CET Services, Inc. Reports First Quarter Results Higher Revenues
on Initial Sales of Housing Units
ENGLEWOOD, Colo., May 13 /PRNewswire-FirstCall/ -- CET Services, Inc. (AMEX:ENV) reported revenues of $138,000 for the first quarter ended March 31,
2005, down from $498,000 in the comparable quarter of the year-earlier period
which benefited from initial sales of housing units at the Westminster
development project. During the first three months of 2005, revenues were
entirely from water services activity. The Company's development business
transitioned from the completion of 23 housing units at Westminster's Site I by
mid-2004 to initial construction at Sites II and III in the latter months of
the year. Of the finished units at Site I, 20 have been sold. While revenues
were substantially lower, a further reduction in Selling, General &
Administrative expense pared the loss for the 2005 period to $116,000, or
($0.02) a share, from $140,000, or ($0.03) a share, a year-earlier.
Steven H. Davis, President and Chief Executive Officer, said, "Construction of
the 27 housing units at Sites II and III of the Westminster project is near
completion, and a number of closings are anticipated during the second and
third quarters of the current year." CET Services, Inc. is engaged in niche property development in urban areas with
a preference for projects requiring some degree of remediation.
CET Services, Inc. Three Months Ended March 31, 2004 and 2005 (unaudited) 2005 2004
Revenues $138,037 $498,385
Net Loss $(115,653) $(139,703)
Loss Per Share
Basic & Diluted $(.02) $(.03)
Weighted Average
Shares Outstanding
Basic & Diluted 5,554,489 5,534,489 Statements in this press release that are not strictly historical are
"forward-looking" statements within the meaning of the Safe Harbor provisions
of the federal security laws. Forward-looking statements involve risks and
uncertainties, including, but not limited to, the cyclical nature of
residential housing in general, local economic conditions, interest rate
volatility, weather related factors, and fluctuations in building material
prices and other risks detailed from time to time in the Company's Form 10-KSB
and other regularly filed reports. DATASOURCE: CET Services, Inc.
CONTACT: Steven H. Davis, CEO and President, or Dale W. Bleck, CFO, both of CET Services, Inc., +1-720-875-9115
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