Budgethotels Network Inc.`s
(OTCBB: BUDH) President, Mr. William Marshall, commenting on the Company`s first quarter results, announces that he is pleased with the Company`s financial progress.
The Company`s reported loss of $120,761 for the quarter included $96,557 in non-cash expenses. The Company`s operations generated a profit for the period of $109,237 before head office administration charges.
Mr. Marshall goes on to state that the Company`s revenue growth through the traditionally slowest months of the year is particularly encouraging. In accordance with GAAP this revenue growth is not reflected in the Company`s Income Statement but on the Balance Sheet where Unearned Revenue increased in the quarter from $287,000 to $350,000. Unearned Revenue represents revenue from contracts signed which will be taken into the Company`s Income Statement over the life of the contract. It is anticipated that the Company`s revenue growth will continue through the year.