HOUSTON, TX — (Marketwire) — 08/01/11 — (PINKSHEETS: TEXC), an environmental services company serving the oil and gas industry, today announced its financial results for the three and six months ended June 30, 2011:
Revenues totaled $2.69 million, a 12% increase from $2.40 million.
Selling, General and Administrative (SG&A) expenses declined 44% to $284,000 from $510,000.
Operating income rose 13% to $1.10 million from $979,000.
Net income available to shareholders climbed 16% to $726,000, or $0.01 earnings per basic and diluted share, from $627,000, or $0.01 per basic and diluted share.
Revenues increased 15% to $5.33 million from $4.64 million.
SG&A expenses totaled $678,000, down 25% from $899,000.
Operating income grew 10%, rising to $2.36 million from $2.13 million.
Net income available to shareholders surged 21% to $1.56 million, or $0.03 earnings per basic and diluted share, from $1.29 million, or $0.03 earnings per basic and diluted share.
As of June 30, 2011, TexCom–s cash, cash equivalents and account receivables totaled $2.97 million and net cash provided by the Company–s operating activities during the first six months of 2011 was $1.59 million. Total stockholders– deficit was $2.49 million, a 25% improvement when compared to total stockholders– deficit of $4.19 million reported as of December 31, 2010.
Commenting on the record results, Lou Ross, Chairman and CEO of TexCom, stated, “Successful execution of several key growth strategies have helped to yield exceptional results for the first half of 2011 and well positions TexCom to gain even greater momentum as we progress through the year. Presented with numerous opportunities to address the need for responsible disposal of NOW and NORM (naturally occurring radioactive material) waste on a worldwide basis, coupled with our intent to vertically integrate –in-demand– engineering, remediation and decontamination services to our service offering platform, TexCom–s future appears bright indeed.”
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. TexCom is expanding its interests to disposal of nonhazardous industrial wastewater, serving the refining and petrochemical industries. For more information, please visit
This press release 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 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 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.