Continental Fuels Reports Record Second Quarter Financial Results 2007
Thursday , August 16, 2007 06:29ET
SAN ANTONIO, Aug 16, 2007 (BUSINESS WIRE) -- In the quarterly report filed with the SEC on August 14, 2007 for its second quarter ended June 30, 2007, Continental Fuels, Inc. (OTCBB: CFUL) (FWB: CIQB), documented several financial achievements and demonstrated the successful implementation of its business plan. In its first full quarter of operations since its acquisition by Universal Property Development and Acquisition Corporation (OTCBB: UPDA) (FWB: UP1) (BCN: UP1) (GER: UP1) (MUN: UP1) (STU: UP1), the financial results posted by Continental have improved across the board.
Financial Highlights for the three Months Ended June 30, 2007
Total Revenues Increased to $ 5,783,701 from $ 22,500.00, an increase of 25,705%
Gross Profit Increased to $ 399,157 from $ (2405), an increase of 39,913%
"These numbers obviously demonstrate that we have dramatically increased our volume of sales and improved the profit margins realized from each barrel of condensate," confirmed Continental CEO Tim Brink. "Since we acquired the Brownsville facility and trading operations less than 4 months ago, the results have improved every month. In April, we took over operations at the Port, in May, we ran a test shipment and in June, we sold 72,000 barrels of condensate. As our volume has grown and our relationships have matured, our margins have improved. With the new products and additional capacity we are adding and intend to add through acquisitions and generically, we expect continued improvement through the last half of the year and beyond."
Statements contained in this press release that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements reflect the current views of management with respect to future events and are subject to certain risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, or described pursuant to similar expressions.
SOURCE: Continental Fuels, Inc.
Continental Fuels Jack Baker, 561-630-2977 Corporate Communications info*continentalfuels.com
Copyright Business Wire 2007
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