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[QUOTE]Originally posted by Zosyn: [QB] NSMG (.195) National Storm Management Reports First Quarter Results Thursday, June 28 2007 4:00 PM, EST CHICAGO, IL -- (MARKETWIRE) -- 06/28/07 -- National Storm Management, Inc. (PINKSHEETS: NSMG) reported its first quarter results for the period ended March 31, 2007 . Revenues for the first quarter of 2007 totaled $1.4 million compared to $2.3 million for the same period of 2006. Despite the decline in revenues, income from operations improved to a loss of $777,254 in the first quarter of 2007 compared to $837,714 last year. National Storm posted a net loss of $1.0 million , or $0.01 per share, based on 72.8 million shares, compared to a net loss of $612,824 , or $0.01 per share, based on 51.2 million shares for the first quarter 2006 period. During the first quarter of 2007, the company experienced higher interest expense, which increased to $262,246 from $29,078 last year. "While revenues declined in the 2007 first quarter, we managed to improve income from operations by focusing on cost containment," said Terry Kiefer, president and CEO. "Our operating affiliates have been responding to the significant hail storms that occurred in Lexington, Kentucky , and Akron, Ohio in early June. Operations are currently underway at both locations. We are working diligently to improve revenues for the remainder of the year." Scott Knoll, chief financial officer, added, "With the completion of our audited fourth quarter and year end results last week, and first quarter financial statements today, the company plans to expeditiously update its registration statement on Form SB-2, which is currently pending review with the SEC to include current financial statements." About National Storm Management, Inc. National Storm Management (PINKSHEETS: NSMG) is a national construction company headquartered in Glen Ellyn, Illinois providing storm restoration services in seven states. Its operating affiliates include: ABC Exteriors ( Illinois , Indiana and Kentucky ); Pinnacle Roofing ( Florida and Louisiana ); WRS, Inc ( Minnesota ); and First Class Roofing and Siding ( Ohio ). The company and its affiliates are recognized by all major insurance companies such as State Farm, Allstate, Farmers and others for storm related claims. The company is a member of the National Roofing Contractors Association (NRCA) and the Better Business Bureau . More information is available at [URL=http://www.nationalstorm.com.]www.nationalstorm.com.[/URL] Forward-Looking Statements Certain statements included in this press release may constitute forward-looking statements. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, financial performance, plans to update a registration statement with the SEC, and other expectations, intentions and plans contained in this press release that are not historical fact and involve risks and uncertainties. Our expectations regarding future revenues depend upon our ability to develop and supply products and services that meet defined specifications. When used in this press release, the words "plan," "expect," "believe," and similar expressions generally identify forward-looking statements. These statements reflect our current expectations, but actual results could differ materially as a result of many factors, including, but not limited to, severe weather conditions and the physical damage caused by hail storms and hurricanes, fluctuations in interest rates and the resulting impact on financing costs, general economic developments in the states where we do business, availability of labor, materials and supplies, our ability to execute our future growth plans and our ability to timely and accurately prepare quarterly and annual financial statements. Forward-looking statements are made as of this press release and we do not undertake any obligation to provide updates to such statements except where required to so by law. National Storm Management, Inc. CONSOLIDATED BALANCE SHEETS MARCH 31, 2007 Unaudited Audited ------------- ------------- March 31, December 31, 2007 2006 ------------- ------------- ASSETS Current assets : Cash $ 11,080 $ 42,985 Accounts receivable (less respective allowances) 258,088 640,805 Inventories 33,744 54,790 Management & Salesman Advances 42,186 42,126 Cost in excess of billings 83,594 81,042 Prepaid Expenses 22,657 53,239 Other current assets 62,771 58,444 ------------- ------------- Total current assets $ 514,120 $ 973,431 Property, plant and equipment $ 506,981 $ 497,488 Less: Accumulated depreciation and amortization 282,297 259,982 ------------- ------------- Property, plant and equipment - net 224,684 237,506 Deferred tax asset - net of valuation allowance 1,082,011 1,082,011 Other 23,490 24,148 ------------- ------------- Total assets $ 1,844,305 $ 2,317,096 ============= ============= LIABILITIES AND STOCKHOLDER EQUITY Current liabilities : Current maturities of long-term debt $ 2,743,739 $ 2,707,133 Accounts payable - trade 1,156,206 1,386,280 Other current liabilities 478,252 413,835 Billings in excess of costs 281,658 415,981 ------------- ------------- Total current liabilities $ 4,659,855 $ 4,923,229 Non-current Liabilities : Term loan, net of current portion $ 20,607 $ 20,281 ------------- ------------- Total long term debt $ 20,607 $ 20,281 Long-term deferred tax liability $ - $ - Commitments and contingencies - - ------------- ------------- Total liabilities $ 4,680,462 $ 4,943,510 ------------- ------------- Stockholders' Equity : Common Stock 74,367,194 and 69,692,194 issued and outstanding 74,367 69,692 Additional paid in capital 3,694,269 2,869,637 Accumulated Deficit (6,604,793) (5,565,743) ------------- ------------- Total Stockholer's Equity (2,836,157) (2,626,414) ------------- ------------- Total Liabilities and Stockholders' Equity $ 1,844,305 $ 2,317,096 ============= ============= * These financial statements and notes thereto present fairly, in all material respects, the financial position of the company and the results of its operations and changes in cash flows for the periods presented, in conformity with accounting principles generally accepted in the United States , consistently applied and hereby certified by Terry Kiefer, President for National Storm Management, Inc. National Storm Management, Inc. CONSOLIDATED STATEMENTS OF OPERATIONS For the Three Months Ended March 31, 2007 and 2006 ** UNAUDITED ** Three Months Ended March 31, ---------------------------- 2007 2006 ------------- ------------- REVENUES: Net trade sales $ 1,383,555 $ 2,294,510 ------------- ------------- OPERATING COST AND EXPENSES: Cost of product sold $ 837,423 $ 1,526,934 Selling, administrative, and general 1,301,071 1,593,053 Depreciation and amortization 22,315 12,237 ------------- ------------- $ 2,160,809 $ 3,132,224 ------------- ------------- INCOME (LOSS) FROM OPERATIONS $ (777,254) $ (837,714) Interest expense (262,246) (29,078) Other income (loss) 450 1,210 ------------- ------------- Income (loss) before income taxes and extraordinary gain $ (1,039,050) $ (865,582) Provision (Benefit) for income taxes - (252,758) ------------- ------------- NET INCOME (LOSS) $ (1,039,050) $ (612,824) ============= ============= Basic Earnings per Share: Weighted -average shares $ (0.01) $ (0.01) Net earnings (loss) $ (0.01) $ (0.01) ============= ============= * These financial statements and notes thereto present fairly, in all material respects, the financial position of the company and the results of its operations and changes in cash flows for the periods presented, in conformity with accounting principles generally accepted in the United States , consistently applied and hereby certified by Terry Kiefer, President for National Storm Management, Inc. National Storm Management, Inc. CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, (UNAUDITED) 2007 2006 ------------- ------------- CASH FLOWS FROM OPERATING ACTIVITIES : Net (loss) $ (1,039,050) $ (612,824) Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities : Depreciation, and amortization 22,315 12,237 Deferred tax benefit - (261,000) Discounted interest on Fife loan 162,500 Forfeiture of scurity deposits 988 Stock and stock options issued for professional fees 9,375 Changes in components of working capital : (Increase) decrease in accounts receivable - net 382,717 (34,015) (Increase) decrease in inventories 21,046 15,874 (Increase) decrease in advances (60) 22,691 Increase (decrease) in cost in uncompleted contracts (136,875) 21,342 (Increase) decrease in other current assets 26,255 155,158 Increase (decrease) in accounts payable (230,074) 125,383 Increase (decrease) in other current liabilities (98,083) 36,055 Other, net (330) ------------- ------------- Net cash provided by (used for) operating activities $ (888,651) $ (509,724) ------------- ------------- CASH FLOWS FROM INVESTING ACTIVITIES : Capital expenditures $ (9,493) $ (9,298) ------------- ------------- Net cash provided by (used in) investing activities $ (9,493) $ (9,298) ------------- ------------- CASH FLOWS FROM FINANCING ACTIVITIES : Issuance of common stock $ 501,367 Issuance of common stock under foreclosure agreement 829,307 Repayment of term loan under foreclosure (666,607) Repayment of supplier note payable (41,726) Repayment of installment note payable (5,060) Proceeds from Fife loan 750,000 Increase (decrease) in term loan 326 (22,607) ------------- ------------- Net cash provided by (used in) financing activities $ 866,239 $ 478,760 ------------- ------------- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS $ (31,905) $ (40,262) Cash and cash equivalents, beginning of period 42,985 41,150 ------------- ------------- Cash and cash equivalents, end of period 11,080 888 ============= ============= Cash interest paid for the periods presented: $ 159,359 $ 29,078 ============= ============= Cash taxes paid for the periods presented: $ - $ - ============= ============= * These financial statements and notes thereto present fairly, in all material respects, the financial position of the company and the results of its operations and changes in cash flows for the periods presented, in conformity with accounting principles generally accepted in the United States , consistently applied and hereby certified by Terry Kiefer, President for National Storm Management, Inc. National Storm Management, Inc. CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY MARCH 31, 2007 **UNAUDITED** Common Stock Additional Shares Par Paid in Accumulated Stockholders' Issued Value Capital Deficit Equity ========== ======== =========== ============ =========== Balance, January 1, 2005 34,000,000 $ 34,000 $ (504,263) $ (470,263) Net income (1,642,075) (1,642,075) Issuance of stock & stock options for professional fees 6,800,000 6,800 746,200 753,000 Acquisition of assets of N.S.M. Inc 6,000,000 6,000 (1,000) - 5,000 Common stock issued 2,313,903 2,314 397,284 399,598 ========== ======== =========== ============ =========== Balance, December 31, 2005 49,113,903 $ 49,114 $ 1,142,484 $ (2,146,338) $ (954,740) Net (loss) (3,419,405) (3,419,405) Common stock issued 17,578,291 17,578 1,723,192 1,740,770 Issuance of common stock in repayment of debt 3,000,000 3,000 (3,000) - - Proceeds from sales of stock on Fife Loan 6,961 6,961 ========== ======== =========== ============ =========== Balance, December 31, 2006 69,692,194 $ 69,692 $ 2,869,637 $(5,565,743) $(2,626,414) Net income (loss) (1,039,050) (1.039,050) Issuance of stock options for professional fees Issuance of common stock in repayment of debt 4,675,000 4,675 824,632 - 829,307 Balance, March 31, 2007 74,367,194 $ 74,367 $ 3,694,269 $(6,604,793) $(2,836,157) ========== ======== =========== ============ =========== * These financial statements and notes thereto present fairly, in all material respects, the financial position of the company and the results of its operations and changes in cash flows for the periods presented, in conformity with accounting principles generally accepted in the United States , consistently applied and hereby certified by Terry Kiefer, President for National Storm Management, Inc. For Investor Inquiries: Philip Kranz Dresner Corporate Services 312-780-7240 pkranz*dresnerco.com David Gutierrez Dresner Corporate Services 312-780-7204 dgutierrez*dresnerco.com [/QB][/QUOTE]
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