TexCom, Inc. Posts Audited Results for 2009
Continuing its trend of year over year growth, TexCom surpassed its revenue forecast for 2009. The Company expects continued increases in both revenue and earnings as it expands its customer base and footprint and completes the consolidation of its ownership of M.B. Environmental Services, LLC (MBES). Q-4 2009 marks the 21st consecutive quarter of profitability at this TexCom environmental services subsidiary.
TexCom revenues have advanced at a compound annual growth rate ("CAGR") of 38% over the three years ending December 31, 2009 while earnings have grown at a 184% CAGR over the same period.
TexCom expects to report earnings for the First Quarter of 2010 in the coming weeks. Q-1 revenue for MBES exceeded $2.2 million, representing a 47% increase in the subsidiary's revenue compared to the same period in 2009.
A continuing uptrend in the drilling rig count in Texas and Louisiana is contributing to revenue and bottom line growth for the MBES subsidiary, resulting in a net profit for TexCom for the first time in 2009.
Lou Ross, President and C.E.O., stated, "The past 5 quarters have confirmed our business plan. Our increased ownership in M.B. Environmental Services was the first step in moving this company towards the goals outlined in our shareholder update on May 14, 2010. A second goal is to move TexCom to an exchange that is senior to our current Pinksheets posting. Completing audits covering the seven years ended December 31, 2009 is certainly a step in the right direction. Lastly, we are exploring funding sources to provide us with capital to fund certain acquisitions we believe will benefit our shareholders and our bottom line as TexCom strengthens our position and increases market share in environmental services for the oil & gas industry."
About TexCom
TexCom, Inc., headquartered in Houston, Texas, is a growth-oriented company with its primary focus on the disposal of nonhazardous wastes and production of biodiesel. Domestically, TexCom disposes of nonhazardous materials generated by oil and gas exploration and production and is expanding its interests in disposal of nonhazardous industrial wastewater, serving the refining and petrochemical industries.
For further information on TexCom, please visit: http://www.texcomresources.com.
Forward-Looking Statements
This press release may contain forward-looking statements, including information about management's view of TexCom, Inc.'s future expectations, plans and prospects. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of TexCom, Inc., its divisions and concepts to be materially different than those expressed or implied in such statements. Unknown or unpredictable factors also could have material adverse effects on TexCom's future results. The forward-looking statements included in this press release are made only as of the date hereof. TexCom cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, TexCom undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by TexCom.
