Aduddell Industries Reports 2007 First Quarter Results.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 -- 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 ) today reported its financial results for the three month period ended March 31, 2007. For the first quarter, the Company reported revenues of $9.9 million, and a net loss of $2,613,811. This compares with revenues in the first quarter of 2006 of $3.7 million and a net loss of $114,513. Revenues for Aduddell Industries roofing business increased 78% to $6.7 million. The Company's restoration division, which added first quarter revenue of $3.2 million, began in April 2006 with the purchase of Merit Construction and was expanded in December 2006 with the acquisition of Brent Anderson and Associates. Stan Genega, 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, "In the first quarter we continued to meet our milestones in our growth strategy. Aduddell saw organic growth of over $3 million as well as $3 million in growth from acquisition companies. This represents a 166.5% growth in total revenues over the same quarter last year. The higher than expected operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. for the first quarter of 2007 was primarily due to lower margins associated with certain project delays and cost overruns which have been addressed. In addition, higher overhead has been put in place in anticipation of supporting a larger organization and revenue base." He noted, "Savings associated with the integration of acquisitions should be fully implemented next month. This, combined with continued attention to cost savings, higher anticipated sales volume, and increased margin, should result in an improving financial performance as the year progresses." The Company's current backlog is approximately $27 million, up from $11 million at this time last year. In addition, the Company pointed out that its business is seasonal and first quarter revenues and profits are typically significantly lower than in subsequent quarters. Mr. Genega added, "We continue to seek acceptable financing for the Hayden Building Maintenance and Hudson Valley
The Hudson Valley refers to the canyon of the Hudson River and its adjacent communities in New York State, generally from northern Westchester County northward to the cities of Albany and Troy. Roofing acquisitions currently under agreement. We will not close by May 18th, but remain hopeful that we will proceed with the acquisition at a future date." 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. [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] |
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