HOUSTON, Jan. 23, 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 has experienced net revenue increases during the first quarters of 2009 to 2011.
Revenues increased by approximately $1.6 million, or 14%, to approximately $12.9 million for the three months ended March 31, 2011 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, "The first quarter is primarily one our top revenue producing quarters due to the fact that it is immediately before the tax filing deadline. We are happy to have seen a 14% increase in net revenue from 2010 to 2011 and are excited about our prospects for the first quarter and the rest of 2012. 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."
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.