additionally, we are also receiving new business proposals as a result of revitalized Business Continuity Planning as a result of the natural disaster. This new business is expected to contribute to sales beginning in the third Quarter.
At present business is getting back to normal in Tokyo but we still are experiencing the occasional rolling blackout and such. Still, the Japanese people are a resilient and optimistic people and everyone is going forward to rebuild and not wasting a lot of time worrying about personal inconveniences.
We sincerely appreciate your continuing understanding and support and look forward to making the best of the situation going forward.
We have activated 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 from the expected results.
SOURCE Polaris International Holdings, Inc.