KELOWNA, B.C.— Budgethotels Networks President, William Marshall, recently commented that he is pleased with the companys first quarter financial progress. Budgethotels reported a loss of $120,761 for the quarter, which included $96,557 in non-cash expenses. The companys operations generated a profit for the period of $109,237 before head office administration charges. Marshall stated that the companys revenue growth through the traditionally slowest months of the year is “particularly encouraging.” In accordance with GAAP, revenue growth is not reflected in the companys Income Statement but on the Balance Sheet where unearned revenue increased in the quarter from $287,000 to $350,000. Unearned revenue represents revenue from contracts signed that will be taken into the companys Income Statement over the life of the contract. It is anticipated that the companys revenue growth will continue through the year.
