(August 10, 2010) – Wilton, CT – Tesoro Enterprises (OTC: TSNP) today reported preliminary financial and operating results for the second quarter of fiscal year 2010, reflecting the period ending June 31, 2010.
Operating performance highlights:
- Sales for the 6-months ending June 30, 2010 were $182,327.
- Gross Profit was $37,166.
- Total expenses were $237,233.
Henry Boucher, President and Chief Executive Officer of Tesoro stated, "Industry demand momentum continued through the first half of 2010. As the economy continues to strengthen and credit becomes available to the commercial and residential sectors, we believe our products and services will be well received among builders, subcontractors and homeowners looking to remodel. As we strengthened our revenue profile, we maintained our focus on enhancing profit margins. We continue to expand our base of vendors and new product lines. Furthermore, we intend to continue to take steps to increase our top line growth and increase our gross profit margin in future quarters. During the first half of 2010 we continued to make improvements to our balance sheet to provide us with financial flexibility to capitalize on the growth and market share expansion opportunities available to us.”
About Tesoro Enterprises
Tesoro Enterprises Inc., through its wholly owned subsidiary Fashion Floor Covering and Tile, Inc. (FFC&T), supplies a full line of floor covering products including, carpet, wood and porcelain and natural stone products, to the residential and commercial construction, remodeling and interior design market places. Additional information is available at www.tesoroenterprises.us
Forward-Looking Statements:
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 relating to, among other things, our goals, plans and projections regarding our financial position, results of operations, market position, product development and business strategy. These statements may be identified by the use of words such as “will,” “may,” “estimate,” “expect,” “intend,” “plan,” “believe,” and other terms of similar meaning in connection with any discussion of future operating or financial performance or other events or developments. All forward-looking statements are based on management’s current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations.
Unless otherwise required by law, we undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
Source: Tesoro Enterprises Inc
Investor Relations Contact
Andrew Barwicki
516-662-9461 or andrew@barwicki.com
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