CET Services, Inc. Reports First Quarter Results
Higher Revenues On Initial Sales of Housing Units
ENGLEWOOD, Colo., May 14 /PRNewswire-FirstCall/ -- CET Services, Inc.
reported revenues for the quarter ended March 31, 2004 of $498,385, an increase
of 17% from the $425,759 of the year-earlier period, reflecting the closing of
the first two housing units at the Westminster development project coupled with
continued revenues from certain ongoing water service activities. While
unanticipated delays held housing unit closings below expectations, the loss
for the current quarter was pared to $139,703, or $0.03 a share, from $153,031,
or $0.03 a share in the first quarter of 2003.
Steven H. Davis, President and CEO, stated, "Construction at Site I of the
Company's development in the City of Westminster (Colorado) is nearing
completion and demolition and infrastructure is underway at both Sites II and
III, which combined will contain 27 housing units." Further, Mr. Davis noted,
"Initial sales of housing units at the Westminster Site I location were
achieved in March and an additional 10 units could close by mid-year. Meanwhile, remediation work at the Aurora (Colorado) site, which will have 54
multifamily housing units, is about one-third completed and infrastructure work
should begin during the third quarter." The Company continues to seek niche development locations and is engaged in
discussions with government officials regarding additional development within
the City of Westminster. Mr. Davis said, "The Company's goal is to have a
sufficient number of projects in development in order to achieve a housing unit
closing rate that will allow for a consistent operating profit." CET Services, Inc. is engaged in niche market property development in urban
areas with a preference for projects requiring some degree of remediation.
CET Services, Inc. Three Months Ended March 31, 2004 (unaudited) 2004 2003
Revenues $498,385 $425,759
Net Loss $(139,703) $(153,031)
Loss Per Share
Basic & Diluted $(.03) $(.03)
Weighted Average
Shares Outstanding
Basic & Diluted 5,534,489 5,757,792
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: Steve H. Davis, CEO and President, or Dale W. Bleck, CFO, both of CET Services, Inc., +1-720-875-9115
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