MONTVALE, N.J., May 21, 2013 /PRNewswire/ -- Beneficial Holdings Inc. (OTCPK: BFHJ) today announced the results of operations for the first quarter ended March 31, 2013.
The Company recorded $50,000 of revenue for the three months ended March 31, 2013. The net loss for the period was $65,513 ($0.00 per share). At March 31, 2013 there were 4,099,999,952 common shares outstanding and the Company's Series B preferred stock was convertible into 4,267,346,889 common shares. The weighted average number of fully diluted common shares for the three months ended March 31, 2013 was 8,367,346,841.
All such reported results and share counts are unaudited. Operating results for the comparable period in 2012 are not relevant due to the previously-announced discontinuance of certain operations and changes in accounting methods.
Joseph Fitzgerald, Beneficial's Executive Vice President and Chief Financial Officer stated: "Revenues for the first quarter 2013 were generated by our Project Solutions operation and consisted primarily of the legacy asset management activities contributed to Beneficial by its management. Our Project Solutions business is active on a number of engagements; however, our policy is to only record revenues for those projects which have committed funding sources." Fitzgerald continued: "There were no common shares or equity-related securities issued by the Company during the quarter. Additionally, no member of management or their beneficiaries has engaged in any sale or purchase of the Company's common shares or equity-related securities during the three months ended March 31, 2013."
John Johnson, President of Beneficial's Real Estate Services Group added: "Our asset management assignments are proceeding in an orderly manner. Our development project opportunities are in their formative stages since all do not yet have unconditionally committed funding sources. We are working diligently within the terms of our agreements to assist our clients with the completion of their funding commitments. While this business has a long lead time until revenue is generated, we have several significant projects that we expect will generate multiple revenue streams over time."
Summing up year-to-date activity, Gregory N. Senkevitch, Beneficial's Chairman, President and CEO said: "Our Project Solutions business is dependent on real estate owners engaging us to assist them in the management, development and construction of complex, costly, long term assets. Our management team has extensive experience and professional relationships in this sector. Management has contributed several business opportunities to the Company which have given us a modest revenue base in the first quarter of 2013. Our strategy is to seek assignments from real estate owners and users with financially viable projects that can be replicated within their market segments. We believe our emphasis on these types of projects will result in a steady source of prospective revenue for our Project Solutions business. While the revenue cycle for these projects may have a long gestation period, we believe that the quality and depth of earnings will endure with such business relationships."
"Management also continues to evaluate operating businesses in the energy management and financial services sectors as well as additional business lines within the real estate services sector," Senkevitch pointed out.
"Our goal is to generate strong long-term financial returns from actively managed investments in operating companies. We seek to acquire operations which are located in markets with lower operating costs and to expand them nationally. Additionally, we believe that adding strong management teams to our core operations will enable us to offer services to owners and users of commercial and institutional properties and infrastructure well beyond those provided by traditional real estate service providers. With this strategy we will strive to fulfill our credo to 'Create Value from Market Knowledge', Senkevitch concluded."
ABOUT BENEFICIAL HOLDINGS, INC.
Beneficial Holdings, Inc. is a holding company currently operating in the real estate services sector. The Company is seeking to acquire and invest in operating service-oriented businesses in the real estate, financial services and energy management sectors.
For more information on the Company please visit our web site at www.beneficial-holdings.net.
This news release may contain 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. As a general matter, forward-looking statements reflect our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. These statements may be identified by the use of forward-looking terminology such as "may", "will", "expects", "plans", "estimates", "anticipates", "projects", "intends", "believes", "outlook" and similar expressions.
The forward-looking statements contained in this news release are based upon our historical performance, current plans, estimates, expectations and other factors we believe are appropriate under the circumstances. The inclusion of this forward-looking information is inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: our business and investment strategy; our projected operating results; estimates relating to our ability to make distributions to our stockholders in the future and economic trends and economic recoveries.
All information in this release is as of May 21, 2013. The Company does not undertake a duty to update forward-looking statements, including its projected operating results.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company may, in its discretion, provide information in future public announcements regarding its outlook that may be of interest to the investment community.
GREG McANDREWS & ASSOCIATES
Gregory A. McAndrews
SOURCE Beneficial Holdings Inc.