"Our international projects with General Motors, PSGas, TruckGas and new OEMs remain on schedule; our sub-licensee in Thailand has now delivered orders for shipments covering November through April and our sub-licensee for China is on-site preparing for our December return. Our electronic manufacturing facility is capable of producing 500 of our systems per week and if we were able to sell and deliver the full capacity of AEC, we would derive in excess of $50,000,000 annual revenues. As we embark on the launch phase of our technology beginning the month of November, we are on track to ship more systems during December than in any annual period since our founding in 1996," concluded Mr. Clancy."
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US Energy Initiatives Corporation ("US Energy" or "the Company") (OTCBB:USEI), ISO9001-2000 Certified manufacturer of a patent dual-fuel diesel to natural gas conversion system, reported third quarter and nine-month operating results.
On a consolidated basis, for the three month period ended September 30, 2006 as compared to the same period ended 2005, our revenues increased 103% from $224,298 to $456,126 while gross profit increased 3,461% from $5,297 to $188,642. On a consolidated basis, for the nine-month period ended September 30, 2006 as compared to the same period ended 2005, our revenues increased 217% from $278,035 to $881,849 while our gross profit increased 1,297% from $30,027 to $419,406.
On a proforma basis assuming our acquisition of AEC occurred as of January 1, 2006, for the three month period ended September 30, 2006 as compared to the same period ended 2005, the Company's revenues decreased 37% from $722,296 to $456,126 while gross profit increased 168% from $109,579 to $294,184. For the nine-month period ended June 30, 2006 as compared to the same period ended 2005, revenues increased 1% from $1,757,383 to $1,771,502 while gross profit increased 68% from $299,993 to $504,150.
"We are pleased with the trends developing in our revenues and gross profit," said USEI CEO Mark Clancy. "These fundamental trends, coupled with our operational advances made throughout 2006, positions the Company to emerge from development into an operating stage during the fourth quarter 2006 through the first quarter 2007. Given our evolution during this period, we have provided an in depth discussion of our strategy and our current active projects in the management's discussion portion of our Form 10QSB filed today. Our international projects with General Motors, PSGas, TruckGas and new OEMs remain on schedule; our sub-licensee in Thailand has now delivered orders for shipments covering November through April and our sub-licensee for China is on-site preparing for our December return. Our electronic manufacturing facility is capable of producing 500 of our systems per week and if we were able to sell and deliver the full capacity of AEC, we would derive in excess of $50,000,000 annual revenues. As we embark on the launch phase of our technology beginning the month of November, we are on track to ship more systems during December than in any annual period since our founding in 1996," concluded Mr. Clancy.
Investors are cautioned that certain statements contained in this document are "Forward-Looking Statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "believes," "anticipates," "intends," "plans," "expects" and similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future US Energy Initiatives actions, which may be provided by management, are also forward-looking statements as defined by the act. These statements are not guarantees of future performance.
SOURCE: US Energy Initiatives Corporation
For US Energy Initiatives Corporation, Tampa Core Consulting Group Paul DeRiso, 925-465-6088 http://www.usenergyic.com Posted by jas2mel on :