HOUSTON, Aug. 14, 2013 /PRNewswire/ -- TexCom, Inc. (OTC Pink: TEXC)(the "Company" or "TexCom"), an environmental services company serving the oil and gas industry, today announced financial results for the second quarter of 2013. Financial Highlights for the second quarter 2013 compared to the second quarter 2012:
- Revenues totaled $4.08 million, increasing 11% from $3.68 million.
- Gross profit margin rose from 53% to 54%.
- Operating income increased 24% to $1.81 million from $1.46 million.
- Net income available to shareholders decreased from $1.23 million to $935,000. In 2012, the company revalued its deferred income tax asset resulting from its net operating loss carryforwards (NOLs). As a result, the company recognized $560,000 of income tax expense in the second quarter of 2013, compared to no expense for the second quarter of 2012.
- Earnings per share on a fully diluted basis were $0.01, a decrease from $0.02.
Financial Highlights for the six months ended June 30, 2013 compared to the six months ended June 30, 2012:
- Revenues totaled $7.64 million, increasing 23% from $6.21 million.
- Gross profit margin rose from 52% to 53%.
- Operating income increased 44% to $3.21 million from $2.23 million
- Net income available to shareholders increased 37% to $1.57 million from $1.15 million. In 2012, the company revalued its deferred income tax asset resulting from its net operating loss carryforwards (NOLs). As a result, the company recognized $970,000 of income tax expense in the first six months of 2013, compared to no expense for the first six months of 2012.
- Earnings per share of a fully diluted basis were $0.02, an increase from $0.01.
Prior to the third quarter of 2012, the Company valued its net operating loss carryforwards (NOLs) at zero due to the uncertainty of generating future income to utilize the NOLs. With the substantial improvement in operations, the Company revalued the NOLs and recorded the future benefit as an asset, and has been recognizing income tax expense since the third quarter of 2012.
"We achieved solid revenues, operating income, and net income during the second quarter of 2013. The second well at the Atascosa County site has been drilled and completed and surface equipment facilities are being installed. We expect that well to go into operation during the early part of the fourth quarter of 2013. And as previously announced, we formed TexCom Environmental Services, LLC ("TES") and TES acquired the business and assets of ALMAC Environmental Services, Inc. and ALMAC, LLC, one of the leading providers of NORM (naturally occurring radioactive material) consulting, risk assessment, training, and decontamination services in the world. With these additions, TexCom, Inc. is poised for continued growth," stated Bob May, CEO and President.
About TexCom, Inc.
TexCom, headquartered in Houston, Texas, is a growth-oriented environmental services company with a primary focus on the disposal of nonhazardous wastes generated by the oil & gas industry. For more information, please visit www.texcomresources.com.
This press release and the presentation referenced above may contain forward-looking statements, including information about management's view of TexCom, Inc.'s future expectations, plans and prospects. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this news release or such presentation other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of TexCom, Inc., its divisions and concepts to be materially different than those expressed or implied in such statements. Unknown or unpredictable factors also could have material adverse effects on TexCom's future results. The forward-looking statements included in this press release and the presentation are made only as of the date hereof. TexCom cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, TexCom undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by TexCom.
SOURCE TexCom, Inc.