The annual results also included a Gross Profit improvement for ERF Wireless of 84% for the year 2012 as compared to the prior year 2011, with Gross Profit Margins increasing to 46% for the year 2012 from 34% for the prior year 2011. The annual results for prior year 2011 also included a one-time gain of $1,183,000 associated with the divestiture of certain non-core wireless broadband assets and operations.
Primary and fully-diluted net loss per share for the year ended December 31, 2012, was ($1.39). Primary and fully-diluted net loss per share for the year ended December 31, 2011, was ($2.47).
Dr. H. Dean Cubley, CEO of ERF Wireless, commented, "During calendar year 2012, we experienced very favorable results in Energy Broadband due to the overall continued acceptance of our turnkey communications services offerings to the oil and gas industry as well as the increased oil and gas drilling activity in North America. In 2012 we continued to lay the foundation for future growth by partnering with other large wireless network operators to provide Energy Broadband wireless connectivity in regions where ERF Wireless did not currently own networks or needed increased coverage. In addition, in 2012 we continued aggressively building out our own networks in additional oil- and gas-rich territories in multiple states. These efforts have resulted in Energy Broadband being able to expand its operational footprint into many different active oil and gas drilling regions in conjunction with the increases in rig count being experienced by the oil and gas industry. Given the foundation that we have put in place with Energy Broadband during the last four years, during calendar year 2012 we realized substantially more recurring wireless circuit, construction and services revenues from all of our oil and gas contracts."
Additional Highlights and Recent EventsThe Company made significant progress with its strategic business plan in 2012 and continuing on into early 2013 as evidenced by the completion and announcement of numerous agreements and business developments. Some of these are:
- The Company welcomed experienced CEO, CFO and Director, Bruce Lancaster as an independent Director and Chairman of the Audit Committee to its Board of Directors.
- The Company appointed Tim Maxson to succeed Tom Wiedebush as Chief Operating Officer.
- The Company welcomed veteran oil and gas executive, Manny Carter to its Board of Directors.
- The Company completed building its high-speed wireless broadband network in the Eagle Ford Shale region of South Texas. This network covers major oil and gas drilling and production areas that extend southwest from Yoakum, Texas, to an area near Cotulla, Texas.
- The Company also completed network expansions and established three separate new network regions in the Permian Basin of West Texas in areas west and south of the Midland-Odessa area.
- The Company announced that it is providing terrestrial wireless communications services in the Wattenberg Field of the Niobrara Basin north of Denver, Colorado.
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