SOURCE: Luminart

Luminart

May 30, 2013 07:30 ET

Luminart Corp. [LUMP] Reports First Quarter Financial Results for Period Ending March 31, 2013

STANLEY, ND--(Marketwired - May 30, 2013) - LUMINART Corporation (PINKSHEETS: LUMP), a premier provider of aggregate, heavy hauling, infrastructure development and oil well services reported unaudited financial results for the first quarter ended March 31, 2013. The complete first quarter report can be found at http://www.otcmarkets.com/stock/LUMP/filings. During the same period, Company operations continued to build inventory resulting in an increase of $2,050,000 asset growth at cost. The benefit of absorbing the cost of continued operations over the winter months are expected to be realized over the next 3 quarters.

For the first quarter 2013, the Company recognized revenues of $447,082 compared to $2,110,170 for the quarter ended March 31, 2012. The decrease in gross revenues for the period is primarily attributable to the extended winter in North Dakota which hampered the company's ability to generate revenue from its traditional aggregate and infrastructure product and services. The Company incurred a loss for the quarter ended March 31, 2013 of $1,105,280 and EBITDA of ($668,854) as compared to a net profit of $198,787 and EBITDA of $196,514 for the quarter ended March 31, 2012.

On March 31, 2013, the Company had working capital of $3,837,796 and stockholders' equity of $4,871,372 compared to a working capital of $416,512 and stockholders' equity of $2,115,364 on March 31, 2012. In addition, the Company reported $23,988 in cash, total assets of $14,119,171 and total liabilities of $9,247,799 compared to $87,713 in cash, total assets of $4,550,570 and total liabilities of $2,414,357 on March 31, 2012.

"The extended winter conditions had a major impact on the aggregate and infrastructure development industry as a whole across much of the Bakken oil formation. The extreme conditions directly impacted both revenue and EBITDA," said Burke Bentley, President of Luminart. "This winter has been challenging and our results disappointing; however, we believe our previously announced M&A activity has put us in excellent position to regain momentum, strengthen our balance sheet, and capitalize on continued growth and expansion of the Bakken aggregate, infrastructure and oil service sector."

About Luminart Corp. and Its Subsidiaries:

Luminart Corp.'s subsidiaries: B3 Well Services, White Star Sand & Gravel, Black & Blue Water, OutWest Field Services, Westby Rock & Gravel LLC, and Cale Construction are focused on the expansion of contract hauling materials for infrastructure development in North Dakota, mining and processing materials for road building, providing storage and hauling of pipe, supplying crane operations and qualified riggers, transporting of miscellaneous heavy equipment, well drilling and expansion of the base camps in the North Dakota operations, sales and marketing.

Led by a skilled and experienced management team, the timely entrance to this unique opportunity in the Bakken oil reserves has positioned the company to create more value for its shareholders and secure a strategic position for increased market share in the future.

Forward-Looking Statements

This press release may contain forward-looking statements, including, but not limited to, statements regarding Luminart Corp. and their plans, products and related market potential. Forward-looking statements may be identified by the use of the words "anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential" or "continue" and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties discussed in Luminart Corp.'s filings with the Pink Sheets, which factors are incorporated herein by reference. Readers are cautioned not to place undue reliance on any of these forward-looking statements. Luminart Corp. undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect actual outcomes.

Contact Information

  • For more information contact:
    Investor Relations
    William A. Broad
    Phone: (801)458-4692
    Email: Email Contact