SOURCE: NexGen Holdings Corp.

February 20, 2014 09:30 ET

NexGen Holdings Reports Results of Operations for the Quarter Ended December 31, 2013

NexGen Reports That Revenues Topped $1.6 Million for the Quarter, Bookings Are Up 30%, While Gross Margins Increased to 30.2%, & Net Income Jumped 117%

QUEEN CREEK, AZ--(Marketwired - Feb 20, 2014) -  NexGen Holdings Corp (PINKSHEETS: XGEN) announced its consolidated results of operations for its fiscal first quarter ended December 31 2013.

The Company continued to show record revenues and profits primarily from its Cameo division as well as contributions from its alternative energy subsidiary, WindPower Solutions Inc.

The Company reported the following consolidated results: Revenues for the quarter were $1,605,000 vs $2,000 for the same quarter the previous year. This is an increase of $1,603,000. Net Income for the quarter was $115,000 vs a net loss of $22,000 in 2012, a turnaround of $137,000 or an increase of 622%.

The fiscal first quarter from October to December is historically the slowest quarter of the year for the Company's largest subsidiary, RIG Construction d/b/a Cameo pools which contributes the vast majority of the Company's revenues and earnings. However, when comparing the quarter ended September 30, 2013 with the quarter ending December 31, 2013, (quarter over quarter) revenues increased slightly from $1,603,000 to $1,605,000 while net income more than doubled from $53,000 to $115,000 (117% increase).

While the vast majority of the Company's revenue and earnings were generated by RIG Constructions d/b/a Cameo Pools the Company included in the consolidated numbers the contributions of its alternative energy subsidiary WindPower Solutions, Inc which contributed $115,000 in gross revenue, $9,000 in Gross Margin and from which it earned net income of $4500 compared to revenue of $2,000 and a net loss in the same quarter in 2012.

Steve Vollaro, Director and Chief Operating Officer of R.I.G. Construction, said, "Since the acquisition by NexGen we have been steadily improving our operations week after week, month after month and those improvements have shown up in significant improvements over the course of the quarter. I expect that the Cameo division alone should post a 40% increase in revenue to over $7.0 million dollars for fiscal 2014 and with our improved margins the net income will be correspondingly improved."

John Myers CEO of NexGen Holdings said, "I'm excited about this quarter's results and the fact that our alternative energy subsidiary is also contributing to our bottom line. I believe that this is only the beginning!"

About NexGen Holdings, Corp.

NexGen Holdings, Corp (PINKSHEETS: XGEN) is a public holding company that is an acquirer and operator of fundamentally sound subsidiaries that are market accepted, scalable and demonstrate a quantifiable value proposition. To enhance shareholder value our focus is on establishing a foot print in a specific industry through the acquisition of a subsidiary that has a strong market presence, brand awareness, talented and dedicated management teams with the potential to achieve exceptional performance over time. Once acquired these companies can expand through additional acquisitions, aggressive marketing and access to our operational support, management approach, and ability to access financial markets for operational and growth capital to build a market leader. NexGen Holdings, Inc. currently has two subsidiaries: WindPower Solutions, Inc. which repairs and remanufactures wind power turbines and solar power plants for operators across the U.S., and R.I.G. Construction, Inc., which under the Cameo brand name, (Cameo Pools, Cameo Landscaping and Cameo Solar) builds and renovates swimming pools and markets outdoor products to consumers in the Phoenix, Arizona Metropolitan Area. 

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Forward-Looking Statements Disclaimer:

This press release contains 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, including those regarding Capital Group Holdings, Inc.'s expectations, intentions, strategies and beliefs pertaining to future events or future financial performance. All statements contained herein are based upon current information available to Capital Group Holdings, Inc.'s management as of this date. The business and operations of the Company are subject to substantial risks which increase the uncertainty that forward-looking results will be achieved and actual events or results may vary materially as a result of various important factors including those which management has little or no control. We undertake no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements.

Contact Information

  • Investor Relations Contact:
    Tom Nelson