Post A Reply
my profile
login
|
register
|
search
|
faq
|
forum home
»
Allstocks.com's Bulletin Board
»
Micro Penny Stocks, Penny Stocks $0.10 & Under
»
NSMG...KEEP AN EYE ON THIS ONE!!!!
» Post A Reply
Post A Reply
Login Name:
Password:
Message Icon:
Message:
HTML is not enabled.
UBB Code™ is enabled.
[QUOTE]Originally posted by Zosyn: [QB] CHICAGO, IL, Jan 09, 2007 (MARKET WIRE via COMTEX) -- National Storm Management, Inc. (PINKSHEETS: NSMG) reported today results for its third quarter ended September 30, 2006. Revenues for the third quarter increased 37 percent or $811,000 to $3.0 million, compared to $2.2 million in the second quarter ended June 30, 2006. The company posted a net loss of $694,153 or $0.01 per share based on 66.7 million shares compared to a net loss of 481,848, or $0.01 per share based on 61.2 million shares in the previous quarter. During the third quarter the company incurred significant non-recurring professional fees related to the filing of a Form SB-2 registration statement with the SEC and hiring a new chief financial officer. After accounting for these fees, the third quarter loss is consistent with the second quarter results. As was the case in the second quarter, third quarter losses are attributed to unforeseen market conditions related to cost of materials and lack of supply on previously contracted projects in Florida, the company's largest operating location. This backlog of projects in Florida was eliminated in the beginning of the fourth quarter and the company expects to restore gross margins to previous levels going forward. "We remain focused on upgrading our accounting system and significantly improving our financial reporting efficiency," said Scott Knoll, chief financial officer. About National Storm Management, Inc. National Storm Management (PINKSHEETS: NSMG) is a national construction company headquartered in Glen Ellyn, Illinois and provides storm restoration services in six states. Its operating affiliates include: ABC Exteriors (Illinois and Indiana); 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, the expectation of gross margins to return to previous levels, statements about future market conditions, supply and demand conditions, and other expectations, intentions and plans contained in this press release that are not historical fact. 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 and actual results may materially differ from such expectations based on a large number of risks and uncertainties, including, but not limited to, weather, the company's ability to successfully implement its growth strategy, the company's ability to maintain adequate liquidity and work out arrangements with creditors on advantageous terms, supply shortages in labor or materials, and general economic conditions in the geographic regions of the United States where the company does business. The company assumes no duty to update any forward-looking statements. National Storm Management, Inc. CONSOLIDATED BALANCE SHEET September 30, 2006 Unaudited Audited ------------- ------------- 2006 2005 September 30, December 31, ------------- ------------- ASSETS Current assets : Cash $ 243,888 $ 41,150 Accounts receivable (less respective allowances) 825,461 664,984 Inventories 133,777 165,076 Management & Salesman Advances 40,719 70,010 Cost in excess of billings 374,401 554,410 Prepaid Expenses 48,621 45,223 Other current assets 171,634 180,114 ------------- ------------- Total current assets $ 1,838,501 $ 1,720,967 Property, plant and equipment $ 470,780 $ 467,788 Less: Accumulated depreciation and amortization 232,187 159,836 ------------- ------------- Property, plant and equipment - net 238,593 307,952 Goodwill 5,000 5,000 Deferred tax asset - net of valuation allowance 848,727 587,727 Other 62,674 97,004 ------------- ------------- Total assets $ 2,993,495 $ 2,718,650 ------------- ------------- LIABILITIES AND STOCKHOLDER EQUITY Current liabilities : Current maturities of long-term debt $ 2,060,908 $ 1,118,275 Accounts payable - trade 1,175,923 1,654,689 Other current liabilities 50,679 76,254 Billings in excess of costs 609,892 789,281 ------------- ------------- Total current liabilities $ 3,897,402 $ 3,638,499 Non-current Liabilities : Term loan, net of current portion $ 21,885 $ 34,891 Other long-term obligations 107,500 - ------------- ------------- Total long-term debt $ 129,385 $ 34,891 Long-term deferred tax liability $ - $ - Commitments and contingencies - - Total liabilities $ 4,026,787 $ 3,673,390 ------------- ------------- Stockholders' Equity : Common Stock 66,692,194 and 49,113,903 issued and outstanding 66,692 49,114 Additional paid-in capital 2,835,180 1,142,484 Retained earnings (deficit) (3,935,164) (2,146,338) Total Liabilities and Stockholders' Equity $ 2,993,495 $ 2,718,650 ------------- ------------- *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 cash flows for the periods presented, in conformity with accounting principles generally. National Storm Management, Inc. CONSOLIDATED STATEMENT OF OPERATIONS September 30, 2006 Unaudited Three Months Ended Nine Months Ended September 30, September 30, 2006 2005 2006 2005 REVENUES: Net trade sales $ 3,011,186 $ 3,864,564 $ 7,505,748 $ 12,710,295 Other Revenue 0 $ - 0 0 ------------ ------------ ------------ ------------ $ 3,011,186 $ 3,864,564 $ 7,505,748 $ 12,710,295 ------------ ------------ ------------ ------------ OPERATING COST AND EXPENSES: Cost of product sold $ 2,078,709 $ 2,578,563 $ 4,580,143 $ 8,155,086 Selling, administrative, and general $ 1,583,366 $ 1,946,103 4,827,210 5,435,548 Depreciation and amortization $ 25,509 $ 27,433 $ 78,178 $ 157,954 ------------ ------------ ------------ ------------ $ 3,687,584 $ 4,552,099 $ 9,485,531 $ 13,748,588 ------------ ------------ ------------ ------------ INCOME (LOSS) FROM OPERATIONS $ (676,398) $ (687,535) $ (1,979,783) $ (1,038,293) Interest expense $ (20,435) $ (9,966) (71,463) (2,381) Costs associated with reorganization and merger - - - - Other income (loss) $ 2,755 $ - $ 3,139 $ (12,664) ------------ ------------ ------------ ------------ Income (loss) before income taxes and extraordinary gain $ (694,078) $ (697,501) $ (2,048,107) $ (1,053,338) Provision (Benefit) for income taxes $ 75 $ - $ (259,282) $ - ------------ ------------ ------------ ------------ NET INCOME (LOSS) $ (694,153) $ (697,501) $ (1,788,825) $ (1,053,338) ============ ============ ============ ============ Basic Earnings per Share: Weighted average shares $ (0.02) $ (0.01) $ (0.03) $ (0.01) Effective of dilutive shares 0.00 - 0.01 - ------------ ------------ ------------ ------------ Net earnings (loss) $ (0.01) $ (0.01) $ (0.02) $ (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 cash flows for the periods presented, in conformity with accounting principles generally. National Storm Management, Inc. CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY September 30, 2006 Unaudited Additional Common Stock Paid-in Shares Par Value Capital ============== ============== ============== Balance, January 1, 2004 2,575,160 $ 25,752 Net income Dividends paid - owners discretionary draw Common stock issued in connections with new entities 8,248,330 8,248 ============== ============== ============== Balance, December 31, 2004 10,823,490 $ 34,000 Issuance of stock options for professional fees 6,800,000 6,800 746,200 Acquisition of assets of N.S.M. Inc. 6,000,000 6,000 (1,000) Common stock issued 2,313,903 2,314 397,284 Net income (loss) ============== ============== ============== Balance, December 31, 2005 25,937,393 $ 49,114 $ 1,142,484 Issuance of stock options for professional fees - - - Common stock issued 17,578,291 17,578 1,692,696 Net income (loss) ============== ============== ============== Balance, September 30, 2006 43,515,684 $ 66,692 $ 2,835,180 Retained Stockholders' Earnings Equity ============= ============= Balance, January 1, 2004 $ (314,052) $ (288,300) Net income 65,952 65,952 Dividends paid - owners discretionary draw (247,915) (247,915) Common stock issued in connections with new entities (8,248) - ============= ============= Balance, December 31, 2004 $ (504,263) $ (470,263) Issuance of stock options for professional fees 753,000 Acquisition of assets of N.S.M. Inc - 5,000 Common stock issued - 399,598 Net income (loss) (1,642,075) (1,642,075) ============= ============= Balance, December 31, 2005 $ (2,146,338) $ (954,740) Issuance of stock options for professional fees - - Common stock issued - 1,710,274 Net income (loss) (1,788,825) (1,788,825) ============= ============= Balance, September 30, 2006 $ (3,935,163) $ (1,033,291) *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 cash flows for the periods presented, in conformity with accounting principles generally. National Storm Management, Inc. CONSOLIDATED STATEMENT OF CASHFLOWS September 30, 2006 Unaudited Nine Month Ended September 30, -------------------------- 2006 2005 ------------ ------------ CASH FLOWS FROM OPERATING ACTIVITIES : Net income (loss) $ (1,788,825) $ (1,022,248) Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities : Depreciation, and amortization 78,178 157,954 Allowance for doubtful accounts - - Deferred tax benefit (261,000) - Loss (Gain) on sale of capital equipment 4,649 Stock and stock options issued for professional fees 18,175 253,000 Forfeiture of security deposits 40,309 Changes in components of working capital : (Increase) decrease in accounts receivable - net (160,477) 422,217 (Increase) decrease in inventories 31,299 279,523 (Increase) decrease in advances 29,291 (117,605) Increase (decrease) in cost in uncompleted contracts 620 (1,024,814) (Increase) decrease in other current assets 5,082 (110,586) Increase (decrease) in accounts payable (478,766) 264,652 Increase (decrease) in other current liabilities (25,575) 29,633 Other, net - ------------ Net cash provided by (used for) operating activities $ (2,507,040) $ (868,274) ------------ ------------ CASH FLOWS FROM INVESTING ACTIVITIES : Capital expenditures $ (26,218) $ (50,513) Proceeds from dispositions of property, plant and equipment 12,750 - Increase in security deposits (5,980) Increase (decrease) in other long-term liabilities 107,500 (500,000) Business acquisition - (100,000) ------------ ------------ Net cash provided by (used in) investing activities $ 88,052 $ (650,513) ------------ ------------ CASH FLOWS FROM FINANCING ACTIVITIES : Distributions paid owner $ - $ - Increase (decrease) in current portion of notes payable $ (57,367) Issuance of common stock 1,692,099 569,120 Proceeds from term loan 1,000,000 Increase (decrease) in term loan (13,006) (24,155) Increase (decrease) in Note payable - 1,000,000 ------------ ------------ Net cash provided by (used in) financing activities $ 2,621,726 $ 1,544,965 ------------ ------------ NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS $ 202,738 $ 26,178 Cash and cash equivalents, beginning of period 41,150 72,643 ------------ ------------ Cash and cash equivalents, end of period 243,888 98,821 ============ ============ Cash interest paid for the periods presented : $ 71,463 $ 12,347 ============ ============ 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 cash flows for the periods presented, in conformity with accounting principles generally. For Media Inquiries: David Gutierrez Dresner Corporate Services 312-780-7204 dgutierrez*dresnerco.com For Investor Inquiries: Philip Kranz Dresner Corporate Services 312-780-7240 pkranz*dresnerco.com SOURCE: National Storm Management, Inc. mailto:dgutierrez*dresnerco.com mailto:pkranz*dresnerco.com [/QB][/QUOTE]
Instant Graemlins
Instant UBB Code™
What is UBB Code™?
Options
Disable Graemlins in this post.
*** Click here to review this topic. ***
Contact Us
|
Allstocks.com Message Board Home
© 1997 - 2021 Allstocks.com. All rights reserved.
Powered by
Infopop Corporation
UBB.classic™ 6.7.2