Energas Announces Results for Fiscal Year Ended January 31, 2005.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 -- Energas Resources, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :EGSRE) today announces highlights of the Company's form 10-KSB for the year ending January 31, 2005. Highlights for the Fiscal Year 2005 include: --2005 shareholder equity $3,800,556 compared to 2004 ($846,077) --2005 total revenue $668,490 compared to 2004 $312,022 --2005 current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. $498,676 compared to 2004 $229,639 --2005 current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. $717,209 compared to 2004 $1,980,833 Furthermore, on page F-2 "Consolidated Statements of Operations", in the General and Administrative Expenses entry, it should be noted that $733,500 of the $1,142,971 is a one time non cash charge. This is broken down on page F-4 "Consolidated Statement of Cash Flows" in the Issuance of Stock for consulting fees, employee bonuses and options for settlement entries. Additionally, $283,941 of the Operating Income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. (Loss) was depreciation, depletion and amortization. Subtracting these non cash entries results in an actual cash loss of ($146,734), this would equal an approximate net loss per share of (0.003). Historically, this is the Company's strongest financial performance to date. "Our recent financial statement is solid evidence that we are making large strides in all key financial areas, including production, revenue and operating results." said George Shaw George Shaw (December 10, 1751 - July 22, 1813) was an English botanist and zoologist. Shaw was born at Bierton, Buckinghamshire and was educated at Magdalen Hall, Oxford, receiving his M.A. in 1772. He took up the profession of medical practitioner. , President, "We believe our results for the first quarter of 2005 will show continued improvement, as will the balance of the year. We are also pleased to have filed our 2005 10-K only 15 days after announcing that Les Pettitt has joined Energas as the Interim Principal Financial Officer. We believe we are close to putting our financial reporting issues behind us." |
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