Kesselring Holding Corporation Files 10-Q, Company's Gross Profit Improves 46% vs. Prior Year
18 Febrero 2009 - 1:36PM
Marketwired
Kesselring Holding Corporation (OTCBB: KSSH) announced today that
it has filed its recent form 10-Q with the Securities and Exchange
Commission.
The Company is required to file a form 10-Q with the Securities
and Exchange Commission 45 days after the end of its first fiscal
quarter, December 31, 2008. This form summarizes the Company's
results of operations for the 1st quarter of 2009 and 2008.
The Company reported Revenues of $2,124,941, Gross Profit of
$708,337, and an Operating Loss of ($96,485) for the 1st quarter of
2009. This compares to Revenues of $2,697,874, Gross Profit of
$484,984, and an Operating Loss of ($1,274,574) for the 1st quarter
of 2008. Since early February, 2008 when a change of executive
management took place, the Company has undertaken a plan of action
mandated by the Board of Directors to dramatically improve its
operating results as quickly as possible by aggressively cutting
costs at the holding company and its subsidiaries which included
the downsizing and restructuring of its Kesselring Restoration
division, and increasing the profitability and business development
efforts of its Washington division.
Charles B. Rockwood, Chief Operating and Financial Officer of
Kesselring Holding Corporation, states: "We continue to work
extremely hard at getting the company to a state of sustained
profitability. During the 4th quarter of 2008 we produced Net
Income of $175,846. In this most recent quarter, we reduced our
Operating Loss nearly $1.2 million dollars and dramatically
increased our relative Gross Profit. In light of the harsh reality
of today's business environment we are constantly evaluating our
operations, including assessing viability of our Kesselring
Restoration division. Fortunately, our Washington division, which
represents the vast majority of our operations, continues to post
strong results as evidenced by the 15.4% increase in year-on-year
revenues."
Chairman of the Board, Clifford H. Wildes, stated that
"Restructuring and turning companies around is always a long and
difficult process and in these uncertain tumultuous economic times,
we are faced with more challenges then we ever dreamed of, however
we feel that we have made great strides over the past year due to
our executive management changes implemented last February, the
mandates of our Board of Directors to cut costs and the execution
by our management of that Board mandate."
Mr. Wildes went on to say, "Despite the continued improvement in
our Washington operations resulting in an increase in Gross Profit
of $344,633 from $392,966 to $737,599, or nearly 88%, while cutting
the operational costs at Kesselring Holding, our goal continues to
remain increasing the shareholder value with additional
restructuring at the sub level. We believe that we have
demonstrated that we have taken the correct fiscal policy mandated
by our Board of Directors and the company has made great strides in
the operations of its subsidiaries as it continues to struggle with
the losses incurred by previous management of Kesselring
Restoration and Kesselring Holding."
"Safe Harbor" Statement under Private Securities Litigation
Reform Act of 1995
Statements about the expected future prospects of our business,
statements about our outlook for internal revenue growth in 2007
and 2008, and all other statements in this release other than
historical facts, constitute forward-looking statements. You can
identify forward-looking statements because they contain words such
as "believes," "expects," "may," "will," "would," "should,"
"seeks," "approximately," "intends," "plans," "estimates," or
"anticipates" or similar expressions which concern our strategy,
plans or intentions. All statements we make relating to estimated
and projected earnings, margins, costs, expenditures, cash flows,
growth rates and financial results are forward-looking statements.
In addition, we, through our senior management, from time to time
make forward-looking public statements concerning our expected
future operations and performance and other developments. All of
these forward-looking statements are subject to risks and
uncertainties that may change at any time, and, therefore, our
actual results may differ materially from those we expected. We
derive most of our forward-looking statements from our operating
budgets and forecasts, which are based upon many detailed
assumptions. While we believe that our assumptions are reasonable,
we caution that it is very difficult to predict the impact of known
factors, and, of course, it is impossible for us to anticipate all
factors that could affect our actual results. Some of the factors
that we believe could affect our results include: conditions in the
restoration, construction and building products industries, change
in interest rates, the impact of severe weather on the Company's
restoration and construction operations, the effect of governmental
regulation on the Company and other factors described from time to
time in our filings with the Securities and Exchange Commission.
The factors described in this paragraph and other factors may
affect our business or future financial results. We assume no
obligation to update any written or oral forward-looking statement
made by us or on our behalf as a result of new information, future
events or other factors.
Contact: Charles Rockwood Kesselring Holding Corporation
941-953-5774 x108 Email: Email Contact
Kingfish (CE) (USOTC:KSSH)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Kingfish (CE) (USOTC:KSSH)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024