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HOUSTON, Apr 17, 2006 (BUSINESS WIRE) -- Ablaze Technologies, Inc. (ABZT), a results oriented internet marketing & trading company, announced today that it once again achieved record sales and profitability for the previous quarter ending March 31, 2006.
Gross Revenue for the first 3 months of 2006 reached $5,021,552 with a gross profit of $3,794,397. Advertising and marketing expense was the Company's biggest outlay at $1,841,245, while general and administrative expenses remained relatively low at only $185,016. Pre-tax income was $1,766,317, leaving after tax net earnings for the period at $1,086,217 or approximately $.01402/share on 77,500,000 total issued and outstanding shares.
The Company also maintained its debt free status and increased its shareholders equity to $3,632,272 for the period, including $1,227,968 cash on hand and approximately $1,426,798 in unrealized investment gains expected to be realized in future quarters. Darrel Uselton, CEO, stated: "Our financial performance for the quarter well exceeded our expectations and our previous guidance, yet we look forward to maintaining our growth for some time, all the while sustaining significant profitability."
Nearly all the Company's growth for the first quarter was generated by its OTC Services, Inc. unit, which operates an online investment news network, as well as provides numerous comprehensive, web-based marketing services primarily to public companies, assisting in brand marketing and investor relations initiatives for those clients. The Company typically receives cash and/or marketable securities as fee income for services, and often participates in structured financing transactions with those public company clients as well.
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