CARLSBAD, Calif.--(BUSINESS WIRE)--May 23, 2005-- U.S. Microbics, Inc. (OTCBB:BUGS) today announced consolidated financial results for the second quarter ending March 31, 2005 of fiscal year 2005. Revenues for the six months were $412,462 (129% higher), Gross profits were $245,505 (4,400% higher) and Net Loss for the six months was $1,378,249 (23% lower) than the same period in the prior year as the company increased revenue and gross profits from higher margin international environmental cleanup operations in Mexico. BUGS CEO Robert Brehm commented, "The second quarter results are indicative of the shift in direction for BUGS and its operating subsidiaries toward improved profitability utilizing our new Strategic Partner Program, which brings the company's innovative environmental clean-up solutions to engineering firms anxious to learn how to profit from solving their country's environmental problems using local resources and labor teamed with BUGS technology and services." Brehm concluded, "We like these strategic partnerships as they provide initial revenues from site assessment, up-front technology licensing fees and ongoing royalties and recurring microbial products sales. These existing relationships are showing good revenues to date and could be a powerful force in ramping up the use of the BUGS technology on an international basis. We are very excited about ramping up this program in Mexico and other countries where environmental concerns are negatively impacting the quality of life." The consolidated financial data below has been derived from the Company's Financial Statements for the six months ending March 31, 2005 and 2004. For additional information and a discussion of risk factors, please see the U.S. Microbics current 10K & 10Q reports available on the company website at http://www.bugsatwork.com/132.ASP or the S.E.C. website at www.sec.gov. -0- *T
For the 6 For the 6 months months Consolidated Statement of Losses ending ending March 31, March 31, 2005 2004 (UNAUDITED) (UNAUDITED) -------------------------------- ----------- ----------- Revenues $412,462 $180,493 Cost of Goods Sold $166,957 $175,054 Gross Profit (Loss) $245,505 $5,439
Operating Expenses -- SGA $1,819,956 $1,877,916 Net Income (Loss) from Operations $(1,574,451) $(1,872,477) Other Income (expense): Interest Expense $(65,585) $(96,371) Minority Interest $261,787 $179,915 Net Income (loss) before Income taxes $(1,378,249) $(1,788,933) Provision for income taxes Net income (loss) $(1,378,249) $(1,788,933) Net loss per common shares outstanding $(.009) $(0.02) Weighted average shares outstanding 154,280,731 117,937,221
As of As of 3/31/2005 9/30/2004 Balance Sheet Items (UNAUDITED) (AUDITED)
Total Current Assets $697,241 $504,514 Total Current Liabilities $2,444,478 $2,114,203 Net Working Capital $(1,747,237) $(1,609,689)
Total Assets $1,009,261 $708,759 Total Liabilities $2,444,478 $2,114,203 Total Shareholder Equity $(1,435,217) $(1,405,444) *T
About U.S. Microbics Inc.
U.S. Microbics is a business development and holding company that acquires, develops and deploys innovative environmental technologies for soil, groundwater and carbon remediation, air pollution reduction, modular drinking water systems and agriculture enhancement. For more information on the company or its Strategic Partner Program, contact Robert Brehm at 760-918-1860 x102, or visit the website at http://bugsatwork.com.
The information contained in this press release includes forward-looking statements. Forward-looking statements usually contain the words "estimate," "anticipate," "believe," "expect" or similar expressions that involve risks and uncertainties. These risks and uncertainties include the company's status as a startup company with uncertain profitability, need for significant capital, uncertainty concerning market acceptance of its products, competition, limited service and manufacturing facilities, dependence on technological developments and protection of its intellectual property. The company's actual results could differ materially from those discussed herein. Factors that could cause or contribute to such differences are discussed more fully in the "Risk Factors," "Management's Discussion and Analysis or Plan of Operation" and other sections of the company's Form 10-KSB and other publicly available information regarding the company on file with the Securities and Exchange Commission. The company will provide you with copies of this information upon request.
KEYWORD: NORTH AMERICA CALIFORNIA UNITED STATES INDUSTRY KEYWORD: ENERGY OIL/GAS NATURAL RESOURCES ENVIRONMENT EARNINGS SOURCE: U.S. Microbics, Inc.
CONTACT INFORMATION: U.S. Microbics, Inc. Robert Brehm, 760-918-1860 x102 www.bugsatwork.com
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