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Zenex International, ZENX a leading provider of commercial roofing, repair and maintenance work, as well as
disaster recovery services today reported its financial results for
the fourth quarter and full year ended December 31, 2005.
For the fourth quarter, revenues were $17.3 million, an 8%
increase over the $16 million reported in the prior year period. Net
income for the fourth quarter was $2.5 million, a 30% increase over
the $1.9 million for the fourth quarter of 2004. Earnings per share
for the fourth quarter were $0.03 per fully diluted share versus $0.02
per fully diluted per share reported in the prior year.
For the full year, revenues totaled $59.2 million, a 113% increase
over the $27 million reported for 2004. Net income rose to $9.3
million, or $0.12 per fully diluted share versus the $1 million, or
$0.02 reported in the prior year. Revenues in 2005 included $42.2
million for storm-related work in Florida and Mississippi versus $10.6
million in 2004.
Ron Carte, Zenex's President and CEO said, "2005 was a year of
dramatic developments and great successes. Our core roofing business
remained stable during a year which saw a significant change in the
management of that business. At the same time, our relationship with
Oklahoma Development Group gave us the unique opportunity to bid for
and be awarded contracts for storm related work. Finally, our ability
to service such large contracts is a testament to our rapid response
capabilities and the geographic scale of our business."
"We look forward to growing our core roofing business by focusing
on the commercial roofing market and emphasizing our expanded product
offerings and extensive maintenance capabilities. At the same time,
while any storm related work is by definition weather dependent, we
are confident in our abilities to respond quickly and effectively
should the need arise," concluded Carte.
Commenting further, Reggie Cook, CFO noted, "Not only are we
pleased with our 2005 results, we are particularly happy with the fact
that while we saw a dramatic increase in revenues, we were able to
control the growth in expenses. Operating expenses were 75% of
revenues in 2005 versus 91% of revenues in 2004. We also reduced our
long term debt from $915,452 to $295,390 as we took the opportunity to
repay a portion of the debt with cash generated from operations."

Webcast and Conference Call

Shareholders and other interested parties are invited to listen to
Zenex International's conference call hosted by Carte and Cook,
scheduled for 11:00 am EST, today, March 15, 2006. Those interested in
participating on the conference call may dial [phone] and
enter access code 45121061 or via the Internet at:
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http://phx.corporate-ir.net/playerlink.zhtml?c=108715&s=wm&e=1230055.
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About Zenex International

Zenex International, Inc. is the holding company of Aduddell
Roofing, www.aduddell.com, one of the leaders in the commercial
roofing industry nationwide. Through Aduddell Roofing and other
subsidiaries, Zenex International offers Fortune 500 companies and
large governmental agencies a broad range of roofing services,
including re-roofing, restoration and repair, new roof construction,
sheet metal fabrication, and waterproofing. In addition to work on
large projects and high security roofing matters, the company has a
nationally recognized track record for handling disaster recovery and
emergency projects efficiently and cost effectively. More information
about Zenex International can be found at www.zenex.net

"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995:-- This press release contains certain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Prospective investors are
cautioned that any such forward-looking statements are not guarantees
of future performance and involve risks and uncertainties, and that
actual results may differ materially from those projected in the
forward-looking statements as a result of various factors.
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Zenex International
Consolidated Income Statement
(In Thousands, Except Per Share Data)


2005 2004
----------- -----------


Revenues $59,227,145 $27,828,362

Operating Expenses
Cost of sales 41,668,047 23,262,586
Selling, general and administrative 2,772,785 2,011,624
Warranty expense 138,847 110,820
----------- -----------
44,579,679 25,385,030
----------- -----------

Operating Income 14,647,466 2,443,332

Other Income (Expense)
Interest and dividend income 86,039 75,139
Gain(loss) on sale of equipment 12,369 3,228
Other income 197,862 34,924
----------- -----------
296,270 113,291
----------- -----------

Net Income from Operations
Before Income Taxes 14,943,736 2,556,623

Income tax expense 5,618,797 1,022,488
----------- -----------


Net Income 9,324,939 1,534,135



Other Comprehensive Income
Unrealized holding gains 14,146 1,230
Reclassification adjustment - -
----------- -----------

Comprehensive Income $ 9,339,085 $ 1,535,365
=========== ===========

Primary Earnings per Share $ 0.191 $ 0.032
=========== ===========

Fully Diluted Earnings per Share $ 0.115 $ 0.019
=========== ===========


Zenex International
Consolidated Balance Sheet
(In Thousands, Except Per Share Data)


2005 2004
------------ -----------

Assets

Current Assets
Cash $ 22,330,751 $ 2,500,561
Accounts receivable, net of allowance 4,614,895 4,756,142
Estimated earnings on uncompleted contracts 2,158,971 1,363,505
Prepaid expenses & other 185,038 205,021
------------ -----------
29,289,655 8,825,229
------------ -----------
Non-Current Related Party Receivable 1,801,133 1,730,340
------------ -----------
Property and Equipment 2,069,686 1,839,807
Less: accumulated depreciation (879,737) (1,387,818)
------------ -----------
1,189,949 451,989
------------ -----------
Other
Investments 423,110 5,740
Deferred tax asset - 35,000
------------ -----------
423,110 40,740
------------ -----------
$ 32,703,847 $11,048,298
============ ===========

Liabilities and Stockholders' Equity

Current Liabilities
Current portion of long-term debt $ 213,410 $ 734,257
Accounts and subcontract payables 11,825,466 3,935,652
Accrued liabilities 250,883 253,329
Insurance payable 40,458 245,099
Income tax payable 5,349,105 112,002
Billings in excess of costs and estimated
earnings on uncompleted contracts 97,784 225,088
------------ -----------
17,777,106 5,505,427
------------ -----------

Long-Term Debt (Net of Current Portion) 81,980 181,195
------------ -----------

Deferred Income Taxes 144,000 -
------------ -----------


Zenex International
Consolidated Balance Sheet Continued
(In Thousands, Except Per Share Data)


Stockholders' Equity
Preferred stock ($0.001 par value,
20,000,000 shares authorized, no shares
issued and outstanding) - -
Common stock ($0.001 par value,
100,000,000 shares authorized, 48,737,921
and 48,737,921 shares issued and
outstanding at December 31, 2005 and 2004) 48,738 48,738
Paid-in capital 4,860,632 4,860,632
Unrealized gain (loss) on available-for-
sale securities (3,569) (17,715)
Retained earnings 9,794,960 470,021
------------ -----------
14,700,761 5,361,676
------------ -----------

$ 32,703,847 $11,048,298
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KEYWORD: NORTH AMERICA OKLAHOMA UNITED STATES
INDUSTRY KEYWORD: GOVERNMENT GOVERNMENT AGENCIES PROFESSIONAL SERVICES FINANCE CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE EARNINGS CONFERENCE CALL WEBCAST
SOURCE: Zenex International, Inc.


CONTACT INFORMATION:
General Inquiries:
Cameron Associates
John McNamara, 212-554-5485
[e-mail]