thursday october 20, 9:45 am et
jersey city, n.j.–(business wire)–oct. 20, 2005–cpa2biz inc., the majority owned marketing and technology provider of the american institute of certified public accountants (aicpa), today announced that it achieved profitability –a significant company milestone.
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cpa2biz posted its third consecutive year of improving results, reporting a net income of $150,000 for the year ending july 31, 2005, compared to a loss of $3.144 million the previous year. cpa2biz’s revenue grew by almost $1 million to $14.284 million from $13.327 million the previous year. these results were driven by strong revenue growth in new cpa2biz business lines and a reduction in depreciation expense. “through focus and solid execution, we’ve been able to grow our customer base and revenues while maintaining an appropriate cost structure moving the company to profitability,” remarked erik asgeirsson, ceo, cpa2biz inc.
the cpa2biz site (www.cpa2biz.com), now serving over 50% of the cpa profession, is the leading e-commerce site for cpas. the company continues to invest the resources necessary to make it a leading edge platform providing cpas numerous tools and resources to help them be more successful. in addition, cpa2biz is also helping cpas build stronger relationships with their clients through the business solutions program it launched two years ago. approximately 1/3 of cpa firms nationwide are now enrolled in this program.
“over the past few years we have been extremely focused on building out a high quality online channel for cpas, developing value added programs for cpa firms and their small business clients, and providing leading marketing and technology services to the aicpa”, asgeirsson added, “all of this is enabling us to deliver on our charter, and, as a result, the aicpa and its members are deriving significant value.”
about cpa2biz
cpa2biz is the exclusive marketing provider of the american institute of certified public accountants (aicpa), and provides marketing and technology services to the aicpa for its wide array of products and services, such as continuing education, conferences and literature. cpa2biz also develops and manages client-focused business solutions programs (e.g. payroll, banking) that enable cpas to build stronger relationships with their business clients or employers. for more information, visit www.cpa2biz.com.