LEAGUE CITY, Texas, April 1, 2013 (GLOBE NEWSWIRE) -- ERF Wireless Inc. (OTCBB:ERFB), a leading provider of enterprise-class wireless and broadband products and services, announced today that the Company filed its Form 10-K with the Securities and Exchange Commission reporting results for the year ended December 31, 2012.
The Company's revenues and gross profits improved significantly in 2012 as compared to the prior fiscal year ended December 31, 2011. Such improvements are highlighted as follows:
- The Company reported revenues of $7,328,000 for the year ended December 31, 2012, as compared to revenues of $5,320,000 for the same prior year ended December 31, 2011; an increase of $2,008,000 or 38%.
- The Company reported gross profit of $3,353,000 for the year ended December 31, 2012, compared to $1,818,000 for the same prior year period ended December 31, 2011, an increase of $1,535,000 or 84%. This increase reflects the strong operating margins recognized in our oil and gas Internet service operations.
- The Company reported total comprehensive loss of $4,821,000 for the year ended December 31, 2012, as compared to a total comprehensive loss of $3,404,000 for the same prior year ended December 31, 2011; an increase of $1,417,000 or 42%.
- The Company's Energy Broadband Inc. subsidiary reported revenues of $4,642,000 for the year ended December 31, 2012, as compared to revenues of $2,713,000 for the same prior year ended December 31, 2011; an increase of $1,929,000 or 71%.
- The Company reported an increase of $1,439,000 or 26% increase in operating expenses in the year ended December 31, 2012, as compared to the same prior year ended December 31, 2011. The increase is primarily related to employment and professional expense.
- The Company's net cash used for 2012 and 2011 was $1,439,000 and $2,822,000, respectively, or an improvement of $1,282,000. For the three quarters ended September 30, 2012, the Company used operational cash of $1,400,000 and a total of only $39,000 in the fourth quarter of 2012.
- Lastly, the Company invested $1,453,000 in cash during the year ended December 31, 2012, primarily for the purchase of assets in its Energy Broadband subsidiary for the continued expansion of networks and infrastructure, including increasing its Mobile Broadband Tower, ("MBT") fleet associated with the increased oil and gas business growth being experienced.
Richard Royall, CFO of ERF Wireless, commented, "During 2012, we experienced continued major improvement in our Energy Broadband subsidiary's business in the oil and gas sector which positively impacted the Company's overall results as Energy Broadband delivered reliable, cost-effective high- speed bandwidth to an industry that has traditionally been served by low bandwidth VSAT providers only."
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