CES Synergies, Inc. Reports Results for Fourth Quarter and Year End 2013
31 Marzo 2014 - 6:30AM
Marketwired
CES Synergies, Inc. Reports Results for Fourth Quarter and Year End
2013
4Q Revenues Grow 91% With Improved Margins and Fourth Quarter
Profit
CRYSTAL SPRINGS,
FL--(Marketwired - March 31, 2014) - CES
Synergies, Inc. (OTCQB: CESX)
announced results for the quarter and year ended December 31,
2013.
Revenues for the three months ended December 31, 2013 were $4.4
million, an increase of 91% as compared to revenues of $2.3 million
in the comparable 2012 period. Sequentially, revenues
increased 29% compared to the third quarter of 2013. During
the fourth quarter of 2013, remediation contributed $2.1 million to
consolidated revenue and demolition contributed $2
million. Gross margin increased significantly in the fourth
quarter to 27% as compared to 6% in the fourth quarter of
2012. The Company reported operating income of $151,000 as
compared to an operating loss of $943,000 in the fourth quarter of
last year. CES recorded net income for the fourth quarter of
2013 of $126,000 or $0.003 per basic and diluted share.
For the year ended December 31, 2013, revenues decreased 4% to
$15.5 million as compared to revenues of $16.3 million in
2012. Revenues from the Company's remediation business grew
32% to $8.0 million from $6.0 million in 2012, primarily due to an
improved bidding environment, renewed government funding and
increased activity around municipal and government renovation
projects. Revenues from the demolition business declined 28%
in 2013, to $6.8 million, related to the completion of projects
with the Louisiana Land Trust. The Company achieved improved
gross margin of 24% as compared to gross margin of 22% in
2012. CES reported operating income of $25,800 for the year
ended December 31, 2013 as compared to operating income of $30,900
in the previous year.
Clyde A. Biston, Chairman and Chief Executive Officer of CES
Synergies commented, "Our fourth quarter results demonstrated
increased revenues with an improved gross margin and
profitability. We believe these results are an indication of
the strengthening in our markets in the southeast, where we've seen
increased remediation activity related to an upswing in government
and municipal renovation projects. Subsequent to the close of
the fourth quarter, we announced several new awards including: a
contract with the New Orleans Housing Authority for the remediation
and demolition of multifamily housing; a demolition project with
Canam Steel in the Florida Panhandle; work with the Florida
Department of Transportation on Phase III of the State Road 7
project; and a contract for abatement and demolition work at Eglin
Air Force Base. Additionally, we've recently broadened our
management team with the addition of three senior project managers
who will expand our business development efforts. While
quarters will fluctuate, we are encouraged by the long term organic
growth opportunity that is being created as our markets grow
stronger and bid activity increases.
"2013 marks our listing as a public company and we look
forward to our continued participation in the public markets as we
focus on growing our Company and building shareholder
value."
About CESX: CES Synergies, Inc., through its subsidiary, Cross
Environmental Services, Inc., is a specialty environmental services
company providing quality environmental contracting solutions,
demolition and remediation services to commercial and industrial
customers, as well as federal, state and municipal
entities. More information may be found at the Company's
website: www.crossenv.com.
This release contains certain statements that are, or may be
deemed to be, forward-looking statements within the meaning of
section 27A of the Securities Act of 1933 and section 21E of the
Securities Exchange Act of 1934, and are made in reliance upon the
protections provided by such Acts for forward-looking
statements. We have identified forward-looking statements by
using words such as "expect," "believe," and "should." Although we
believe our expectations are reasonable, our operations involve a
number of risks and uncertainties that are beyond our control, and
these statements may turn out not to be true. Risk factors
associated with our business, including some of the facts set forth
herein, are detailed in the Company's Form SEC filings.
|
|
CES Synergies
and Subsidiaries |
|
Consolidated
Statements of Operations |
|
|
|
|
|
Three month period ended December 31, |
|
|
Year ended December 31, |
|
|
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
|
|
|
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
|
(audited) |
Revenues |
|
$ |
4,386,315 |
|
|
$ |
2,296,771 |
|
|
$ |
15,537,875 |
|
|
$ |
16,269,345 |
|
Cost of sales |
|
|
3,194,251 |
|
|
|
2,166,360 |
|
|
|
11,852,022 |
|
|
|
12,649,700 |
|
Gross profit (loss) |
|
|
1,192,064 |
|
|
|
130,411 |
|
|
|
3,685,853 |
|
|
|
3,619,645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
|
1,041,477 |
|
|
|
1,073,334 |
|
|
|
3,660,012 |
|
|
|
3,588,776 |
|
Operating Income |
|
|
150,587 |
|
|
|
(942,923 |
) |
|
|
25,841 |
|
|
|
30,869 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense) net |
|
|
(24,487 |
) |
|
|
196,794 |
|
|
|
(186,587 |
) |
|
|
358,214 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
126,100 |
|
|
|
(746,129 |
) |
|
|
($160,746 |
) |
|
$ |
389,083 |
|
Net income (loss) per basic and diluted share |
|
$ |
0.003 |
|
|
|
($4663.30 |
) |
|
|
($0.003 |
) |
|
$ |
2431.77 |
|
Weighted average number of
shares outstanding - Basic and Diluted |
|
|
46,525,000 |
|
|
|
160 |
|
|
|
46,525,000 |
|
|
|
160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CES Synergies,
Inc. and Subsidiaries |
Consolidated
Balance Sheets |
|
|
|
|
December 31, 2013 |
|
|
December 31, 2012 |
ASSETS |
Current assets |
|
|
|
|
|
|
|
Cash |
|
$ |
250,359 |
|
$ |
132,442 |
|
Advances to employees |
|
|
20,223 |
|
|
27,381 |
|
Contracts receivable (net of allow. for bad
debt) |
|
|
3,965,709 |
|
|
2,893,458 |
|
Inventory |
|
|
153,990 |
|
|
135,142 |
|
Cost and estimated earnings in excess of billings
on uncompleted contracts |
|
|
809,548 |
|
|
663,191 |
|
|
Total current assets |
|
|
5,199,829 |
|
|
3,851,614 |
Property and equipment, net |
|
|
2,160,818 |
|
|
2,145,388 |
Goodwill |
|
|
1,446,855 |
|
|
1,446,855 |
Other assets |
|
|
29,505 |
|
|
25,084 |
TOTAL ASSETS |
|
$ |
8,837,007 |
|
$ |
7,468,941 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
Current liabilities |
|
|
|
|
|
|
|
Accounts payable |
|
$ |
1,260,709 |
|
$ |
601,555 |
|
Accrued payroll |
|
|
123,356 |
|
|
78,169 |
|
Billings in excess of costs and estimated earnings
on uncompleted contracts |
|
|
518,612 |
|
|
38,737 |
|
Current portion long-term debt |
|
|
472,372 |
|
|
418,912 |
|
|
Total current liabilities |
|
|
2,375,049 |
|
|
1,137,373 |
Long-term debt, net of current portion |
|
|
4,731,468 |
|
|
3,517,668 |
|
|
Total long-term liabilities |
|
|
4,731,468 |
|
|
3,517,668 |
Stockholders' equity |
|
|
|
|
|
|
|
Common stock, authorized $0.001 par value,
75,000,000 shares, at December 31, 2013; $1 par value, 160 shares,
at December 31, 2012 and 2011 |
|
|
|
|
|
|
|
|
Issued: 46,525,000 shares, at December 31, 2013; 160
shares, at December 31, 2012 and 2011 |
|
|
46,525 |
|
|
160 |
|
Treasury stock, 80 shares, at cost |
|
|
(129,356) |
|
|
(129,356) |
|
Additional paid in capital |
|
|
1,084,058 |
|
|
1,130,424 |
|
Retained earnings |
|
|
722,263 |
|
|
1,812,672 |
|
|
Total stockholders' equity |
|
|
1,730,490 |
|
|
2,813,900 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
8,837,007 |
|
$ |
7,468,941 |
|
|
|
|
|
|
|
Company Contact: John Tostanoski, President CES
Synergies, Inc. (813)
783-1688 jt@crossenv.com Investor Contact:John
Nesbett/Jen BelodeauInstitutional Marketing Services (IMS)(203)
972-9200jnesbett@institutionalms.com
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