DeMarco Reports Record Revenues.Energy Editors/Business Editors AUSTIN, Texas--(BUSINESS WIRE)--Nov. 18, 2003 DeMarco Energy Systems of America Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :DMESE) announces the release of its year end financial statements and the recording of record revenues. DeMarco, a geothermal heating Geothermal heating has been used since Roman times as a way of heating buildings and spas by utilizing sources of hot water and hot steam that exist near the earth's surface. & cooling company as well as a filter service company, recorded record revenues for the year ended June 30, 2003. The year had gross revenues of $579,673, compared to gross revenues of $78,660 for the prior year. This generated a gross margin of $335,079 compared to $18,693 for the prior year. The revenues included filter service sales, geothermal heat pump A geothermal heat pump system is a heating and/or an air conditioning system that uses the Earth's ability to store heat in the ground and water thermal masses. This system will take advantage of a land mass as a heat exchanger to either heat or cool a building structure. sales and the completion of three filter service distributorships in Texas. Expenses for the year totaled $1,922,314, of which $793,555 was a non-cash interest charge for beneficial interest on the convertible debenture Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. previously issued. Also included in total expenses was other interest expense of $163,550. The total operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. for the year were then $951,538. The prior year operating expenses were $886,700. DeMarco reported a net loss for the year of $1,587,235, while the prior year reported a net loss of $1,177,780. The cash 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 year ended June 30, 2003, was $616,459, while the prior year operating loss was $868,007. "Financial progress has been steady with sales continuing to increase. We look forward to the $3,000,000 equity line of credit this spring. It will relieve a crunch in the work flow and in the cash flow. All of the executives and employees of DeMarco look forward to future challenges and are deeply committed to the implementation of our business plan," states William C. Berry, Chairman. This News Release may contain forward-looking statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc future results, performance, plans, events or other matters. Words such as "potentially," "will," "anticipates," "believes," "plans," "expects," "future," "intends" and similar expressions are used to identify these forward-looking statements. Such statements involve numerous risks and uncertainties, including, but not limited to, risks and uncertainties pertaining per·tain intr.v. per·tained, per·tain·ing, per·tains 1. To have reference; relate: evidence that pertains to the accident. 2. to development of the company's products and services and markets for such products and services, the timing and level of customer orders, competitive products and services and pricing, changes in economic conditions and the markets for the Company's products and services and other risks and uncertainties. Actual results, performance and events may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this News Release. DeMarco financials can be found in its filings with the Securities and Exchange Commission, which can be accessed at www.sec.gov. |
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