NEW CANAAN, Conn., April 16, 2012 /PRNewswire/ -- Tesoro Enterprises, Inc. (TSNP:PK) today is releasing estimates of its first quarter 2012 financial performance. Net Sales for the three months ended March 31, 2012 were approximately $99,000 compared to $94,000 for the three months ended March 31, 2011. The increase of $5,000 for the three months ended March 31, 2012 over the three months ended March 31, 2011 represents a 5.2% Net Sales improvement. Tesoro's CEO, Henry J. Boucher, said he was pleased with the Net Sales figure for the first quarter for several reasons. First, the first quarter is the weakest quarter for the company due to the winter slow down in construction activity in the Northeast; second, the improvement for 2012 over 2011 represents a reversal of the decrease in Net Sales for the same period from 2010 to 2011.
Mr. Boucher mentioned the recent conversion of debentures, leaving only $4,500 worth of Convertible Debentures on the books of the company, as a factor that should strengthen the upcoming balance sheet. In addition, the company continues to reduce its operating expenses, moving closer to profitability.
Forward- Looking Statements
Safe Harbor Statement: This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially 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 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 United States Securities and Exchange Commission.
Tesoro Enterprises, Inc.
26 Cross Street
New Canaan, CT 06840
SOURCE Tesoro Enterprises, Inc.