SSWM Reports Record Breaking 2005 Financial Results
- Total Revenues up 368%, losses cut 51% from Prior Year, Shareholder Equity up 879% -
CARLSBAD, Calif.—January 18, 2006--Sub-Surface Waste Management of Delaware, Inc., (OTC Bulletin Board: SSWM) today announced audited financial results for fiscal year 2005 ended September 30, 2005.
Fourth quarter revenues were $478,414, the highest in the company’s history, capping a record breaking growth year in 2005. Total Revenue for the year ending September 30 was $1,094,775 or 368% greater than the prior year’s total revenue of $234,018. Net losses decreased 51% from $3,316,635 in 2004 to $1,627,719 in 2005. Balance sheet figures also improved significantly with net working capital up 1,623% to $430,810 from $24,893 in the prior year and total shareholder equity up 879% to $552,965 from $56,485 in 2004. Negative cash flows from operations were trimmed to $887,591 for 2005 compared to $1,251,172 in 2004. Basic and diluted net loss per share was $0.04, for the year ended September 30, 2005 and $0.15 for the year ended September 30, 2004. Weighted average common shares outstanding increased from 22,313,409 for the year ended September 30, 2004 to 43,249,462 for the year ended September 30, 2005.
SSWM CEO Bruce Beattie commented, "SSWM has made substantial financial progress this year due to the efforts of our loyal and seasoned employees/shareholders who foresee the bright future we are building for ourselves in Mexico with our approved biotechnology, excellent strategic partners and environmentally pro-active government officials. In FY 2003 we started with a negative stockholder’s equity of $(462,649) and in 2005, after significant belt tightening of our expenses, we now have a positive stockholder’s equity of $552,965 and have increased revenues to over $1MM in 2005. These financial improvements have been no easy task to achieve as we continue to experience negative cash flow from operations and must rely on debt and equity financing to continue our business development efforts in Mexico. However FY 2005 was a major turning point for growth and expansion for SSWM validating the financial effectiveness of our international business model. If we can obtain the growth financing needed to cover our overhead and continue our success in Mexico, I believe we can become a positive cash flow company generating positive earnings for shareholders in 2006/2007. We have set the stage for significant growth in 2006 and beyond based upon proven technology, government enforcement, new financing, and new partnerships and we all look forward to a prosperous future."
Audited revenues for the fourth quarter 2005 were higher than previously reported in a November 22, 2005 press release of preliminary revenue results. Actual revenues are shown in the table following:
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also für mich klingt das alles sehr positiv - versteh`einer die amis :-?
gruß - kl.
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