HOUSTON, TX--(Marketwired - May 15, 2014) - 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 first quarter of 2014. Financial Highlights for the first quarter 2014 compared to the first quarter 2013:
- Revenues totaled $5.03 million, increasing 41% from $3.56 million.
- Operating income increased 35% to $1.88 million from $1.40 million.
- Net income available to shareholders increased 62% to $1.02 million from $633,000.
- Earnings per share on a fully diluted basis were $0.014, up from $0.010.
"We achieved record revenues and operating income during the first quarter of 2014 as we had solid contributions from operations at each of our subsidiaries," stated Bob May, CEO and President. "The excellent first quarter, combined with the sale of the assets of MB Environmental Services, LLC which we announced on April 22 (see Note 6 to the Financial Statements for details about the sale), puts TexCom, Inc. in position to aggressively pursue strategic acquisitions."
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.