HOUSTON, Aug. 14 /PRNewswire-FirstCall/ -- Adino Energy Corporation (OTC:ADNY) (BULLETIN BOARD: ADNY) today commented on its second quarter results, after it filed its 10-Q with the United States Securities and Exchange Commission last evening.
Revenue generated in the three months ended June 30, 2008, was $566,238 compared to $564,221 for the three months ended June 30, 2007. Revenue increased from $789,897 in the first six months of last year to $1,010,440 this year, a 28% increase.
"We are pleased to report our balance sheet continues to strengthen, just as we move forward with the purchase of the North Houston fuel terminal," commented Timothy G. Byrd, Sr., Adino Energy's chief executive officer.
"Adino's revenue increase is due to the addition of a new customer in the late first quarter of 2008. The Company has streamlined its additive purchasing, decreasing its cost of sales from 33% of revenue for the six months ended June 30, 2007, to 21% of revenue for the six months ended June 30, 2008. The Company's gross margin increased 53% from the same period last year.
"The Company remains committed to the further growth of shareholder value through execution of our stated organic business initiatives, such as the resale of fuel, and through complementary acquisitions of like operations nationally. I expect to further discuss our plans and progress in these areas once we have closed on the North Houston terminal," Byrd concluded.
About Adino Energy Corporation, Inc.
Adino Energy Corporation (ADNY) is a wholesale fuel distributor and fuel terminal operator based in Houston, Texas. Adino Energy not only offers storage, delivery, and blending of diesel fuel, but also offers biodiesel to the growing "green" fuels market. Biodiesel is a clean burning, nontoxic, sulfur-free, and biodegradable alternative fuel for compression-ignition (diesel) engines made from animal fat or vegetable oil.
One of our most important responsibilities is to communicate with shareholders in an open and direct manner. Comments are based on current management expectations, and are considered "forward-looking statements," generally preceded by words such as "plans," "expects," "believes," "anticipates," or "intends." We cannot promise future returns. Our statements reflect our best judgment at the time they are issued, and we disclaim any obligation to update or alter forward-looking statements as the result of new information or future events. Adino Energy Corporation urges investors to review the risks and uncertainties contained within its filings with the Securities and Exchange Commission.
DATASOURCE: Adino Energy Corporation
CONTACT: Steve Haag, Investor Relations of Adino Energy Corporation,
+1-281-209-9800,
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