Cambridge Energy Reports Annual Revenue Increase of 177 Percent.Business Editors COCOA, Fla.--(BUSINESS WIRE)--Aug. 28, 2001 Cambridge Energy Corp. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CNGG) (OTCBB:CNGGE), an oil & gas exploration and production company with producing properties in Louisiana Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. and Indonesia, announced results for its fiscal year ended
March 31, 2001.
Revenues for the year ended March 31, 2001, were $2,976,931, an increase of 177 percent, as compared with revenues of $1,693,003 for the prior year. The company recorded a net loss for the year of $1,842,617, or $0.10 per basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, vs. a net loss of $533,306, or $0.04 per basic and diluted share recorded for the prior year. Revenue growth was driven by increased international production coupled with higher average selling prices The average sales price of goods or commodities. Especially used in the retail sector and technology distribution. for oil. The net loss increased due to the company electing to take several one-time charges for investment banking fees, consulting fees and prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. drilling costs
that amounted to $1,070,000. Adjusting for these one-time charges, the
company would have incurred a net loss of $772,617.
Commenting on the results, Perry West, chairman and chief executive officer of Cambridge Energy, stated: "I am pleased with our progress towards executing our business plan. We had another tremendous increase in revenues compared to last year. Additionally, we continue to move towards our goal of having a sustainable profit level." West added, "Now that we have satisfied reporting requirements for the filing of our audited annual statements, we expect to file the quarterly statement for the period ended June 30, 2001, within the next few weeks." Further information can be found at the company's Web site: http://www.cambridgeenergy.com. This news release includes 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. that are made pursuant to the "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. " provisions of 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. While these statements are made to convey to the public the company's progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. Whereas management believes such representations to be true and accurate based on information and data available to the company at this time, actual results may differ materially from those described. The company's operations and business prospects are always subject to risk and uncertainties. Important factors that may cause actual results to differ are set forth in the company's periodic filings with the U.S. Securities and Exchange Commission. |
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