SAN DIEGO, Feb. 23, 2017 /PRNewswire/ -- Trucept Inc. (OTC Pink: TREP) has filed its year-end report for 2016. The Company earned a net income of approximately $3.8, an increase of 534 percent over the prior year.
CEO Brian Bonar said he is delighted with the company's performance which continues to meet and exceed internal plans. While the company has reduced gross sales, it has also reduced operating expenses by $1 million. Gross profit increased by $630 thousand.
Bonar said he is also pleased to report that the company, for its second consecutive year, is current on all payroll tax liabilities for 2016. The company will focus on increasing profitability by reducing operating expenses rather than sales growth.
The company reduced its total liabilities by $6 million in 2016. Management has and will continue to outsource repetitive and labor-intensive functions that will reduce payroll and ensure prompt payment of trust fund liabilities, Bonar said.
Trucept Inc. relieves clients from business operations tasks, including payroll processing, human resources support, workers' compensation insurance, safety programs, employee benefits, and other administrative and aftermarket services predominantly related to staffing. It also offers employee and employer benefits and aftermarket products.
Statements in this press release that are not historical facts are forward-looking statements, including statements regarding future revenues and sales projections, plans for future financing, the ability to meet operational milestones, marketing arrangements and plans, and shipments to and regulatory approvals in international markets. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, our ability to obtain additional financing that will allow us to continue our current and future operations and whether demand for our products and services in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the Company's success are more fully disclosed in the Company's most recent public filings with the U.S. Securities and Exchange Commission ("SEC"), including its annual report on Form 10-K.
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SOURCE Trucept Inc.