Founder, President and Chairman of TAXS, Patrick Cox used the call as a forum to address the most salient concerns of the company’s investors and to offer his own insights regarding the primary topics, which included: revenue trends and recognition; plans for future acquisitions; and customer service.
An ever-growing market for IRS tax relief, spurred on by the recent recession, has showcased the efficacy of what Mr. Cox referred to in the call as the company’s superlative customer service, which provides customers who have “not been given good advice” with the tools and support structure to reduce and eliminate federal tax debt.
Mr. Cox noted a 98% customer satisfaction rating, compiled from Better Business Bureau (BBB) data, and clearly outlined the crucial nature of customer satisfaction for a service company like TAXS.
Mr. Cox defined the health of the Company’s bottom line as deriving from “total revenue and newly booked sales contracts that will become future revenue”, pointing to a $20.5M (315%) increase for the first nine months of 09 over the $6.5M in annual sales from 07 (87% increase in revenue from 08), and the 130% compound annual growth rate from Jan. 08-09-2010 for newly booked sales as evidence that the company’s fundamentals are hale and hearty.
Announcing an upcoming investor call following the Company’s Form 10-K SEC filing in March, Mr. Cox wrapped up the conference call by noting outstanding efforts to diversify earnings, revenue streams, and to increase shareholder ROI by scouting for complimentary acquisitions that showed synergistic growth potential.
With an army of 307 at their Houston, TX location, the employees form a combined force consisting of attorneys, CPA’s, seasoned consultants, enrolled and ex-IRS agents, all of whom make TAXS an operation with the tools and the talent to spearhead tax resolution for the everyday individual irrespective of their specific problem or its complexity.
Tax season in 1Q 2010 means the immediate outlook is very promising for TAXS, and the Company looks to expand on infrastructural sustainability measures undertaken in 09 to return dividends, while producing substantial growth in 2010.