RECORD REVENUE AND PROFIT - 201122-Feb-2012
TEXCOM ANNOUNCES RECORD REVENUE AND PROFIT FOR 2011
HOUSTON, TX ‐ (Marketwire) – February 21, 2012 ‐ TexCom, Inc. (OTC Pink: TEXC) (the “Company” or “TexCom”), an environmental services company serving the oil and gas industry, today announced record financial results for the full year ended December 31, 2011.
Financial Highlights for 2011 Compared to 2010:
Revenues totaled $10.52 million, rising 20% from $8.76 million. Gross profit margin increased to 56% from 55%. Operating income climbed 13% to $4.04 million from $3.57 million. Net income available to shareholders more than doubled, increasing 106% to $1.79 million from $869,000. Earnings per share on a fully diluted basis were $0.03, up from $0.01.
“We achieved a number of important milestones in 2011, including posting new records for revenue, operating income and net earnings. Our strong financial performance at M.B. Environmental Services is clearly demonstrating that our organic growth strategies are paying off and delivering profitability momentum that we fully expect to maintain and accelerate as we progress through the current year. Moreover, given the successful launch of our new Eagle Ford Environmental Services operations in South Texas last month, we remain highly confident that our positive outlook for 2012 and long term growth expectations will be fully realized,” stated Louis Ross, Chairman, President and CEO of TexCom.
About TexCom, Inc.
TexCom, headquartered in Houston, Texas, is a growth‐oriented environmental services company with a primary focus on the disposal of nonhazardous wastes generated by the oil & gas industry.
This press release referenced above may contain forward‐looking statements, including information about management's view of TexCom, Inc.'s future expectations, plans and prospects. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward‐looking statements. Any statements made in this news release or such presentation other than those of historical fact, about an action, event or development, are forward‐looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of TexCom, Inc., its divisions and concepts to be materially different than those expressed or implied in such statements. Unknown or unpredictable factors also could have material adverse effects on TexCom's future results. The forward‐looking statements included in this press release are made only as of the date hereof. TexCom cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward‐looking statements. Finally, TexCom undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by TexCom.