From Manchild1 business wire MAY 14 2009
National Storm Shows Significant Improvement with First Quarter Results
Fourth Quarter "Cleanup," Increasing Sales Spark Turnaround
IRVING, Texas, May 14, 2009 (BUSINESS WIRE) -- National Storm Management, Inc. (NSMG.PK) released first quarter results today, posting an operating loss of $131,701 and sales in excess of $1.1 million compared to an operating loss of $570,536 and sales just over $0.6 million in the fourth quarter and an operating loss of $453,188 on sales of just over $0.7 million for the same period last year.
"We are extremely excited about the improvement we have shown in the first quarter," said Terry Kiefer, CEO and President. "Our overhead levels are now the lowest they have been in over three years. We finished the quarter with March sales of $570,000 and have started the second quarter with April sales of $610,000," stated Kiefer. "We have put a whole new face on this Company through both personnel changes and process changes and we look forward to building on the momentum it has produced and carrying it into the upcoming hurricane season. We are committed to restoring shareholder confidence through continually improving performance," concluded Kiefer.
About National Storm Management, Inc.
National Storm Management (PINK SHEETS: NSMG) is an expanding national construction company headquartered in Irving, Texas and providing storm restoration services to storm prone areas in the United States. There are currently 10 full-time employees and 20 commissioned non-employee salespersons. 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.
National Storm Management, Inc.
CONSOLIDATED BALANCE SHEET
March 31, 2009
Unaudited Unaudited
2009 2008
31-Mar 31-Mar
ASSETS
Current assets :
Cash $ 7,975 $ 5,787
Accounts receivable (less respective allowances) 1,141,457 951,735
Inventories - 22,439
Management & Salesman Advances 59,437 15,570
Cost in excess of billings - 25,850
Prepaid Expenses - 78,358
Other current assets 406,537 6,350
Total current assets 1,615,407 1,106,088
Property, plant and equipment 116,606 510,955
Less: Accumulated depreciation and amortization (94,714 ) (375,802 )
Property, plant and equipment - net 21,892 135,153
Deferred tax asset - net of valuation allowance - 1,082,011
Other 10,964 39,594
Total assets $ 1,648,263 $ 2,362,846
LIABILITIES AND STOCKHOLDER
EQUITY
Current liabilities :
Current maturities of long-term debt $ 5,447,930 $ 3,953,205
Accounts payable - trade 2,117,604 1,314,663
Other current liabilities 617,270 612,873
Unearned income - 30,950
Billings in excess of costs 1,176,622 937,008
Total current liabilities 9,359,426 6,848,699
Non-current Liabilities :
Term loan, net of current portion - 12,876
Total long term debt - 12,876
Total liabilities 9,359,426 6,861,575
Stockholders' Equity :
Common Stock 176,250,384 issued and outstanding $ 176,090 $ 129,105
Additional paid in capital 5,754,662 5,416,807
Accumulated Deficit (13,632,792 ) (10,044,641 )
Total Stockholders' Equity (7,702,040 ) (4,498,728 )
Total Liabilities and Stockholders' Equity $ 1,657,387 $ 2,362,846
* These financial statements and notes thereto present fairly, in
all material respects,
the financial position of the company
and the results of its operations and cash
flows for the
periods presented, in conformity with accounting principles
generally
accepted in the United States, consistently applied
and hereby certified by
Terry Kiefer, President for National
Storm Management, Inc.
National Storm Management, Inc.
CONSOLIDATED STATEMENT OF OPERATIONS
March 31, 2009
** UNAUDITED **
Quarter Ended
31-Mar
2009 2008
REVENUES:
Net trade sales $ 1,117,237 $ 759,776
OPERATING COST AND EXPENSES:
Cost of product sold 799,020 413,962
Selling, administrative, and general 445,511 777,859
Depreciation and amortization 3,732 21,143
1,248,263 1,212,965
INCOME (LOSS) FROM OPERATIONS (131,026 ) (453,189 )
Interest expense (675 ) (248,067 )
Other income (loss) - -
Income (loss) before income taxes and extraordinary gain (131,701 ) (701,256 )
Provision (Benefit) for income taxes 0 -
NET INCOME (LOSS) $ (131,701 ) $ (701,256 )
Basic Earnings per Share:
Weighted -average shares $ (0.03 ) $ (0.03 )
Net earnings (loss) $ (0.03 ) $ (0.03 )
* These financial statements and notes thereto present fairly, in
all material respects,
the financial position of the company
and the results of its operations and cash
flows for the
periods presented, in conformity with accounting principles
generally
accepted in the United States, consistently applied
and hereby certified by
Terry Kiefer, President for National
Storm Management, Inc.
National Storm Management, Inc.
CONSOLIDATED STATEMENT OF CASH FLOWS
March 1, 2009
**UNAUDITED**
Three months ended
31-Mar
2009 2008
CASH FLOWS FROM OPERATING
ACTIVITIES :
Net income (loss) $ (131,701 ) $ (701,256 )
Adjustments to reconcile net income (loss) to net cash provided by
(used for) operating activities :
Depreciation, and amortization 3,732 21,143
Discounted interest on Fife loan - 241,699
Changes in components of working capital :
(Increase) decrease in accounts receivable - net (258,295 ) (309,226 )
(Increase) decrease in inventories - 17
(Increase) decrease in advances (6,565 ) 11,141
Increase (decrease) in cost in uncompleted contracts - 178,820
(Increase) decrease in prepaid expenses - (56,870 )
(Increase) decrease in other current assets (283,843 ) 52,248
Increase (decrease) in accounts payable 475,875 (200,670 )
Increase (decrease) in unearned income - (564,892 )
Increase (decrease) in billings in uncompleted contracts 157,200 851,878
Increase (decrease) in other current liabilities 13,937 43,774
Other, net 2,652 (4,046 )
Net cash provided by (used for) operating activities $ (27,008 ) $ (436,240 )
CASH FLOWS FROM INVESTING
ACTIVITIES :
Capital expenditures $ - $ -
Net cash provided by (used in) investing activities $ - $ -
CASH FLOWS FROM FINANCING
ACTIVITIES :
Issuance of common stock $ 116,000 $ 279,765
Gain on disposition of convertible debt $ - $ -
Repayment of term loan under foreclosure (96,200 ) (218,000 )
Repayment of supplier note payable - (11,114 )
Repayment of installment note payable - (5,468 )
Proceeds from Fife loan - 375,000
Increase (decrease) in term loan - -
Net cash provided by (used in) financing activities $ 19,800 $ 420,183
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS $ (7,208 ) $ (16,057 )
Cash and cash equivalents, beginning of period 15,183 21,844
Cash and cash equivalents, end of period $ 7,975 $ 5,787
Cash taxes paid for the periods presented $ 0 $ 0
Cash interest paid for the periods presented : $ 675 $ 6,368
* These financial statements and notes thereto present fairly, in
all material respects,
the financial position of the company
and the results of its operations and cash
flows for the
periods presented, in conformity with accounting principles
generally
accepted in the United States, consistently applied
and hereby certified by
Terry Kiefer, President for National
Storm Management, Inc.
National Storm Management, Inc.
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
31-Mar-09
**UNAUDITED**
Common Stock Additional Retained Stockholders'
Shares Par Value Paid in Capital Earnings Equity
Balance, January 1, 2004 25,751,670 $ 25,752 $ (314,052 ) $ (288,300 )
Net income 65,952 65,952
Dividends paid - owners discretionary draw (247,915 ) (247,915 )
Common stock issued in connections with new entities 8,248,330 8,248 (8,248 ) -
Balance, December 31, 2004 34,000,000 $ 34,000 $ (504,263 ) $ (470,263 )
Issuance of stock options for professional fees 6,800,000 6,800 746,200 753,000
Acquisition of assets of N.S.M. Inc 6,000,000 6,000 (1,000 ) - 5,000
Common stock issued 2,313,903 2,314 397,284 - 399,598
Net income (loss) (1,642,075 ) (1,642,075 )
Balance, December 31, 2005 49,113,903 $ 49,114 $ 1,142,484 $ (2,146,338 ) $ (954,740 )
Issuance of stock options for professional fees - - - - -
Common stock issued 16,510,973 16,511 1,402,153 - 1,418,664
Net income (loss) (1,094,672 ) (1,094,672 )
Balance, June 30, 2006 65,624,876 $ 65,625 $ 2,544,637 $ (3,241,010 ) $ (630,748 )
Issuance of stock options for repayment of debt 3,000,000 3,000 (3,000 ) - -
Proceeds from sales of stock on Fife loan 6,961 6,961
Common stock issued 1,067,318 1,067 321,039 - 322,106
Net income (loss) (2,324,733 ) (2,324,733 )
Balance, December 31, 2006 69,692,194 $ 69,692 $ 2,869,637 $ (5,565,743 ) $ (2,626,414 )
Issuance of stock options for repayment of debt 29,033,464 8,900 1,818,924 - 1,827,824
Net income (loss) (2,177,002 ) (2,177,002 )
Balance, June 30, 2007 98,725,658 $ 78,592 $ 4,688,561 $ (7,742,745 ) $ (2,975,592 )
Issuance of stock options for repayment of debt 24,152,214 44,286 505,359 - 549,645
Net income (loss) (1,600,640 ) (1,600,640 )
Balance, December 31, 2007 122,877,872 $ 122,878 $ 5,193,920 $ (9,343,385 ) $ (4,026,587 )
Issuance of stock options for repayment of debt 4,000,000 4,000 196,000 - 200,000
Issuance of stock for professional fees 689,569 690 28,424 29,114
Issuance of stock for warrants 1,537,851 1,538 (1,538 ) -
Net income (loss) 0 - (701,256 ) (701,256 )
Balance, March 31, 2008 129,105,292 $ 129,106 $ 5,416,806 $ (10,044,641 ) $ (4,498,729 )
Issuance of stock options for repayment of debt 1,048,080 1,048 52,952 - 54,000
Issuance of stock for professional fees 2,666,667 2,667 87,333 90,000
Issuance of stock for warrants 5,985,660 5,986 (5,986 ) -
Common stock issued 1,100,000 1,100 33,900 35,000
Net income (loss) 0 - (635,012 ) (635,012 )
Balance, June 30, 2008 139,905,699 $ 139,907 $ 5,585,005 $ (10,679,764 ) $ (4,954,852 )
Issuance of stock options for repayment of debt 1,268,182 1,268 34,732 - 36,000
Issuance of stock for warrants 7,719,360 7,719 (7,719 ) -
Net income (loss) 0 - (802,422 ) (802,422 )
Balance, September 30, 2008 148,893,241 $ 148,894 $ 5,612,018 $ (11,482,186 ) $ (5,721,274 )
Issuance of stock options for repayment of debt 6,107,143 6,107 47,893 54,000
Net income (loss) (2,024,448 ) (2,024,448 )
Balance, December 31, 2008 155,000,384 155,001 $ 5,659,911 $ (13,510,214 ) $ (7,695,462 )
Issuance of stock options for repayment of debt 19,250,000 19,250 86,750 106,000
Issuance of stock for professional fees 2,000,000 2,000 8,000 10,000
Net income (loss) (131,701 ) (131,701 )
Balance, March 31, 2009 176,250,384 176,251 $ 5,754,661 $ (13,641,916 ) $ (7,711,164 )
* These financial statements and notes thereto present fairly, in
all material respects,
the financial position of the company
and the results of its operations and cash
flows for the
periods presented, in conformity with accounting principles
generally
accepted in the United States, consistently applied
and hereby certified by
Terry Kiefer, President for National
Storm Management, Inc.
SOURCE: National Storm Management, Inc.
CONTACT:
National Storm Management, Inc. Scott Knoll, 972-741-9999
Copyright Business Wire 2009
-0-
KEYWORD: United States
North America
Texas
INDUSTRY KEYWORD: Construction & Property
Commercial Building & Real Estate
Residential Building & Real Estate
SUBJECT CODE: Earnings
AI
