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Urban AG Corp Announces Results of Operation for Three Quarters and Six & Nine Month Periods for 2012, and Audited Results for Years End December 31, 2011 and 2010
Company reports that it has filed all delinquent financial reports with the SEC for the years 2011 and 2012
By: PR Newswire
Dec. 21, 2012 02:00 AM
NORTH ANDOVER, Mass., Dec. 21, 2012 /PRNewswire/ -- Urban AG Corp/ (AQUM.PK) (the "Company") announced today that the Company has brought its filings with the Securities and Exchange Commission current and reported revenues on a consolidated basis for the years ended December 31, 2011 and 2010 of $7.2 and $6.3 million respectively an increase of 14.97%. Basic and fully diluted earnings per share for the year ending December 31, 2011 were ($.14) as compared to $.00 for the year ended December 31, 2010.
Revenues from operations for the Quarters ended March 31, June 30 and September 30, 2012 were $1.8 million, $1.7 million and $2.0 million for the respective quarters of 2012 as compared to $1.1 million, $2.4 million and $1.9 million for the comparable periods in 2011, increases/ (decreases) of approximately $744,000 an increase of 69.38%, ($724,000) a decrease of 29.58% and $102,000 an increase of 5.52% for the respective quarters. Basic and fully diluted earnings per share for the 2012 and 2011 periods for the quarters were ($.001) and ($.252) for the quarters ended March 31, ($.49) and $.37 for the quarters ended June 30, and $.001 and ($.18) respectively.
Revenues for the Six Month Period ending June 30, 2012 and June 30, 2011 were $3.6 million and $3.5 million for the respective periods – a 2.86% increase. Basic and fully diluted earnings per share were ($.05) and ($.12) respectively.
Revenues for the Nine Month Period ending September 30, 2012 were $5.5 million as compared to $5.3 million for the same period in 2011 – an increase of 2.29%. Basic and fully diluted earnings per share were ($.05) for the Nine Month Period in 2012 and ($.06) for the comparable period in 2011.
All reported revenue and earnings per share for AQUM were generated from its wholly owned subsidiary, CCS Environmental Worldwide ("CCS").
Acquired by AQUM in November, 2011, CCS was founded in 2000, and is a national environmental remediation firm that provides professional, cost effective hazardous material abatement and demolition services. The Company presents these services on an integrated basis enabling it to meet its clients' entire project needs. CCS has the resources, experience and technical knowledge to complete projects on-time, within budget – and most importantly – in a manner which manages its risks as well as those of its clients.
CCS Worldwide generates revenue within a single operating segment which provides hazardous material abatement and environment remediation services through its four wholly owned subsidiaries – Commonwealth Contracting Services LLC; CCS Special Projects, LLC; CCS Environmental, Inc.; and CCS Environmental Services, Inc. For the periods covered in this report, the Company's revenues consist of sales in this single operating industry segment.
CCS Worldwide has operated in business since 2000, generating annual revenues of between $2 million and $12 million, providing services including removal of interior finishes, surfaces and fixtures; as well as the removal and proper disposition of certain asbestos-containing and lead-painted building materials and certain other regulated materials.
According to Billy V. Ray, Jr., CEO, "Our general business strategy is to continue to pursue the consolidation of the fragmented industry that provides outsourced services to General Contractors, Facility Managers/Owners, Architects and Engineers. We plan to accomplish our strategy, in part, by expansion of CCS Worldwide's existing hazardous material abatement and environment remediation services operations into up to 20 additional major markets within the next 18 months. We also intend to expand CCS Worldwide's operations to include disaster remediation and restoration services within our current and planned future markets."
Mr. Ray further stated, "CCS is poised to capitalize on even more opportunities as we attempt to expand on a national scope and continue to secure agreements with large and well-financed customers. While we are faced with many challenges including financing needs and management changes at the subsidiary level and the fourth quarter of 2012 is going to be a transitional period, the Company's focus and strategy will, we believe, allow us to achieve the success our efforts deserve."
Mr. Ray, who recently joined AQUM, has served in the capacity of Director, Chairman, Chief Executive officer and Chief Financial Officer of several multi-million dollar NYSE, NASDAQ and Over-the-Counter public entities with revenues ranging from $60 to $750 million. From February 2003 until February 2008 he served as President, CEO and as a member of the Board of Directors for Charys Holding Co., one of the largest international re-mediation companies, focused on remediation, reconstruction, wireless communications and data infrastructure. Charys grew from start-up to trailing 12-month revenue in excess of $700 million under Mr. Ray's leadership.
This news release contains forward-looking statements within the meaning of Section 37A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve risks and uncertainties. A number of factors could cause actual results to differ from those indicated in the forward-looking statements, including the Company's ability to continue to successfully market and provide its services, maintain its effectiveness and its customer base and general economic conditions. The Company undertakes no obligation to publicly update or revise forward-looking statements whether as a result of new information, future events or otherwise.
SOURCE Urban AG Corp.
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