WILTON, Conn., Aug. 25, 2015 /PRNewswire/ -- Tesoro Enterprises, Inc. (OTC: TSNP)("Tesoro", " Company") is pleased to announce that on August 14h, it released its six month ended June 30, 2015 financial report. The full report can be found on the OTC Market's web site, www.otcmarkets.com.
Net sales for the six months ended June 30, 2015 was approximately $159,000 compared to approximately $91,400 for the six months ended June 30, 2014 an increase of approximately $64,600. Net Operating Income for the six months ended June 30, 2015 was approximately $10,600 compared to approximately Net Operating Loss of ($16,600) for the six month ended June 30, 2014 an increase of approximately $27,200. Interest expense for the six months ended June 30, 2015 was approximately $27,700 compared to approximately $2,400 for the six months ended June 30, 2014 an increase of approximately $25,300.
Tesoro 's CEO, Henry Boucher stated that "the increase in interest cost was a result of the company's use of short term financing to support the expansion of two new lines of business, Wayfair and a Barter system. Wayfair sales require the company to carry receivable for up to 60 days and The Barter system requires the use of working capital to support the cost of goods associated with the sales". Both of these lines of business are expected to become self sustaining in the near future. Share holders continue to ask questions concerning the share structure and if the company is contemplating a reverse stock split. The company does not plan any changes to the share structure at this time.
Safe harbor Statement
This press release contains forward-looking statements that reflect the Company's current expectations regarding future events. Actual events could differ materially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Tesoro Enterprises, Inc. are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on the forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the Company from time to time with the Securities and Exchange Commission.
Tesoro Enterprises, Inc.
426 Danbury Road
Wilton, CT 06897
SOURCE Tesoro Enterprises, Inc.