I posted in the general investing forum but this thing has been dead in the water i think for awhile due to loss on revenues. it now has posted a 373% sales increase over last year same quarter. it has had zero volume for alittle while. what are anyones thoughts on how this would play out?
Posted by MO on :
As i posted in the general investment forum. here is the skinny on them.
EnTech Releases Second Quarter Results
CHINO HILLS, Calif., June 24, 2005 /PRNewswire-FirstCall via COMTEX/ -- EnTech Environmental Technologies, Inc. (OTC Bulletin Board: EEVT) announced its results for the second quarter ended March 31, 2005.
For the three months ended March 31, 2005, due to sales reported from the continuing operations of its H.B. Covey subsidiary, the Company reported gross sales of $1,418,666 as compared to $299,863 for the three months ended March 31, 2004, an increase of $1,118,803 or approximately 373% over the previous year. The Company's net income from continuing operations increased from a loss of $2,110,005 for the three months ended March 31, 2004 to a profit of $77,049 for the three months ended March 31, 2005, an improvement of $2,187,104. Interest expense for the three months and six months ended March 31, 2005 was $162,721 and $306,260, respectively; these amounts include amortization of the discount associated with the beneficial conversion feature of the Company's convertible notes payable; this amortization accounted for $122,162 and $254,858 of interest expense for the three months and six months periods, respectively. For the three months ended March 31, 2005, the Company's EBITDA (earnings before interest, taxes, depreciation and amortization) was $252,505.
"We have been executing a back-to-basics business plan subsequent to the restructuring of EnTech initiated last Fall. With H.B. Covey, Inc., the sole operational subsidiary, the Company has been focused on operating our construction and maintenance businesses with margins allowing for profitable operations. Concurrently we launched our Consumer Services division and while establishing a profitable base with our Sears relationship, have become their largest stocking installer in the country. The Company has been solidly retrenching its relationships with its key customers in all divisions resulting in incremental sales growth as well as better managed receivables. With other competitors exiting the construction and maintenance businesses regionally, we are positioned to take advantage of these changed market conditions and will be carefully evaluating our growth plans for strategic moves which do not come at the expense of profitability. We will be targeting steady growth and profitability as we continue to fine-tune our internal controls and build the administrative infrastructure to support both," said Burr D. Northrop, President and CFO.
About EnTech Environmental Technologies, Inc.:
EnTech Environmental Technologies, Inc. is a public company trading on the OTC Bulletin Board under the symbol EEVT. EnTech is the parent company of its wholly owned subsidiary H.B. Covey, Inc. (Covey). Covey was founded in 1947 and offers a variety of services including; general and specialized construction, complete fuel system repair and maintenance and major household appliance installations. With a current operational concentration in the Southern California region, Covey leverages its dispatch infrastructure and the technical skill base of its personnel across its divisions. For more information about EnTech call (866) 815-3951.