Turning Pennies into dollars: (PINKSHEETS: CNEH), (PINKSHEETS: DCNM), (PINKSHEETS: ITKH), (PINKSHEETS: QBIK), (PINKSHEETS :SPMC).
Are you a public company looking for exposure?
Contact RealPennies.com - 1.800.940.6559
For more info: http://cneh.realpennies.com
March 31, 2008 -- China North East Petroleum Holdings Limited (the "Company") (PINKSHEETS: CNEH), an oil producing company in Northern China, today announced consolidated financial results for the fourth quarter and full year ended December 31, 2007.
For the full year, total sales increased 266% to $19.5 million compared to $5.3 million in the prior year period. The increase in revenues was a result of increased oil production and higher oil prices. Crude oil production for 2007 increased 218% to 38,962 tons (287,543 barrels) from 12,266 tons (90,520 barrels). Oil prices in 2007 averaged RMB3,937 per ton, or approximately US$72.94 per barrel, which represents an increase of 13% over 2006.
Gross profit increased to $10.5 million compared to $2.6 million in the prior year period. Gross margin increased 530 basis points to 54.1% from 48.8% in the prior year period due to greater economies of scale from an increased number of oil producing wells.
Selling, general and administrative expenses for the year were $880 thousand, or 4.5% of sales compared to $885 thousand, or 16.6% of sales, in the prior year period.
Operating profit in 2007 increased 578% to $9.2 million compared to $1.4 million in the prior year period. Full year operating margin increased to 47.4% compared to 25.6% in the prior year period, largely due to greater leverage associated with the increased revenue and higher crude oil prices.
Net income in 2007 increased to $5.1 million, or $0.21 per diluted share, compared to $952 thousand, or $0.03 per diluted share in the prior year period.
Mr. Hongjun Wang, President of China North East Petroleum commented, "We are extremely pleased with our progress for the fourth quarter and 2007 fiscal year. We finished the year operating 153 wells in four oilfields in the Jilin province. The rising price of oil throughout 2007 generated more cash for our business allowing us to increase the total number of wells in production from 90 at the beginning of 2007 to 153 at the end of the year. We also benefited from the implementation of water injection technologies that allowed us to maximize oil extraction at our existing wells.
We have a compelling operating model with a continuous cycle of growth-we drill wells, produce and maximize crude oil production, sell 100% of our oil to PetroChina, generate strong cash flow and earnings for our business, all of which allows us to reinvest our profit back into our business to fuel additional growth.
We recently secured $15 million through a debt financing. Approximately $10 million of the proceeds will be used to drill 100 new wells in 2008 with the remaining proceeds to be used for potential acquisitions and extraction technology to maximize well production. We are encouraged with our opportunities ahead."
Mr. Wang concluded, "We are very encouraged with our ability to further grow our revenue and profit in 2008. Our company enjoys a strong partnership with a major oil company, and the four oilfields in which we currently operate are proven oil bearing areas with strong reserves. CNEH has a compelling business model that is highly scalable, has minimal reserve risk, no sales costs, and generates strong cash flow. We see the opportunity to expand our operations through increased oil production, greater economies of scale and acquisition opportunities. We are building on our momentum over the last twelve months and believe that 2008 will be a monumental year for our business."
About China North East Petroleum
China North East Petroleum Holdings Ltd. is engaged in the production of crude oil in Northern China. The Company has a guaranteed arrangement with the Jilin Refinery of PetroChina to sell its produced crude oil for use in the China marketplace. The Company currently operates four oilfields in Northern China.
For more info: http://dcnm.realpennies.com
Mar 31, 2008 -- DnC Multimedia, Inc. (PINKSHEETS: DCNM) today announced that it has entered into a distribution agreement with Trywin Co., Ltd for the distribution of its portable digital broadcast "1-seg" device in Japan. DnC Multimedia, Inc. ("DnC") is a maker of a broad range of digital media technology products, and owns and operates the Pluginz Network, an eCommerce marketplace for sophisticated multimedia technology.
"We are very excited to partner with Trywin for the distribution of our 1-seg portable television in Japan," stated Hans Park, CTO and President of Asian operations for DnC Multimedia. "Trywin is a well established distributor of consumer electronics products in Japan, and we couldn't ask for a better partner in the Japanese market. Our first purchase order from Trywin is for 5,000 units of the 1-seg device at a unit price of $89, and our Distribution Agreement calls for a minimum volume target of 30,000 units within 2008," Mr. Park concluded.
DnC Multimedia, Inc. is a designer and marketer of a broad range of digital media technology products, and owns and operates an array of high-end encoding technologies and the Pluginz Network, an eCommerce marketplace for sophisticated multimedia technology. DnC's portable media players are among the highest rated in the consumer market, and are sold through leading retail chain stores in the US and Europe. The Company is now headquartered in Palo Alto, California and maintains engineering and R&D facilities in Seoul, South Korea.
For more info: http://itkh.realpennies.com
Mar 31, 2008 -- iTeknik Holding Corporation (PINKSHEETS: ITKH), a leading provider of innovative worldwide communication services, announced today that TV Communications, a leading provider of calling services in the Pacific Rim, has chosen TeleCents to provide switching and termination services. According to TV Communications, its sales are up by 45% in the fourth quarter compared to the third quarter. TV Communications said that this increase is due to a specific calling product developed by TeleCents, as well as TV Communications' expertise in distribution to Asian markets.
"TV Communications is already reaping major increases in revenue generation based on our innovative calling products customized for their needs," said Jeffrey Lauzon, CEO of TeleCents Communications, Inc. "TV Communications has been a client of ours for many years. We have shared the same vision of superior services, quality customer service and developing an excellent reputation. We look forward to continuing our relationship with them as we focus on further penetration across the Pacific Rim."
About iTeknik Holding Corporation
iTeknik Holding Corporation's (ITKH) strategy is to grow by acquiring companies with unique products, technology and solid growth potential. TeleCents Communications, Inc. (TCC) and Send Global Corporation (SGC) (www.sendglobal.com) are wholly owned subsidiaries of ITKH. Together they offer cutting edge retail and wholesale telecommunications products and services including International and Domestic gateway services through Tier-1 carriers. Through VoIP, data, and traditional communications platforms, iTeknik provides custom calling solutions and a proprietary ANI gateway solution. Send Global provides high quality, value priced international calls from the convenience of a mobile phone.
For more info: http://qbik.realpennies.com
Mar 28, 2008 -- Cubic Energy, Inc. (PINKSHEETS: QBIK) ("Cubic" or the "Company") announces today receipt of an independent report, prepared by a qualified reservoir engineer, estimating original gas in place (OGIP) for Cotton Valley (CV) sandstones and Bossier/Haynesville (BH) shales in Cubic's Johnson Branch acreage (comprising the majority of each of twelve 640-acre sections) located in Caddo Parish, Louisiana. The estimates received indicate OGIP for the BH ranges from 217 to 245 BCF/section. The estimates also indicate OGIP of 20 BCF/section for the CV. Cubic has a 49% working interest in its Johnson Branch acreage.
In its Johnson Branch acreage, Cubic has drilled twelve wells through the CV, with three of these wells penetrating deeper through the BH shales. To date, eight Johnson Branch wells have been completed as gas producers in Cotton Valley (CV) sandstones.
Additionally, Cubic has eight producing wells in the CV and Hosston formations of its Bethany Longstreet acreage.
Cubic Energy, Inc. is an independent company engaged in the development and production of, and exploration for, crude oil and natural gas. The Company's oil and gas assets and activity are concentrated primarily in Texas and Louisiana.
For more info: http://spmc.realpennies.com
Mar 27, 2008 -- Sparrowtech Resources, Inc. ("Sparrowtech")(PINKSHEETS: SPMC) announced today that it has closed on matters pertaining to entering into the Agreement previously announced on March 17, 2008, to purchase 60% of the mineral rights on the Nelles Property from EMCO Corporation S.A. The Nelles Property is situated in the Kenora Mining District in close proximity to Rainy River Resources Ltd. www.rainyriverresources.com.
Sparrowtech President, Cornelia Volino stated, "We are pleased with this latest development for the Company." She further stated, "We will now focus our attention on assembling a geological team as we prepare to develop an exploration program on the Nelles Property for the upcoming Spring drilling season."
Read our full disclaimer at: http://www.realpennies.com/start.html
Investors are advised that this analysis is issued solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy. This report does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this information. The information contained herein is based on sources that we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data. Past performance is no guarantee of future results. Please consult a broker before purchasing or selling any securities mentioned on RealPennies. For more movers: http://www.realpennies.com/wrapup.html
Any opinions expressed herein are statements of our judgment as of the date of publication and are subject to change without notice.
Sitemap: http://www.realpennies.com/sitemap.html
Sponsored by: http://www.isthemarketopen.com
RealPennies .
Telephone: 1-800-940-6559
Matt /at/ realpennies.com
No comments:
Post a Comment