Brimm Energy Corp. announces financial results.1995--Management of Brimm Energy Corp. is pleased to report that improved operating results from the company's wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Brimm Energy Inc. and Wyoming Ethanol, have enabled the company to achieve profitability for the third quarter ended Sept. 30, 1995. Sales during the third quarter of 1995 were $2,227,794, a 20 percent increase over sales during the same quarter in 1994 of $1,847,928. Cash flow during the third quarter of 1995 was $104,357, with net earnings after depreciation and income taxes of $12,207. This compares to net earnings for the third quarter of 1994 of $56,103. Revenues for the first nine months of 1995 were $4,603,751, compared to sales of $4,927,286 during the same period in 1994. Increased expenses incurred in the first three quarters of 1995 for interest charges and office and general expenses, combined with a non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. for depreciation and amortization of $108,279, resulted in a net loss for the period of $168,431, or 3 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . This compares to pre-tax profit for the first nine months of 1994 of $127,069, or 2 cents per share. The company's ethanol production facility in Torrington, Wyoming Torrington is a city in and the county seat of Goshen County, Wyoming, United States.GR6 The population was 5,776 at the 2000 census. History The city was founded by W.G. , is currently operating at its rated capacity, with management expecting to secure higher selling prices for its ethanol during the final quarter of 1995 due to the implementation of the Federal Oxygen Program in selected cities in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. during the coming winter months. These factors, combined with the current higher spot market prices of Distillers Dried Grains Distillers dried grains is a cereal byproduct of the distillation process. There are two main sources of these grains. The traditional sources were from brewers. More recently, ethanol plants are a growing source. (DDG DDG Guided Missile Destroyer DDG Deutsche Diabetes Gesellschaft DDG Deputy Director General DDG Drop Dead Gorgeous DDG Deutsche Dermatologische Gesellschaft (German Society of Dermatologists) ), a co-product of the company's ethanol production, are expected to help offset the recent higher costs of corn, the prime raw material for the company's ethanol manufacturing process. Brimm Energy Corp., through its wholly owned subsidiaries, Brimm Energy Inc. and Wyoming Ethanol, is engaged in the manufacturing and distribution of fuel-grade ethanol as a gasoline additive Gasoline additives increase gasoline's octane rating or act as corrosion inhibitors or lubricators, thus allowing the use of higher compression ratios for greater efficiency and power, however some carry heavy environmental risks. in the states of Idaho, Montana, Wyoming, Washington, Colorado, Oregon, Utah, Nebraska and South Dakota South Dakota (dəkō`tə), state in the N central United States. It is bordered by North Dakota (N), Minnesota and Iowa (E), Nebraska (S), and Wyoming and Montana (W). . When blended with gasoline, ethanol increases the oxygen level in the gasoline, which reduces carbon monoxide carbon monoxide, chemical compound, CO, a colorless, odorless, tasteless, extremely poisonous gas that is less dense than air under ordinary conditions. It is very slightly soluble in water and burns in air with a characteristic blue flame, producing carbon dioxide; emissions upon combustion. A 10 percent ethanol blend in gasoline also increases the octane rating of the fuel by three points and can be used in ordinary gasoline engines without modification. -0-
FINANCIAL HIGHLIGHTS
(unaudited)
Three months Nine months
ended ended
Sep 30, Sep 30,
1995 1994 1995 1994
Revenue $ 2,227,794 $ 1,847,928 $ 4,603,751 $ 4,927,286 Cost of sales 2,021,645 1,661,830 4,434,585 4,565,145 Gross profit 206,149 186,098 169,166 362,141 General and administrative expenses 194,570 116,387 355,982 235,072 Other income -- interest 628 -- 18,385 -- Income (loss) before income taxes 12,207 69,711 (168,431) 127,069 Allowance for income taxes -- 13,608 -- 25,653 Net income for the period 12,207 56,103 (168,431) 101,416 Earnings per share .02 .010 (.028) .018 The contents of this news release have neither been approved nor disapproved by the Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). . CONTACT: Brimm Energy Corp. Daniel Brimm, 604/684-4830 604/685-4835 (fax) |
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