See more news releases in: Alternative Energies, Oil & Energy, Green Technology, OTC, SmallCap, Earnings Forecasts & Projections
Adino Energy Comments on 2009 Annual Report
-- Adino posts net income --
HOUSTON, April 12 /PRNewswire-FirstCall/ -- Adino Energy Corporation (OTC Bulletin Board: ADNY) today commented on its audited results for its fiscal year ended December 31, 2009, filed recently with the United States Securities and Exchange Commission.
In 2009, the Company experienced a revenue increase of $97,874, or 5% over 2008. Revenue increased from $2,088,662 for the year ended December 31, 2008 to $2,186,536 for the year ended December 31, 2009. The Company's main revenue source was its wholly owned subsidiary, Intercontinental Fuel (IFL). IFL added 2 new customers in 2009, accounting for the increased terminal revenue in 2009 of $347,874 or 18.9%. The terminal management places emphasis on utilizing the storage and throughput capacity of the facility to maximize potential revenue.
"Fiscal year 2009 was Adino's first year posting net income since acquiring the IFL terminal," commented Timothy G. Byrd, Sr., Adino Energy Corporation's chief executive officer. "We believe that our 2009 net income of $23,029, while modest, is an important milestone for the Company.
"In addition, we have completed our due diligence on a terminal property in the Southeast. We may leverage this property along with other initiatives our Board of Directors has developed and will develop.
Our Board of Directors has always placed increasing shareholder value as one of its criteria in executing any initiative. We firmly believe our conservative, non-dilutive approach of managing and turning around non-branded fuel and biofuel terminal properties is validated by this filing. I am proud to say that we experienced slow, but steady, revenue growth during and in spite of an economic recession. I look forward to sharing more milestones as we continue to grow," Byrd concluded.
About Adino Energy Corporation, Inc.
Adino Energy Corporation (ADNY) is a wholesale fuel distributor and fuel terminal operator based in Houston, Texas. Adino Energy not only offers storage, delivery, and blending of diesel fuel, but also offers biodiesel to the growing "green" fuels market. Biodiesel is a clean burning, nontoxic, sulfur-free, and biodegradable alternative fuel for compression-ignition (diesel) engines made from animal fat or vegetable oil.
One of our most important responsibilities is to communicate with shareholders in an open and direct manner. Comments are based on current management expectations, and are considered "forward-looking statements," generally preceded by words such as "plans," "expects," "believes," "anticipates," or "intends." We cannot promise future returns. Our statements reflect our best judgment at the time they are issued, and we disclaim any obligation to update or alter forward-looking statements as the result of new information or future events. Adino Energy Corporation urges investors to review the risks and uncertainties contained within its filings with the Securities and Exchange Commission.
SOURCE Adino Energy Corporation
Back to top
Custom Packages
Browse our custom packages or build your own to meet your unique communications needs.
PR Newswire Membership
Fill out a PR Newswire membership form or contact us at (888) 776-0942.
Learn about PR Newswire services
Request more information about PR Newswire products and services or call us at (888) 776-0942.
Featured Video
More in These Categories
Journalists and Bloggers
![]()
Visit PR Newswire for Journalists for releases, photos, ProfNet experts, and customized feeds just for Media.
View and download archived video content distributed by MultiVu on The Digital Center.
Free Investing Newsletter from Investor Uprising!
Learn to navigate the world's financial system and profit from leading companies.
Register for Investor Uprising, the people's investment site, for a free weekly newsletter, information, education and premium research including our latest IU Confidential Report - "All That Glitters: The Ultimate Gold Report".
