HOUSTON, April 4, 2012 /PRNewswire/ -- Texas Gulf Energy, Inc. (OTCQX: TXGE) announced today the filing of a 10K Notice of Late Filing which included the Company's results filed with the SEC as follows:
The Company's business operations have expanded over the past year pursuant to certain strategic acquisitions of other businesses; thus the Company anticipates changes in its results of operations relative to the same period for the last fiscal year. As described in Part III above, the Company has experienced delays in the preparation of its financial statements, therefore it is providing below a reasonable estimate of changes to results in operations for the quarter and year ended December 31, 2011 relative to the corresponding periods in 2010:
Income. Our approximate net income for the fiscal year ended December 31, 2011 was approximately $1.1 million compared to a net loss of $2.6 million during the fiscal year ended December 31, 2010 (a projected increase of approximately $3.7 million).
Earnings Per Share. For the fiscal year ended December 31, 2011, basic Earnings per share would be approximately $0.03 and on a fully diluted basis $0.01, compared to a fiscal year ended December 31, 2010 loss per share of ($0.07) on a basic and fully diluted basis.
Cost of Sales. During the fiscal year ended December 31, 2011, we incurred approximate Cost of Sales of approximately $25.4 million compared to approximately $22.5 incurred during the fiscal year ended December 31, 2010 (an approximate increase of over $2.9 million or 13%).
General/Administrative. During the fiscal year ended December 31, 2011, we incurred approximate General and Administrative expenses of $3.7 million compared to approximately $5.1 million incurred during the fiscal year ended December 31, 2010 (an approximate decrease of over $1.4 million or 26%). General and administrative expenses include corporate overhead, financial and administrative contracted services, marketing, and consulting costs
Revenues. Approximate consolidated revenues were $30.1 million in 2011, an increase of $6.1 million or 25% from consolidated revenues of $24 million in 2010. The increase in consolidated revenues was a result of improvement in the overall market for construction services.
Profits. Consolidated gross profit increased from a net loss of $2.6 million in 2010 to a positive approximate $1.5 million in 2011. The increase of $4.1 million was largely due to the effect of higher revenues and associated margins. The gross margin was approximately 19% in 2011 up from 6% in 2010.
David Mathews, CEO of Texas Gulf Energy, commented "while it was necessary to extend our complete 10K filing, in order to maintain transparency with our shareholders, we have chosen to publish our preliminary financial results today as they clearly demonstrate the Company's new management and growth plan is showing positive results and we look forward to a year of great progress in building the Company."
About Texas Gulf Energy, Inc. (www.tgnrg.com) (Formerly known as Global NuTech, Inc.)
Since its founding in 2003, our flagship company, International Plant Services, has deployed thousands of engineering, construction, technical, skilled crafts and project management personnel to major international energy companies, including Exxon Mobil, Conoco Phillips, Chevron, Valero, and others. We are particularly well known throughout the energy markets for our ability to provide construction services with professional, experienced and well trained teams to maximize the ability of our customers to complete major projects safely, on time and on budget. Now entering our tenth year in business, we have vertically integrated our service offering into other energy market segments, including wellhead services, oil and gas production, and professional consulting services both domestically and internationally to better serve the needs of our customers.
Precautionary and Forward-Looking Statements
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," 'expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified TXGE's disclosures or filings with the SEC. You are further cautioned that penny stocks, like BOCL or TXGE, are inherently volatile and risky and that no investor should buy this stock unless they can afford the loss of their entire investment.
SOURCE Texas Gulf Energy, Inc.