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[QUOTE]Originally posted by The Owl: [QB] Purl Gurl, I hope you can read because I am posting here everything you ask for. You might have to read a couple of paragraphs down if you want to see the info specific to Patriot. By buying PMHH you are buying the US listing of a profitable (since Dec 2005) and regulated UK company! HERE GOES (AGAIN!) Global Marine Energy is a UK company. It has Two subsidiaries. One is called Nim engineering The Other is Called Patriot Mechanical Handling Blimey.... In answer to your specific questions (and I really don't know why I bother...lol) 1) I cannot give you financials on Patriot alone because they do not yet exist SEPARATELY. They are being prepared. Patriot results are CONSOLIFDATED that means NIM and Patriot added together under the parent company. I have attached the last set below...perhaps when you then compare them to the orders, you will see why I'm posting so much for you guys!!! Here is a copy of the RNS on Patriot's website which explains! Press Release Patriot Mechanical Handling Appoints Mr. Kirk J Baer to Position of Chief Financial Officer Tuesday January 17, 9:51 am ET HOUSTON, TX--(MARKET WIRE)--Jan 17, 2006 -- Patriot Mechanical Handling Inc. (Other OTC: PMHH.PK - News ), a leading provider of mechanical handling solutions and services to the oil and gas industry, is pleased to announce that it has appointed Mr. Kirk J Baer as the company's Chief Financial Officer. Baer's immediate responsibility is to prepare the company for an outside audit, in anticipation of retaining a firm to assist the company with meeting voluntary reporting requirements. Paul Findlay, CEO of Patriot, commented, "We are glad to have Kirk on board to assist with getting our financials organized and prepared for an outside auditing firm. Patriot intends to have its financials audited and to voluntarily report, so as to provide our shareholders, vendors and customers a high level of confidence in our company and its future growth." http://biz.yahoo.com/iw/051121/0101975.html Yahoo! Finance 2) HERE ARE PMHH PLUS NIM ACCOUNTS - THEY ARE CONSOLIDATED UNDER A COMPANY CALLED GME BECAUSE THIS IS THE PARENT COMPANY. Global Marine Energy PLC 28 December 2005 GLOBAL MARINE ENERGY Interim Results For the Period ended 30th September 2005 Global Marine Energy ('GME'), the oilfield services company, today announces its Interim Results for the six months ended 30th September 2005. Key highlights: Continued progress made in restructuring business, rationalisation programme complete; Steady increase in order levels experienced; Sales team expansion into new territories proving successful; Enquiry levels high, new customers won; Gross Profit £1.52 million; overall loss including rationalisation costs £496,844; and Current order book £11.3 million Post Period events: New Broker and Nomad appointed; £4.75 million placing; and New banking facilities now in place with RBS. Philip Wood, Chairman, Global Marine Energy Plc commented: 'The results reflect the reorganisation costs and the restrictions we have been working under due to the cash constraints. Despite this we have attracted major new customers and continued to expand internationally. The Company is now trading profitably and the monies from the Placing and the new bank facilities should allow us to accelerate our growth. GME is now properly funded and as a result the Board is confident that it can continue to grow turnover and to increase profitability.' 28th December 2004 For further enquiries contact: Philip Wood, Chairman, Global Marine Energy plc 01274 531 862 Adam Westcott, Noble & Company Limited 0131 225 9677 Michael Padley / Susan Scott, Bankside Consultants 0207 367 8888 Chairman's Statement The results for the half-year reflect the reorganisation costs and the difficulties that we have been operating under due to the continual lack of working capital. However, turnover did increase in the period. Order books continue to grow and tender enquiries to rise. Gross profit for the six months was £1.52 million (Year to March 2005 £1.42 million). Turnover increased 167% to £4.12 million. The losses, for the period, whilst disappointing include the last of the rationalisation costs relating to the recent acquisitions. We have removed a further amount of fixed cost from the business and fully integrated the acquisitions into two divisions: Patriot and NIM. We are trading profitably but the benefit of the action we have taken and the re-financing carried out in November will not be fully reflected until the next financial year. In the period we have won significant orders from China, Mexico, Brazil, Singapore and USA. We have also expanded our international presence by appointing an agent in Korea and a Sales Manager, based in Brazil, to build upon Patriot's success in South America and most recently one in Asia. Underlying confidence is high, we are continuing to win new clients and to increase the order book which currently stands at £11.3 million. Post Period Events Although we have continued to win new orders the most important event was the re-financing of the business. In November we completed a very successful Placing which attracted a number of the UK's leading institutions and raised £4.7 million (before costs). I also converted my loan to the Company into shares. We have also finalised the new banking facilities with RBS in Leeds. As a result we now feel that GME is properly financed for the first time in its history, and that we now have the funding to grow the business and to take advantage of the work carried out by the Board over the last 2 years. Outlook We have completed the rationalisation and integration of the businesses and we have expanded the marketing into new territories. As a result of these actions being taken the Company is now trading profitably and attracting new customers, worldwide. The Board is confident that it can continue to grow turnover and to increase profitability. P Philip Wood Chairman 28th December 2005 GLOBAL MARINE ENERGY CONSOLIDATED PROFIT AND LOSS ACCOUNT for the six months ended 30th September 2005 Unaudited Unaudited Audited six months six months year Ended Ended Ended 30 Sept 2005 30 Sept 2004 31 March 2005 Turnover Continuing operations 4,124,225 1,545,317 4,611,710 Cost of sales 2,607,586 891,535 3,187,730 -------- ------- ------- Gross profit 1,516,639 653,782 1,423,980 Administrative expenses 1,907,638 1,433,351 3,618,195 -------- ------- ------- Operating loss Continuing operations (390,999) ( 779,569) (2,194,215) Exceptional items 25,395 121,223 235,558 Interest payable less interest receivable 70,160 79,076 128,886 -------- ------- ------- Loss on ordinary activities before taxation (486,554) ( 979,868) (2,558,659) Taxation - - 3,121 -------- ------- ------- Retained loss for the period (486,554) ( 979,868) (2,561,780) -------- ------- ------- Minority interests 10,290 - 1,395 -------- ------- ------- Loss for the financial year (496,844) ( 979,868) (2,563,175) -------- ------- ------- Loss per Ordinary share: Pence Pence Pence basic ( 0.043) ( 0.134) ( 0.35) diluted ( 0.043) ( 0.134) ( 0.35) GLOBAL MARINE ENERGY CONSOLIDATED BALANCE SHEET as at 30th September 2005 Unaudited Unaudited Audited six months six months year Ended Ended Ended 30 Sept 30 Sept 31 March 2005 2004 2005 Fixed assets Intangible assets 504,608 20,457 534,608 Tangible Assets 205,792 91,757 169,671 ------- ------- ------- 710,400 112,214 704,279 Current assets Stocks 2,584,230 1,118,959 1,562,184 Debtors 2,245,140 840,608 1,718,976 Cash at bank and in hand 110,536 91,900 331,643 ------- ------- ------- 4,939,906 2,051,467 3,612,803 Creditors: Amounts falling due ------- ------- ------- within one year (4,376,357) (1,645,441) (3,654,098) ------- ------- ------- Net current assets/(liabilities) 563,549 406,026 ( 41,295) ------- ------- ------- Total assets less current liabilities 1,273,949 518,240 662,984 ------- ------- ------- Creditors: Amounts falling due after more than one year ( 459,399) ( 325,000) (325,000) ------- ------- ------- Net assets 814,550 193,240 337,984 ------- ------- ------- Capital and reserves Called up share capital 315,419 183,253 254,346 Shares to be issued 215,517 - 215,517 Share premium account 5,960,914 3,618,821 5,058,867 Merger reserve ( 99) ( 99) ( 99) Profit and loss account (5,688,886) (3,608,735) (5,192,042) ------- ------- ------- Equity shareholders' funds 802,865 193,240 336,589 ------- ------- ------- Minority interests 11,685 - 1,395 ------- ------- ------- 814,550 193,240 337,984 ------- ------- ------- GLOBAL MARINE ENERGY CONSOLIDATED CASH FLOW for the six months ended 30th September 2005 Unaudited Unaudited Audited six months six months year Ended Ended Ended 30 Sept 30 Sept 31 March 2005 2004 2005 Cash flow from operating activities (1,046,112) ( 807,706) (2,302,778) Returns on investments and servicing of finance: Interest paid ( 74,173) ( 84,631) ( 134,432) Interest received 4,013 5,555 5,546 Capital expenditure and financial ( 62,926) ( 6,762) ( 41,031) Acquisitions and disposals - ( 256,854) ( 266,203) ------- ------- ------- Cash inflow/(outflow) before financing (1,179,198) ( 1,150,398) (2,738,898) Financing 1,385,551 1,117,348 2,547,562 ------- ------- ------- Increase/(decrease) in cash in the period 206,353 33,050 ( 191,336) ------- ------- ------- GLOBAL MARINE ENERGY NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT Unaudited Unaudited Audited six months six months year Ended Ended Ended 30 September 30 September 31 March 2005 2004 2005 Reconciliation of operating profit to net cash flow from operating activities Operating (loss) ( 390,999) ( 779,569) (2,194,215) Depreciation and amortisation charges 56,805 22,545 91,665 Loss on sale of fixed assets - - ( 69,215) (Increase) in stocks (1,022,046) ( 310,975) ( 664,841) (Increase) in debtors ( 526,164) ( 156,610) ( 935,997) Increase in creditors 861,687 538,126 1,654,752 Exceptional items ( 25,395) ( 121,223) ( 235,558) Share based payments - - 50,631 ------- ------- ------- (1,046,112) ( 807,706) (2,302,778) Reconciliation of net cash flow to movement in net debt Increase/(Decrease) in cash in the period 206,353 ( 33,050) ( 191,336) ------- ------- ------- Change in net debt resulting from cash flows ( 559,400) 2,556 5,132 Movement in net debt in period ( 353,047) ( 30,484) ( 186,204) Net debt at beginning of period ( 716,597) ( 530,393) ( 530,393) Net debt at end of period (1,069,644) 560,877 ( 716,597) SELECTED NOTES TO THE INTERIM REPORT For the six months ended 30 September 2005 1) Accounting policies The interim report has been prepared on a basis consistent with the policies adopted in the Annual Report and Accounts for the year ended 31 March 2005. The interim report has been approved by a duly appointed committee of the Board of Directors and is unaudited. The auditors have not carried out a review of the interim report. The interim report does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. The information for the year ended 31 March 2005 has been extracted from the statutory accounts to that date which have been delivered to the Registrar of Companies. 2) Dividend No dividend is proposed to be paid in respect of the period. 3) Reconciliation of movements in shareholders' funds Unaudited Unaudited Audited six months six months Year Ended Ended Ended 30 September 30 September 31 March 2005 2004 2005 Loss for the financial period ( 496,844) ( 979,868) (2,563,175) Issue of equity shares 963,120 1,119,914 2,631,053 Shares to be issued - - 215,517 Opening shareholders funds 336,589 53,194 53,194 Closing shareholders' funds 802,865 193,240 336,589 Further copies of this interim announcement are available from the company's registered office at: Unit E, Shipley Wharf, Wharf Street, Shipley BD17 7DW This information is provided by RNS The company news service from the London Stock Exchange [/QB][/QUOTE]
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