HOUSTON, Jan. 27, 2012 (GLOBE NEWSWIRE) -- TaxMasters, Inc. (OTC:TAXS), a nationwide provider of tax services including a full suite of compliance and repayment services, announced today that the company plans to continue its trend in recent years of increasing its first quarter revenues Year-Over-Year.
For the three months ended March 31, 2011, revenues increased by approximately $1.6 million, or 14%, to approximately $12.9 million as compared to approximately $11.3 million for the same three-month period in 2010. The increase in TaxMasters' sales revenue can be primarily attributed to the company increasing spending on advertising expenses during that period. During the first quarter for the period ended March 31, 2009, the company experienced a net loss.
Patrick Cox, CEO of TaxMasters, commented, "We are pleased to have experienced a 14% increase in net revenue from 2010 to 2011 and I believe that with the right developments in our sales and marketing efforts, the company has the potential to continue our recent trend of growing our first quarter revenues year over year. We believe demand for our services will only continue to grow as the IRS continues to apply pressure taxpayers through improved audit and collection efforts and the company continues to optimize its internet marketing efforts."
About TaxMasters, Inc.
TaxMasters, Inc. is the first publicly traded tax representation firm in the United States. Started by Patrick R. Cox in 2001, TaxMasters offers a full suite of compliance and repayment services to taxpayers across the country facing seemingly insurmountable tax problems and substantial federal tax debt. Tax services from TaxMasters include IRS consultations, tax return preparation, settlement analysis, and assistance with IRS automated collections, Revenue Officer involvement and collection due process.
For more information about TaxMasters, Inc. and its commitment to help taxpayers in the United States solve tax problems, please visit www.txmstr.com.
Forward-Looking Statements
Any forward-looking statements, as defined in the Securities Exchange Act of 1934, in this release (often identified by such words as "believes," "expects," "beginning," "intended," "planned") regarding future expectations, objectives, and plans for TaxMasters, Inc. are based on opinions and estimates of management at the time the statement was made. Various known and unknown factors may cause actual results to be materially different from the expected outcomes. TaxMasters, Inc. does not, as a matter of policy, update or revise forward-looking statements. Actual results may vary materially.