Aduddell Industries Reports 2006 Second Quarter Results; Six Month Revenues Rise 74%.OKLAHOMA CITY Oklahoma City (1990 pop. 444,719), state capital, and seat of Oklahoma co., central Okla., on the North Canadian River; inc. 1890. The state's largest city, it is an important livestock market, a wholesale, distribution, industrial, and financial center, and a farm , Okla. -- Aduddell Industries, (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ADDL ADDL Additional ADDL Animal Disease Diagnostic Laboratory (University of the Philippines, College of Veterinary Medicine) ADDL American Double Dutch League ADDL Amyloid Beta-Derived Diffusible Ligand ) a leading provider of commercial roofing, roofing repair and maintenance work, waterproofing and concrete restoration, as well as disaster recovery services today reported its financial results for the three and six month periods ending June June: see month. 30, 2006. For the second quarter period, the Company reported revenues of $8.6 million, a 125.4% increase over the $3.8 million reported in the prior year period. The Company reported net income for the second quarter of $186,982 versus a net loss of $287,895 for the prior year period. For the six-month period ending June 30, reported revenues totaled $12.4 million, a 74% increase over the $7.1 million reported in 2005. Net income for the first six months of 2006 was $72,469 compared to a net loss of $167,838 for the first six months of 2005. The increase in revenues and net income was primarily the result of marketing initiatives the Company implemented in 2006, which included the expansion of the Company's service offering to include total building exterior envelope (1) A range of frequencies for a particular operation. (2) A group of bits or items that is packaged and treated as a single unit. (3) See also pushing the envelope. services in addition to re-roofing, restoration and repair services. Cost of sales for the six months ended June 30, 2006 decreased from 90% of revenues to 87% of revenues due to ongoing cost control initiatives. SG&A rose to $1.8 million in the first six months of 2006 compared to $1.2 million in the 2005 six month period. The increase in SG&A was due to the Company's continued investments in manpower, operating and travel expenses, salaries and insurance in response to rapid revenue growth. Ron Noun 1. Ron - a Chadic language spoken in northern Nigeria Bokkos, Daffo West Chadic - a group of Chadic languages spoken in northern Nigeria; Hausa in the most important member Carte, Aduddell's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. said, "The second quarter continued the implementation of our strategy to put in place the foundation necessary to support our rapid revenue growth. Second quarter revenues increased over 125% compared to last year's second quarter and we expect that revenues will continue to grow rapidly in the second half of 2006. In order to accommodate and manage that growth, we need to invest in our infrastructure. As we have previously announced, we purchased Merit Construction, a concrete restoration and waterproofing company in April and expanded our service offering with the creation of the Standing Seam and Metals Division. We also expanded our corporate staff by adding a business development group, full marketing staff and additional financial and strategic planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. personnel. These actions are important steps as we build out the foundation of Aduddell, and will significantly contribute to our ability to grow the company. Despite these investments, we still maintain a very strong working capital position of nearly $9 million. We look forward to further implementing our strategy of expanding the company both organically and through targeted acquisitions. Webcast and Conference Call Management will hold a conference call today at 11:00 a.m. ET to review the company's results. The call can be accessed live by dialing 800.510.0178 and entering access code 64640198 or via the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at: http://phx.corporate-ir.net/playerlink.zhtml?c=108715&s=wm&e=1368169 A replay of the conference call will be available two hours after its completion and will remain available through August 22, 2006 by dialing 888-286-8010 and entering access code 69833031. About Aduddell Industries Aduddell Industries, Inc. is the holding company of Aduddell Roofing, www.aduddell.com, one of the leaders in the commercial roofing industry nationwide. Through Aduddell Roofing and other subsidiaries, Aduddell Industries offers Fortune 500 companies and large governmental agencies a broad range of roofing services, including re-roofing, restoration and repair, new roof construction, sheet metal fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. , concrete restoration and waterproofing. In addition to work on large projects and high security roofing matters, the company has a nationally recognized track record for handling disaster recovery and emergency projects efficiently and cost effectively. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995:-- This press release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act of 1995. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.
Aduddell Industries
Consolidated Income Statement
Three Months Ended Six Months Ended
June 30, June 30,
2006 2005 2006 2005
----------- ----------- ----------- -----------
Revenues $ 8,637,728 $ 3,831,637 $12,372,306 $ 7,117,365
Operating Expenses
Cost of sales 7,902,525 3,736,607 10,750,521 6,407,131
Selling, general and
administrative 575,898 610,785 1,888,463 1,233,704
Warranty expense 36,228 16,298 86,783 36,029
----------- ----------- ----------- -----------
8,514,651 4,363,690 12,725,767 7,676,864
----------- ----------- ----------- -----------
Operating Income
(Loss) 123,077 (532,053) (353,461) (559,499)
Other Income
Interest and dividend
income 79,925 17,327 281,956 34,803
Gain(loss) on sale of
equipment 22,739 (3,388) 26,239 2,809
Other income 39,211 80,583 47,300 188,235
----------- ----------- ----------- -----------
141,875 94,522 355,495 225,847
----------- ----------- ----------- -----------
Net Income (Loss) from
Operations Before
Income Taxes 264,952 (437,531) 2,034 (333,652)
Provision for income
taxes:
Current 45,800 (175,000) 5,800 (158,700)
Deferred 58,000 25,774 (22,000) (6,130)
----------- ----------- ----------- -----------
103,800 (149,226) (16,200) (164,830)
----------- ----------- ----------- -----------
Net Income (Loss) 161,152 (288,305) 18,234 (168,822)
Other Comprehensive
Income
Unrealized holding
gains (losses) 25,830 410 54,235 984
Reclassification
adjustment - - - -
----------- ----------- ----------- -----------
Comprehensive Income $ 186,982 $ (287,895)$ 72,469 $ (167,838)
=========== =========== =========== ===========
Basic Net Income
(Loss) per Common
Share $ - $ - $ - $ -
=========== =========== =========== ===========
Diluted Net Income
(Loss) per Common
Share $ - $ - $ - $ -
=========== =========== =========== ===========
Weighted Average
Common Shares Basic 50,187,921 48,737,921 50,187,921 48,737,921
=========== =========== =========== ===========
Weighted Average
Common Shares
Assuming Dilution 83,666,739 80,737,921 83,666,739 80,737,921
=========== =========== =========== ===========
Aduddell Industries
Consolidated Balance Sheet
June 30, December 31,
2006 2005
(Unaudited)
------------ ------------
Assets
Current Assets
Cash $ 1,703,034 $ 22,330,751
Accounts receivable, net of allowance
for doubtful accounts 8,845,774 4,614,895
Costs and estimated earnings in excess
of billings on uncompleted contracts 1,911,655 2,158,971
Income tax receivable 159,017 -
Prepaid expenses 430,798 168,839
Employee and other receivables, net of
allowance for doubtful accounts 26,676 16,199
------------ ------------
13,076,954 29,289,655
------------ ------------
Non-Current Related Party Receivable - 1,801,133
------------ ------------
Property and Equipment
Field and shop equipment 1,129,976 637,565
Office furniture and equipment 663,691 228,927
Transportation equipment 2,798,694 1,107,193
Leasehold improvements 203,896 96,001
------------ ------------
4,796,257 2,069,686
Less: accumulated depreciation (1,035,918) (879,737)
------------ ------------
3,760,339 1,189,949
------------ ------------
Other
Intangible asset customer list, net 567,660 -
Investments 462,675 423,110
------------ ------------
1,030,335 423,110
------------ ------------
$ 17,867,628 $ 32,703,847
============ ============
June 30, December 31,
2006 2005
(Unaudited)
----------- -------------
Liabilities and Shareholders' Equity
Current Liabilities
Current portion of long-term debt $ 39,566 $ 213,410
Accounts and subcontract payables 3,195,417 11,825,466
Accrued liabilities 758,747 250,883
Insurance payable 111,136 40,458
Income tax payable - 5,349,105
Billings in excess of costs and estimated
earnings on uncompleted contracts 253,210 97,784
----------- -------------
4,358,076 17,777,106
----------- -------------
Long-Term Debt (Net of Current Portion) 145,912 81,980
----------- -------------
Deferred Income Taxes 122,000 144,000
----------- -------------
Shareholders' Equity
Preferred stock ($0.001 par value,
20,000,000 shares authorized, no shares
issued and Outstanding) - -
Common stock ($0.001 par value,
100,000,000 shares authorized,
50,187,921 and 48,737,921 shares issued
and outstanding at June 30, 2006
and December 31, 2005) 50,188 48,738
Paid-in capital 3,342,262 4,860,632
Unrealized gain (loss) on available-for-
sale securities 35,996 (3,569)
Retained earnings 9,813,194 9,794,960
----------- -------------
13,241,640 14,700,761
----------- -------------
$17,867,628 $ 32,703,847
=========== =============
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