HOUSTON, May 13, 2013 /PRNewswire/ -- TexCom, Inc. (OTC Pink: TEXC)(the "Company" or "TexCom"), an environmental services company serving the oil and gas industry, today announced record financial results for the first quarter of 2013. Financial Highlights for the first quarter 2013 compared to the first quarter 2012:
- Revenues totaled $3.56 million, increasing 41% from $2.53 million.
- Gross profit margin remained constant at 51%.
- Operating income increased 80% to $1.40 million from $778,000.
- Net income available to shareholders increased to $633,000 from a loss of $81,000.
- Earnings per share on a fully diluted basis were $0.01, up from $0.00.
"We achieved record revenues and operating income during the first quarter of 2013 as operations at MB Environmental Services, LLC in Chambers County, Texas remained steady and operations at Eagle Ford Environmental Services, LLC in Atascosa County, Texas expanded significantly. Drilling operations on the second well at the Atascosa County site will commence before the end of May, which should allow for improved performance during the second half of the year," 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.