Acacia Automotive Announces 2009 Results
PR Newswire
OCALA, Fla., June 1 /PRNewswire-FirstCall/ --
Acacia Automotive, Inc. (Other OTC: ACCA) today announced its 2009 financial results in conjunction with the recent filing of its 10-K Annual Report with the Securities and Exchange Commission. The 10-K shows that the Company became cash flow positive for the first time since becoming an operating company in July of 2007.
"That was a major milestone for our Company," said Acacia's CEO Steve "Junior" Sample, "and validates the position that we are quite adept at managing auto auctions."
Acacia has heretofore been relegated to acquiring auctions that had been performing poorly and then turning them around. "It's a wonderful feeling to know that we reached the point where more money was coming in than going out," said Sample. "That gave us the opportunity to concentrate on new opportunities and growth rather than just meeting expenses."
Acacia cited the outstanding growth it has experienced at its Augusta Auto Auction year-over-year, with 2009 seeing increases of 25% in units sold and 41% in revenues versus 2008. This followed similar increases of 19.9% and 51%, respectively, in Q3 and Q4 2008 versus the same six-month period during which the Company first owned the auction in 2007. "Those were fabulous increases in a very turbulent economy, and may well have put Augusta in the company of America's top auction performers for those periods," said Sample.
The Company also acquired Chattanooga Auto Auction on December 26, 2010, and is very excited about its potential. "Once we have Chattanooga headed in the right direction, we will be hard to stop," said Sample, "and we are almost there. What a beautiful and functional facility!"
David Bynum, the Company's Vice President, is no newcomer to auction operations. His experience has put both Acacia's auctions on point for substantially higher revenues and sales, and paves the way for new additions to the company's auction lineup. Bynum indicated: "This is a great time to be a forward-thinking auction company. We are proving ourselves as very good operators, thereby providing a haven for other owners who have an interest in selling or combining their operations with a company they can trust. A year ago I would have been amazed to see the opportunities that are coming our way today, but not any more. Acacia may have gotten a slow start, but it will definitely cross the finish line in style."
The Company is currently reviewing additional acquisition opportunities, and intends to remain in that mode well into the future. Sample went on to say: "As we adorn ourselves with this kind of 'prettier dress', we become more attractive to investors and other auction operators wishing to find an exit strategy in their own businesses. It is a very exciting time for us as these new doors are opened! All I can say is thank goodness for those who believed in us as we started from scratch, including our investors, the sellers in Augusta, and most recently Keith Whann and Alexis Jacobs, who sold us the Chattanooga auction. You could not find greater support from finer people if you spent the rest of your life searching the globe. Keith and Alexis are just fantastic, and we will be devoted to them always!"
About Acacia
Acacia Automotive, Inc. (www.acacia.bz) is America's youngest publicly-traded automotive auction services company, but comes with seasoned veterans in management. Acacia believes there were once three companies in balance that provided the industry's clients with a solid stance and fair choice. That balance was toppled when one leg was eliminated with the sale and subsequent absorption of ADT Automotive in 2000. Acacia intends to bring back that balance and return a much-needed stabilization to the industry, believing that "competition is a good thing." The Company plans to raise the capital to acquire many additional auctions well into the future, possibly through the sale of common stock.
This release includes forward-looking statements within the meaning of the Private Litigation Reform Act of 1995. Such statements, including information and statements regarding anticipated financial results, potential success of anticipated acquisitions, business operations, product marketing and potential market opportunities are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected, expressed, or implied by such forward-looking statements. The forward-looking statements in this document are made as of the date of publication hereof and the Company does not undertake to update its forward-looking statements.
For information please contact Investor Relations at:
Acacia Automotive, Inc.
Steven L. "Junior" Sample, CEO
Com: (352) 427-6848 Fax: (352) 502-4783
Email: Investor.Relations@acacia.bz Internet: www.acacia.bz
SOURCE Acacia Automotive, Inc.
