CENTENNIAL, Colo., May 16 /PRNewswire-FirstCall/ -- CET Services, Inc. (AMEX:ENV) reported revenues of $1,271,403 for the first quarter ended March 31, 2006, up from $138,037 in the comparable quarter of the year-earlier period. The sale of an industrial building and the sale of housing units at the Westminster development project accounted for 93% of the revenues in the current period. During the first three months of 2005, revenues were entirely from water services activity. Of the 27 finished units at Sites II & III, 18 have been sold. While revenues were substantially higher, a slight increase in Selling, General & Administrative expense contributed to a loss for the 2006 period of $31,893, or ($0.01) a share, versus a loss of $115,653, or ($0.02) a share, in the first quarter a year ago.
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 complete, and the Company is focused on a number of projects that are expected to increase revenues and gross profits during the second and third quarters of the current year." On April 26, 2006, the Company announced the signing of a letter of intent to acquire Zoi Interactive Technologies ("Zoitec"), a privately held operation that develops interactive consumer-utilized technologies specifically accessed through the Internet. The acquisition of Zoitec by the Company is expected to be a reverse acquisition, as on a post-acquisition basis. Zoitec's shareholders are expected to own a majority of the Company's outstanding common shares. The acquisition is subject to completion of due diligence reviews by both parties; the execution of a definitive agreement; receipt of satisfactory fairness opinions; final financial statement audits; the approval of the American Stock Exchange; and the approval of the definitive agreement and certain other matters by the Company's shareholders.
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, 2005 and 2006 (unaudited) 2006 2005 Revenues $1,271,403 $138,037
Net Loss $(31,893) $(115,653)
Loss Per Share
Basic & Diluted $(.01) $(.02)
Weighted Average
Shares Outstanding
Basic & Diluted 5,554,489 5,554,489 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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