Trey Resources Reports Best Quarter in Company History PR Newswire - May 16, 2006 8:55 AM (EDT)
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Sales for the First Three Months Top $1.338 Million
LIVINGSTON, N.J., May 16, 2006 /PRNewswire-FirstCall via COMTEX/ -- Trey Resources, Inc. (OTC Bulletin Board: TYRIA), the premier total solutions provider specializing in business software solutions for the small- and medium-sized business market, today reported its financial results for its first quarter ended March 31, 2006 in a Form 10-QSB filed with the SEC.
For the quarter ending March 31, 2006, the Company reported revenue of $1,338,934, as compared to $1,009,414 for the quarter ended March 31, 2005, an increase of $329,520, or 32.6%.
The Company reported, on a consolidated basis, a net loss of $291,550 for the quarter ended March 31, 2006, as compared to a net loss of $518,288 for the quarter ended March 31, 2005, an improvement of $226,738, or 43.7%.
Mark Meller, CEO of Trey Resources, said, "Our quarterly results are outstanding. We exceeded $1.3 million in quarterly sales for the first time in our history. Our consolidated loss narrowed dramatically. Our sales are rapidly growing. Market acceptance of our MAPADOC electronic data interchange solution (EDI) is exceptional, and we are seeing results of our MAS 500 initiatives. We are working on becoming a significant participant in Sarbanes- Oxley compliance."
Meller further stated, "Our deal flow for potential acquisitions continues to grow. We closed on the acquisition of Wolen Katz Associates in February, and we recently announced the signing of a letter of intent to acquire AMP- Best Consulting, Inc. of Syracuse, NY. AMP-Best is a great fit for our company, and is the dominant reseller of MAS 90 and MAS 200 in the Buffalo- Syracuse-Albany corridor. AMP-Best had sales of roughly $1.8 million in 2005, and we expect to close on that acquisition in the second quarter. In summary, we are extremely optimistic about the future and look forward to delivering superior financial results in the coming quarters."
About Trey Resources
Trey Resources is involved in the acquisition and build-out of technology and software companies. The Company's growth strategy is to acquire firms in this extensive and expanding, but highly fragmented segment, as it seeks to create substantial value for shareholders. Since June 2004, Trey has acquired SWK Technologies, Inc., Business Tech Solutions Group, Inc, and Wolen Katz Associates. For more information, contact Trey Resources CEO Mark Meller at (973) 758-9555 or by e-mail at mark.meller*swktech.com.
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, regarding among other things our plans, strategies and prospects -- both business and financial. Although we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Many of the forward-looking statements contained in this news release may be identified by the use of forward-looking words such as "believe," "expect," "anticipate," "should," "planned," "will," "may," "intend," "estimated," and "potential," among others. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include market conditions and those set forth in reports or documents that we file from time to time with the United States Securities and Exchange Commission. All forward-looking statements attributable to Trey Resources, Inc. or a person acting on its behalf are expressly qualified in their entirety by this cautionary language.