New York (Oct. 16, 2003) -- CPA2Biz, the Web portal of the American Institute of CPAs, reported that it slashed its annual losses - which once hovered over $30 million - to $3.2 million, a reduction of roughly 90 percent.
The reduction in red ink for the portal, which debuted in June 2001, comes on the eve of the AICPA’s Fall meeting of Council in New Orleans, Oct. 20-21, where the news is scheduled to be announced to attendees.
In an official statement, management said, "While CPA2Biz has sustained substantial losses in its first two-and one-half years of operation, management has implemented changes in business approaches and cost cutting that result in a projected break-even cash flow for the coming year."
In the AICPA’s 2001-2002 annual report, CPA2Biz listed aggregate losses of roughly $80 million, which culminated in a “going concern” opinion footnote in its financials.
CPA2Biz said the site has currently about 125,000 registered users, a 70-percent rise versus one year ago.
At the AICPA’s Spring meeting of Council in April in Washington D.C., CPA2Biz president Erik Asgeirsson predicted an 18-to-24 month time frame for the portal to achieve profitability.
-- WebCPA staff
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