SOURCE: CES Synergies, Inc.

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November 17, 2014 10:15 ET

CES Synergies, Inc. Reports Third Quarter Results; Revenues Grow 17%

CRYSTAL SPRINGS, FL--(Marketwired - November 17, 2014) - CES Synergies, Inc. (OTCQB: CESX) announced results for the quarter and nine months ended September 30, 2014.

Revenues for the three months ended September 30, 2014 were $5.1 million, a 17% increase as compared to revenues of $4.4 million in the comparable 2013 period. During the third quarter of 2014, remediation contributed $3.1 million to consolidated revenue and demolition contributed $1.9 million. 

For the nine months ended September 30, 2014, CES recorded revenues of $13.7 million, 23% increase as compared to $11.1 million in the first nine months of 2013. Completed contracts contributed $9.8 million to consolidated revenue and Contracts in progress contributed $3.8 million. Remediation contributed $5.9 million to consolidated revenue and Demolition contributed $7.3 million. The Company reported an operating loss of $0.7 million for the first nine months of 2014 as compared to an operating loss of $0.1 million in the same period of 2013. CES reported a net loss of $0.9 million or a loss of ($0.0183) per basic and diluted share for nine months of 2014. 

Clyde A. Biston, Chairman and Chief Executive Officer of CES Synergies commented, "Our revenue growth and attention to cost of revenue remains a primary focus. We continue to utilize fewer subcontractors and were able to lower job site and other indirect costs. With our combined remediation and demolition expertise, we believe we are uniquely qualified to pursue and win larger projects which will contribute to improved margin performance as compared to 2013.

"In support of our strategy to expand our geographical reach, the team brought in several new contracts including remediation projects for the retired DTE Energy Plant in Marysville, MI, as well as demolition projects for FDOT. The market remains strong and we believe we are well positioned to capitalize on the opportunities we're seeing in the market," Mr. Biston concluded. 

About CESX: CES Synergies, Inc., through its subsidiary, Cross Environmental Services, Inc., is a specialty environmental services company providing quality environmental contracting solutions, demolition and remediation services to commercial and industrial customers, as well as federal, state and municipal entities. More information may be found at the Company's website: www.crossenv.com.

This release contains certain statements that are, or may be deemed to be, forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934, and are made in reliance upon the protections provided by such Acts for forward-looking statements. We have identified forward-looking statements by using words such as "expect," "believe," and "should." Although we believe our expectations are reasonable, our operations involve a number of risks and uncertainties that are beyond our control, and these statements may turn out not to be true. Risk factors associated with our business, including some of the facts set forth herein, are detailed in the Company's Form SEC filings.

Contact Information

  • Company Contact: 
    John Tostanoski
    President 
    CES Synergies, Inc. 
    (813) 783-1688 
    jt@crossenv.com