QUEEN CREEK, AZ--(Marketwired - Jan 21, 2014) - NexGen Holdings Corp. (PINKSHEETS: XGEN) released information today about the continued improvement in its pool construction and remodeling subsidiary, R.I.G. Construction, Inc d/b/a Cameo Pools ("Cameo") for its fiscal first quarter ended December 31, 2013.
Revenue for the quarter remained strong at $1,493,943 which is up 8% over the same period in 2012 while margins continued to increase for this quarter at 35.8% which is over 300% better than the 11.2% gross margins Cameo was operating under when acquired, Bookings remained strong and exceeded last year's bookings in the same period by 11.1% ($1.5 million vs $1.35 million).
John Meyers, NexGen's CEO stated, "This first quarter is a good indication that we will be able to maintain the gross margins we achieved at the end of our last fiscal year. This quarter is historically the slowest of the year for our Cameo subsidiary so our board is very encouraged by our results thus far.
Steve Vollaro, Director and COO of Cameo said, "As a result of our focus on margins and our improved balance sheet we have strengthened relationships with many of our key suppliers and our profitability has returned. We are now focused on increasing revenue." Mr. Vollaro continued, "For example, early in January we exhibited at the Phoenix Home Show and our booth was well attended and we are starting the year with a backlog of strong quality leads. We are now leveraging the strong Cameo brand, which represents over 37 years of quality in the Phoenix Area with some new marketing initiatives."
NexGen will shortly release its consolidated results of operations for its first fiscal quarter ended December 31, 2013.
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 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. -- For more information go to our websites at: www.wpienergy.com, www.cameopools.com
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.