WHITE PLAINS, NY / ACCESSWIRE / August 15, 2017 /Debt Resolve, Inc. (OTC PINK: DRSV) yesterday announced results for the quarter ending June 30, 2017. Revenue for this quarter was $2,044,542, as compared to $347,830 in the quarter ending June 30, 2016, a 588% increase year over year. Operating income was $234,785 as compared to an operating loss of ($411,667) in the quarter ending March 31, 2016. There was a Net Loss for the quarter ending June 30, 2017 of ($214,403) and a Net Loss Attributable to Debt Resolve, Inc. in the same quarter of ($279,614) as compared to a Net Loss of ($504,220) and a Net Loss Attributable to Debt Resolve, Inc. of ($405,631) in the quarter ending June 30, 2016.
For the six months ending June 30, the Company reported revenue of $4,205,916 in 2017 as compared to $1,005,474 in 2016. In the same period, operating income was $584,339 in 2017 as compared to an operating loss of ($934,725) in 2016.
"We are excited by the continued performance of our majority owned joint venture, Student Loan Care LLC," said Bruce Bellmare, Debt Resolve's CEO "in addition to the substantial increase in revenue, this represents the fourth consecutive quarter of operating income at Student Loan Care. In the last four quarters, we have reported cumulative revenues over $7M and operating income over $1M, after adding another $1M to A/R bad debt reserves."
Mr. Bellmare added, "The successful performance of Student Loan Care validates the strength of our joint venture strategy, previously delineated in our public filings. We anticipate introducing additional new joint ventures over the course of the next year."
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 White Plains, 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.
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SOURCE:Debt Resolve, Inc.
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