November 13, 2017 – 4:00 PM EST
DRSV 0.004 -0.0005
Debt Resolve Reports Third Quarter Revenue Slows, Nine Months of 2017 up 120%
WHITE PLAINS, NY / ACCESSWIRE / November 13, 2017 / Debt Resolve, Inc. (OTC PINK: DRSV) today announced results for the quarter ending September 30, 2017. Revenue for this quarter was $955,819, as compared to $1,336,870 in the quarter ending September 30, 2016. Operating loss was ($189,762), as compared to an operating loss of ($8,416) in the quarter ending September 30, 2016. There was a Net Loss for the quarter ending September 30, 2017 of ($454,163) and a Net Loss Attributable to Debt Resolve, Inc. in the same quarter of ($381,261), as compared to a Net Loss of ($497,444) and a Net Loss Attributable to Debt Resolve, Inc. of ($558,605) in the quarter ending September 30, 2016. For the nine months ending September 30, 2017, the Company reported revenue of $5,161,735 in 2017, as compared to $2,342,344 in 2016. In the same period, operating income was $394,577 in 2017, as compared to an operating loss of ($943,141) in 2016.
“We are disappointed by Student Loan Care’s sales employee turnover during the third quarter of 2017 and its resulting impact on our financial results,” said Bruce Bellmare, Debt Resolve’s CEO “While employee turnover is common in the call center industry, we were surprised by number of sales employees who elected to leave for short term gains rather than stay for the long term career opportunities at Student Loan Care.”
Mr. Bellmare added, “New sales management and sales employees have been hired, trained and deployed to return Student Loan Care to the financial growth path demonstrated over the previous 4 quarters.”
About Debt Resolve, Inc.
Debt Resolve’s traditional SaaS business provides lenders, debt buyers, collection agencies, collection law firms and hospitals with a patent-protected online bidding system for the resolution and settlement of consumer debt. The company also provides web-based revenue management platforms for the healthcare industries that include cost-effective collection solutions for every stage of collection and recovery. Student Loan Care LLC is a Debt Resolve Inc. majority owned joint venture with Hutton Ventures and provides documentation preparation services for federal student loan modification and consolidation programs. The company is publicly held and trades on the OTC Markets under the symbol DRSV. Debt Resolve is headquartered in Hawthorne, New York.
Certain statements in this press release and elsewhere by management of the Company that are neither reported financial results nor other historical information are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors which may cause or contribute to actual results of the Company’s operations varying significantly and materially from anticipated results. Debt Resolve undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by SEC rules. Investors are advised to consult any further disclosures made on related subjects in the Company’s reports filed with the SEC.
Synergy Consultants LLC
SOURCE: Debt Resolve, Inc.
Source: ACCESSWIRE (November 13, 2017 – 4:00 PM EST)
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