Gateway Energy Reports Positive Third Quarter 2007 Financial Results.HOUSTON, Nov. 13 /PRNewswire-FirstCall/ -- Gateway Energy Corporation (BULLETIN BOARD: GNRG) today announced financial results for the third quarter of 2007. The Company reported net income of $137,776, or $0.01 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 on revenues of $2.95 million compared to a net loss of $(16,859) on revenues of $1.97 million in the third quarter of 2006. For the nine months ended September 30, 2007, the Company posted net income of $1,971,303, or $0.11 per share, compared to net income of $60,286, or $0.00 per share, for the same period of 2006. Net income for the nine months ended September 30, 2007 included a gain of $1.2 million generated from the sale of Fort Cobb Fuel Authority, L.L.C.
Income from continuing operations continuing operations
Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the in the third quarter of 2007 was $152,988 versus $135,538 in the same quarter of 2006. The increase in operating income Operating Income
The profit realized from a business' own operations.
This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. was largely due to the acquisition of the Gulfshore Midstream mid·stream
1. The middle part of a stream.
2. The part of a course that is neither at the beginning nor at the end: the midstream of life.
Noun 1. pipeline assets, which contributed $190,000 for two months during the quarter. This increase was offset by increased consulting fees for Sarbanes-Oxley compliance and employee recruitment, and increased investor relations Investor relations
The process by which the corporation communicates with its investors. expenses.
Income from continuing operations for the nine months ended September 30, 2007 was $627,501 compared to $537,690 during the same period in 2006. The increase in income was largely due to the above mentioned Gulfshore Midstream pipeline acquisition, offset by increased investor relations and legal fees. In 2006, legal fees were reduced by $144,000 due to a negotiated reduction in accrued legal fees recorded as expense in prior periods.
Robert Panico, President and Chief Executive Officer commented, "During the third quarter of 2007, Gateway capitalized upon the success of its recent acquisition of Gulfshore Midstream Pipelines. Pipeline revenues from these assets have increased each month since the acquisition. With this development, together with the recently announced increase in volume flowing through our Madisonville pipeline system, we believe we will enter 2008 in a much stronger position."
Certain of the statements included in this press release, which express a belief, expectation or intention, as well as those regarding future financial performance or results, or which are not historical facts, are "forward-looking" statements as that term is defined in the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. The words "expect," "plan," "believe," "anticipate," "project," "estimate," and similar expressions are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance or events and such statements involve a number of risks, uncertainties and assumptions, including but not limited to industry conditions, prices of crude oil and natural gas, regulatory changes, general economic conditions, interest rates, competition, and other factors. Should one or more of these risks or uncertainties materialize or should the underlying assumptions prove incorrect, actual results and outcomes may differ materially from those indicated in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to republish re·pub·lish
tr.v. re·pub·lished, re·pub·lish·ing, re·pub·lish·es
1. To publish again.
2. Law To revive (a libel or a canceled will). revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
About Gateway Energy
Gateway Energy Corporation owns and operates natural gas gathering, transportation and distribution systems and related facilities in Texas, Texas state waters and in federal waters of the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico
Golfo de Mexico
Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east off the Texas and Louisiana coasts.
CONTACT: Carolyn Miller of Gateway Energy Corporation, +1-713-336-0844; or John C. McNamara of Cameron Associates, +1-212-554-5485, email@example.com, for Gateway Energy Corporation
Web site: http://www.gatewayenergy.com/