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Texas Gulf Energy, Inc. Files 10KNT With Estimated 2011 Net Income Results

HOUSTON, April 4, 2012 /PRNewswire/ -- Texas Gulf Energy, Inc. (OTCQX: TXGE) announced today the filing of a 10K Notice of Late Filing which included the Company's results filed with the SEC as follows:

The Company's business operations have expanded over the past year pursuant to certain strategic acquisitions of other businesses; thus the Company anticipates changes in its results of operations relative to the same period for the last fiscal year. As described in Part III above, the Company has experienced delays in the preparation of its financial statements, therefore it is providing below a reasonable estimate of changes to results in operations for the quarter and year ended December 31, 2011 relative to the corresponding periods in 2010:

Income. Our approximate net income for the fiscal year ended December 31, 2011 was approximately $1.1 million compared to a net loss of $2.6 million during the fiscal year ended December 31, 2010 (a projected increase of approximately $3.7 million).

Earnings Per Share. For the fiscal year ended December 31, 2011, basic Earnings per share would be approximately $0.03 and on a fully diluted basis $0.01, compared to a fiscal year ended December 31, 2010 loss per share of ($0.07) on a basic and fully diluted basis.

Cost of Sales. During the fiscal year ended December 31, 2011, we incurred approximate Cost of Sales of approximately $25.4 million compared to approximately $22.5 incurred during the fiscal year ended December 31, 2010 (an approximate increase of over $2.9 million or 13%).

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