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BUGS First Quarter 2006 Hits Expected Target Revenue; Numbers in Line with Subsidiary Revenue and Expenses U.S. Microbics, Inc. (OTCBB:BUGSE)(BCN:615212) today announced financial results for the first quarter of fiscal year 2006 ended December 31, 2005. Quarterly revenue and operating expenses were in line with expectations as new business development continued in Mexico during this seasonably slow quarter.
BUGS CEO Robert Brehm commented, "BUGS' record breaking revenue in FY 2005 ending September 30 slowed in the first quarter as new business development in Mexico was undertaken and new contracts signed but revenue wasn't recognized until subsequent quarters. Our environmental subsidiary, Sub-Surface Waste Management (OTCBB:SSWM) continued its $1,000,000+ project in Torreon, Mexico and undertaking new assessment and remediation contract proposals for new business in Puebla and Veracruz. With the support of two state governors in Mexico for substantial emergency response and remediation work, we expect to surpass 2005 revenues and look forward to a prosperous year in 2006 as these projects come online."
The consolidated financial data below has been derived from the Company's Financial Statements for the period of 9/30/2005 as shown. For additional information and a discussion of risk factors, please see the U.S. Microbics current 10Q & past 10K reports at www.sec.gov .
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