HOUSTON, March 15, 2013 /PRNewswire/ -- TexCom, Inc. (OTC Pink: TEXC) (the "Company" or "TexCom"), an environmental services company serving the oil and gas industry, today announced record financial results for 2012.
"We achieved a number of important milestones in 2012, including increased revenues and net income, achieving positive equity, and refinancing our debt which has reduced our average cost of funds by more than I 0 percentage points and reduced our 2013 interest expense by more than $600,000. Further, we have secured the necessary financing to drill and equip a second disposal well at the disposal site in Atascosa County, Texas operated by Eagle Ford Environmental Services, LLC. We expect to drill this well in the second quarter of 2013. While several legacy challenges remain, we now have positive cash flow after debt service which can be used to resolve these challenges and to pursue other strategic opportunities," stated Bob May, CEO and President.
Financial Highlights for 2012 compared to 2011:
- Revenues totaled $11.53 million, rising 10% from $10.52 million.
- Net income available to shareholders increased by 155% to $3.77 million from $1.4 million.
- Earnings per share on a fully diluted basis were $0.05, up from $0.02.
- Total equity increased to $1.69 million from a deficit $2.46 million.
- The Company revalued the asset resulting from net operating loss carry forwards (NOLs), and other timing differences, resulting in a one-time income tax benefit of $2.65 million.
- Gross profit margin fell to 49% from 57% due to depreciation expense at the new facilities at Eagle Ford Environmental Services, LLC
- Operating income fell 18% to $3.50 million from $4.28 million
About TexCom, Inc.TexCom, headquartered in Houston, Texas, is a growth-oriented environmental services company with a primary focus on the disposal of nonhazardous wastes generated by the oil & gas industry. For more information, please visit www.texcomresources.com. Forward-Looking Statements This press release and the presentation referenced above may contain forward-looking statements, including information about management's view of TexCom, Inc.'s future expectations, plans and prospects. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this news release or such presentation other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of TexCom, Inc., its divisions and concepts to be materially different than those expressed or implied in such statements. Unknown or unpredictable factors also could have material adverse effects on TexCom's future results. The forward-looking statements included in this press release and the presentation are made only as of the date hereof. TexCom cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, TexCom undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by TexCom.