SOURCE: TexCom, Inc.

TexCom, Inc.

March 29, 2011 06:00 ET

TexCom, Inc. Announces Record Earnings for 2010 Year End

HOUSTON, TX--(Marketwire - March 29, 2011) - TexCom, Inc. (PINKSHEETS: TEXC) reported consolidated earnings of $.02 per basic share for the year ending December 31, 2010. Net income available to common shareholders for 2010 was $947,123, compared to $139,447 for 2009. This release is intended to summarize some of the significant information in the Company's earnings statement which is more fully disclosed in its earnings post. The entire filed document that can be found at

Full Year 2010 Highlights
Revenue increased 28%, to $8,765,665 in 2010 vs. $6,838,137 in 2009. Operating income rose 10.6% to $2,870,584 in 2009 from $2,595,736 in 2009. Net income available to shareholders rose to $947,123 in 2010 from $139,447, a 579% gain. 

TexCom improved its balance sheet significantly, in 2010 reducing total liabilities by $2,926,608 (25.6%). 

TexCom achieved milestones in 2010 including; record revenues, record profitability and significant balance sheet improvement. Since 2007, revenues have increased from $2,766,192 to $8,765,665, a compound annual growth rate of 41.4%. Net income has improved from a loss of ($3,501,074) in 2007 to a profit of $947,123 in 2010.

Commenting on 2010 results, Chairman and C.E.O. Lou Ross stated, "We are gratified by our operating performance in 2010. TexCom had strong year over year gain in spite of extraordinary disposal well expenses in excess of $476,000 and a provision for income tax of $277,684. Our forward-looking goal is to extend this successful execution of our business plan to multiple locations. Several oil and gas producing regions appear attractive for expansion. Additionally, we continue to point our corporate efforts toward increased visibility of our company and movement to a more senior listing. We are comfortable now that becoming a full filing company may enhance stakeholder value."

The following is a summary of certain historical financial information for TexCom, Inc. for the full year ended December 31, 2010 and the full year ended December 31, 2009.

For the years ended December 31, 2010 and 2009  
    2010     2009  
Sales   $ 8,765,665     $ 6,838,137  
Cost of sales     3,935,591       2,409,742  
Gross profit     4,830,074       4,428,395  
Selling, general and administrative expenses     1,959,490       1,832,659  
      Operating income (loss)     2,870,584       2,595,736  
Other income (expense)                
    Equity in loss of affiliate     0       (517,000 )
    Interest expense     (1,302,855 )     (811,790 )
    Impairment loss     (18,295 )     0  
    Other income (expense)     27,574       31,965  
      Total other income (expense)     (1,293,576 )     (1,296,825 )
  Income before provision for income taxes and non-controlling interest     1,577,008       1,298,911  
Provision for income taxes     (277,684 )     (265,000 )
Net income before non-controlling interest     1,299,324       1,033,911  
Income attributable to non-controlling interest     (352,201 )     (894,464 )
      Net income (loss) available to common shareholders   $ 947,123     $ 139,447  
Income (loss) per share - basic and diluted:   $ 0.02     $ 0.00  
    Weighted average common shares outstanding - basic     54,965,824       50,442,865  
    Weighted average common shares outstanding - diluted     55,733,705       50,442,865  

About TexCom

TexCom, Inc., headquartered in Houston, Texas, is a growth-oriented company with its primary focus on the disposal of nonhazardous wastes and production of biodiesel. Domestically, TexCom disposes of nonhazardous materials generated by oil and gas exploration and production and is expanding its interests in disposal of nonhazardous industrial wastewater, serving the refining and petrochemical industries. 

Forward-Looking Statements

This press release 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 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 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.

Contact Information

  • Contacts:
    TexCom, Inc.
    Management contact
    Britt Brooks, EVP
    Email Contact: Email Contact