National Storm Continues Recovery with Second Quarter Results
Company Posts Best Operating Results in Twelve Quarters
GLEN ELLYN, Ill., Sep 05, 2008 (BUSINESS WIRE) -- National Storm Management continued its track of improvement with the release of earnings for the quarter ended June 30, 2008. The second quarter operating loss was $325K compared to $453K in the first quarter of 2008 and $1.3 million in the second quarter of 2007. The operating loss was the lowest in the last three years as the Company continues its rebuilding process after surging growth in 2004 and early 2005.
"We are very pleased with the progress that we have made," said Terry Kiefer, the Company's President and Chief Executive Officer. "We have gone to great lengths to right-size this Company and wrap up unprofitable operations. Going forward, we will concentrate on adding one or two additional locations and make sure we are running as efficiently as possible," said Kiefer. "Our Atlanta location is solid and will be one of our strengths through 2009 and beyond. The Atlantic hurricane season has been extremely active and our Florida and Georgia operations are currently tracking three named storms that have possible East Coast ramifications. We are more prepared than ever to help these areas recover if a storm should hit. After achieving consistent profitability and eliminating our debt, our growth strategy will still include acquisitions," Kiefer concluded.
About National Storm Management, Inc.
National Storm Management (Other OTC:NSMG.PK - News) is a national construction company headquartered in Glen Ellyn, Illinois providing storm restoration services in six states. Its operating affiliates include: ABC Exteriors (Illinois, Indiana and Kentucky); Pinnacle Roofing (Florida and Georgia); and First Class Roofing and Siding (Ohio). The company and its affiliates are recognized by all major insurance companies such as State Farm, Allstate, Farmers and others for storm related claims. The company is a member of the National Roofing Contractors Association (NRCA) and the Better Business Bureau. More information is available at www.nationalstorm.com.
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