TSNP Tesoro Enterprises, Inc. Releases Fiscal 2011 Financial Results
Tesoro Enterprises, Inc. (TSNP:PK) today announced the publishing of its Fiscal 2011 Financial Statements. Net Sales for the twelve months ending December 31, 2011 were $599,002 compared to $341,514 for the twelve month period ended December 31, 2010, an increase of $257,788 or 75%.
Gross margin for the twelve months ended December 31, 2011 was $152,763 compared to $115,360 for the twelve months ended December 31, 2010, an increase of $37,402 or 32%. Operating expenses for the twelve months ended December 31, 2011 were $407,917 compared to $410,876, a decrease of $2,959 relatively unchanged despite the doubling of our retail space with the addition of a second store in January 2011. Net loss for the twelve months ended December 31, 2011 was $(279,289) compared to $(309,032) for the twelve months ended December 31, 2010, a decrease of $29,743 or 9.6%. The loss for the twelve months ended December 31, 2011 reflects primarily the start up time for the new retail location.
Henry Boucher, Tesoro's CEO, said he is pleased that the company finished the year with strong sales momentum. He added that net sales for the three months ended December 31, 2011 were $158,002 compared to $63,514 for the three months ended December 31, 2010, an increase of $94,488 or 150%. Mr. Boucher also stated that, even though the winter is our slowest time, if the sales momentum holds, we should be close to breakeven in the first quarter of 2012. We look for improving sales in the retail locations and added contribution from our e-commerce business.
AI
