HOUSTON, TX--(Marketwire - Aug 22, 2012) - TexCom, Inc. (PINKSHEETS: TEXC) (the "Company" or "TexCom"), an environmental services company serving the oil and gas industry, today announced record financial results for the quarter ended June 30, 2012.
Financial Highlights for the second quarter 2012 compared to the second quarter 2011:
- Revenues totaled $3,681,000, rising 37% from $2,694,000.
- Gross profit margin was consistent at 53%.
- Operating income climbed 38% to $1,453,000 from $1,058,000.
- Net income available to shareholders more than doubled, increasing 120% to $1,229,000 from $559,000.
- Earnings per share on a fully diluted basis were $0.02, up from $0.01.
"The improving market for waste disposal and our first full quarter for our Eagle Ford operations combined to give us our best quarter ever. We are seeing the results of our work to eliminate periphery projects and focus on the stable, profitable disposal market," stated Bob May, Interim CEO of TexCom.
About TexCom, Inc.
TexCom, headquartered in Houston, Texas, is a growth-oriented environmental services company with a primary focus on the disposal of nonhazardous wastes generated by the oil & gas industry. For more information, please visit www.texcomresources.com.
This press release and the presentation referenced above may contain forward-looking statements, including information about management's view of TexCom, Inc.'s future expectations, plans and prospects. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this news release or such presentation other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of TexCom, Inc., its divisions and concepts to be materially different than those expressed or implied in such statements. Unknown or unpredictable factors also could have material adverse effects on TexCom's future results. The forward-looking statements included in this press release and the presentation are made only as of the date hereof. TexCom cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, TexCom undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by TexCom.