RIFLE, Colo., Nov. 15, 2010 /PRNewswire-FirstCall/ -- Natural Resources USA Corporation (OTC Bulletin Board: AALA), previously known as AmerAlia, Inc., has today reported its financial results for the first quarter of fiscal year 2011.
FIRST QUARTER HIGHLIGHTS:
- Revenues were $6,377,273 for the quarter ended September 30, 2010, an increase of 25% over the comparable period in the prior year.
- Gross profit increased 40% from $1,974,333 in the prior period to $2,771,063 in the quarter ended September 30, 2010.
- Income from operations was $978,930, an increase of 61.6% over the prior period.
- Interest expense was reduced from $68,639 to $20,978 reflecting the reduced reliance on debt funding.
- Net income was $957,952, a 78.3% increase on the $537,371 earned in the comparable prior period.
Bill Gunn, Chairman and Chief Executive Officer, congratulated the company's strong team on the most profitable quarter in the company's history of operation.
In addition, Mr. Gunn stated that "Following our successful endeavors, we have some further development plans in place for our business."
"We aim to further expand the capacity of our sodium bicarbonate plant beyond the current 125,000 tons per year to 250,000 tons per year and on November 10, 2010 the Bureau of Land Management (BLM) advised us of its approval of changes to our mining plan to enable us to proceed on this path," said Mr. Gunn.
In October the company was advised by the Washington office of the BLM that our nomination for an Oil Shale Research, Development, and Demonstration (RD&D) lease in Colorado has been advanced to the next stage of its review process.
"Based on the advancement of our RD&D lease we have now contracted Monash University of Australia to perform research on oil shale which supports our efforts to investigate potential solutions to develop petroleum products from the oil shale," he said.
"The research at Monash is integral to our oil shale project and is designed to test concepts that may later be used on-site should we gain full approval from the BLM of our RD&D application," said Mr. Gunn.
The company's quarterly report to the SEC on Form 10-Q discusses these results more fully and can be found online at www.naturalresourcescorp.com.
Forward Looking Statements
The information in this Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties regarding the intent, belief or current expectations of us, our directors or our officers. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may", "will", "should", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict", "potential" or "continue", the negative of such terms or other comparable terminology. Actual events or results may differ materially. In evaluating these statements, you should consider various factors, including that we have large accumulated losses and we may not maintain profitability, our operations are subject to a significant amount of regulatory scrutiny and regulation from federal and state authorities and even if we obtain a research/commercial oil shale lease, the technology may not exist during the term of the lease to exploit oil shale in an economically feasible manner, as well as the risks we outline from time to time in other reports we file with the Securities and Exchange Commission (the "SEC") including our Annual Report on Form 10-K. These factors may cause our actual results to differ materially from any forward-looking statement. We disclaim any obligation to publicly update these statements, or disclose any difference between our actual results and those reflected in these statements. The information constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.
SOURCE Natural Resources USA Corporation