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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 www.nationalstorm.com. 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
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
* 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
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I hope no one is still in this pos. The only reason it went up the past 2 years was hype. katrina skyrocketed it, then hype gave it a lift the next 2 years. This stock is done and so is wegi.
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Worst of Atlantic hurricane season still to come
By Jim Loney 1 hour, 27 minutes ago
MIAMI (Reuters) - Nearly eight weeks have passed since the last tropical storm in the Atlantic-Caribbean region faded away, but banish any notion the 2007 hurricane season has been unusually slow and beware the coming months, experts say.
The peak of the six-month season is just around the corner and forecasters are still predicting a busy one.
"There's absolutely nothing out of the ordinary," Gerry Bell, a hurricane forecaster for the U.S. National Oceanic and Atmospheric Administration, said of the Atlantic season's first two months. "It's not slow. It's not fast."
On average, June and July produce zero to two named storms or hurricanes. So far this year there have been two. Andrea formed in early May, Barry on June 1.
There's plenty of evidence the first two months are meaningless as an indicator for the rest of the season.
In 2004, the first storm didn't form until August 1. It ultimately became Hurricane Alex and kicked off one of the worst Atlantic seasons in decades.
By mid-August that year, there had been five storms. The entire 2004 season saw 15 storms, including nine hurricanes.
Four of them, Charley, Frances, Ivan and Jeanne, hit Florida. Each caused more than $6 billion damage and all four rank among the top 10 costliest storms in U.S. history.
In 1998, the first storm didn't form until July 29. That season produced 10 hurricanes, including 155-mph (250-kph) Georges, which battered Key West, and 180-mph (290-kph) Mitch, which killed more than 9,000 people in Central America.
In 1992, Hurricane Andrew, the first storm of the season, didn't form until August 17. It devastated southern Florida to the tune of $25 billion and until Katrina in 2005 was the costliest hurricane in U.S. history.
STORMY SEPTEMBER
Historically, the Atlantic hurricane season peaks on September 10 and the period from August 20 until October 14 produces the greatest number of storms.
From 1851 to 2006, September was the top storm-producing month, with 459, followed by August with 344 and October with 280, according to NOAA records.
Forecasters have predicted 2007 will see an above-average number of storms. The averages for the past 40 years are 10.9 storms, 6.1 hurricanes and 2.3 intense hurricanes with winds above 110 mph (177-kph).
A Colorado State University team led by forecasting pioneer Bill Gray has predicted 17 Atlantic storms, with nine becoming hurricanes and five reaching intense strength.
NOAA's forecast calls for a range of 13 to 17 storms, seven to 10 hurricanes and three to five intense hurricanes. London-based Tropical Storm Risk predicts 14.7 storms, 7.9 hurricanes and 3.5 intense hurricanes.
Private forecaster WSI Corp. on Tuesday lowered its forecast to 14 storms from 15 and to six hurricanes from eight.
Others may do likewise because sea surface temperatures in the tropical Atlantic have cooled 1-2 degrees Fahrenheit after running well above normal for the last few years.
"We're near average for sea surface temperatures," said Jeff Masters of online weather company Weather Underground. He says heavy Saharan dust has kept sunlight from heating the ocean, depriving potential storms of fuel.
Gray's CSU team is scheduled to update its forecast on August 3. NOAA's mid-season update will be released on August 9.
Researchers say the El Nino warm water phenomenon in the eastern Pacific, which strengthened unexpectedly and dampened Atlantic hurricane activity last year, is neutral and should have little or no effect.
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NHC: Dean To Be 'Major Hurricane' By Monday
Last update: 8/15/2007 11:47:35 AM HOUSTON (Dow Jones)--
Tropical Storm Dean will continue to experience "steady intensification" and should become a "major hurricane" by Monday morning when it is expected to hit Jamaica, according to the 11 a.m. EDT forecast from the National Hurricane Center.
The storm was strengthening Wednesday over the Central Atlantic Ocean, as forecasters continued to adjust their track westward. Earlier projections said Dean could lurch towards the Northeastern U.S., but the latest projection boosts the chances the storm will enter the energy-rich Gulf of Mexico, potentially threatening key infrastructure.
The latest tracks reflect the effects of a ridge of pressure from the North, which should block a Northeastern track and keep Dean moving West, said NHC meteorologist Dennis Feltgen. However, Feltgen said Wednesday that it is still "way too early to tell" if Dean will enter the Gulf of Mexico.
The NHC official forecast said Dean would be a "major hurricane" by Monday. Feltgen said a "major" hurricane refers to a Category 3 storm or higher. "Steady intensification of this system seems to be the best bet," the NHC said in the official discussion.
Joe *******i, a senior meteorologist with Accuweather.com, said he largely agreed with the NHC's forecasts of Dean. *******i said Dean poses a "viable, plausible threat" of entering the Gulf of Mexico and affecting energy infrastructure. The storm could also move South towards the Yucatan Channel. Dean was moving west at about 20 mph over increasingly warmer waters. Hurricanes have sustained winds of at least 74 mph.
Hurricane forecasters expect this year's Atlantic hurricane season to be busier than average. Last week, they said as many as 16 tropical storms were likely to form, with nine strengthening into hurricanes. The season runs from June 1 to Nov. 30, but August typically marks the start of the most active period. Ten tropical storms developed in the Atlantic last year, but only two made landfall in the U.S.
-------------------- "Great Day for Up!"....Dr. Seuss
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Last update: 8/15/2007 11:44:58 AM MIAMI (AP)--Rescue workers were activated in southern Texas in preparation for heavy rain expected to accompany newly formed Tropical Storm Erin moving through the Gulf of Mexico.
At 11:30 a.m. EDT, it had maximum sustained winds near 40 miles per hour, up from 30 mph earlier in the day. It was centered about 250 miles east-southeast of Brownsville, Texas, and could hit land Thursday, according to the National Hurricane Center.
U.S. energy markets are closely eyeing Atlantic weather forecasts amid concern that a tropical storm or hurricane could enter the U.S. Gulf of Mexico and disrupt oil and natural gas production there.
Storm jitters have led to recent price run-ups for crude oil, gasoline and natural gas on the New York Mercantile Exchange. (END) Dow Jones Newswires
-------------------- "Great Day for Up!"....Dr. Seuss
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