hursday, August 14, 2008 Kesselring Holding Corporation Files 10-QSB, Company’s turnaround plan working as operating results improve 40% vs. prior quarter
SARASOTA, Florida – August 14, 2008 – Kesselring Holding Corporation (KSSH.OB) announced today that it has filed its recent form 10-QSB with the Securities and Exchange Commission.
The Company is required to file a form 10-QSB with the Securities and Exchange Commission 45 days after the end of its third fiscal quarter, June 30, 2008. This form summarizes the Company’s results of operations for the 3rd quarter of 2008 and 2007 and the first nine months of 2008 and 2007.
The Company reported Revenues of $1,996,799, Gross Profit of $604,852, and an Operating Loss of ($466,315) for the 3rd quarter of 2008. This compares to Revenues of $2,407,881, Gross Profit of $627,247, and an Operating Loss of ($1,551,084) for the 2nd quarter of 2008. The 2nd quarter Operating Loss was ($774,484) excluding a restructuring charge of $776,600 which was taken in that quarter. As a result, the 3rd quarter Operating Loss represents a 40% improvement on a comparable basis. The Company reported Revenues of $2,709,466, Gross Profit of $510,135 and an Operating Loss of ($762,711) for the 3rd quarter of 2007.
The Company reported Revenues of $7,102,553, Gross Profit of $1,779,554, and an Operating Loss of ($3,325,027) including the aforementioned restructuring charge of $776,600 for the first nine months of 2008. This compares to Revenues of $9,414,118, Gross Profit of $1,942,972, and an Operating Loss of ($1,162,068) for the same period in 2007.
Since early February, 2008 when a management change took place, the Company has undertaken a plan of action mandated by the Board of Directors to dramatically improve its operating results as quickly as possible by aggressively cutting costs at the holding company, downsizing and refocusing its Kesselring Restoration division to get back to its profitable core business and increasing the profitability and business development efforts of its Washington divisions.
Charles B. Rockwood, Chief Operating and Financial Officer of Kesselring Holding Corporation states: “We have been working very hard to put the company on a path to profitability and while we’re pleased with our progress thus far - this 40% improvement on a comparable basis demonstrates that - we’ve got a long way to go in order to achieve our ultimate goal of sustained profitability and growth.”
“Despite the 40% improvement in our results, our goal remains to create meaningful shareholder value and management feels we are on our way to doing so. We still have issues to work through and are very appreciative of the support our valued business partners are providing in helping us get back on track in this challenging economic climate.” stated Chairman of the Board, Clifford H. Wildes.
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