Marmion reported record revenues for the year ended 12/31/2007 of
$6,017,373, an increase of approximately 30.4% from $4,613,282 reported for
2006. Net loss for the period was ($3,174,967) for an improvement of 54.4%
or $3,780,398 from ($6,955,365) in 2006. Net Loss per share for fiscal 2007
was ($.05) for an improvement of $.30 or 85.7% from ($.35) in 2006.
Revenue growth was driven largely by the company's decision to diversify
into the commercial sector of the HVAC industry and the subsequent award and
partial completion of several large commercial projects.
Management firmly believes that revenue growth will continue in 2008 due
in large part to a number of factors including: the successful expansion
efforts of the company's industrial division into the Louisiana market,
strengthened overall corporate sales efforts, and the expanded manufacturing
capacity expected to be facilitated by a new, soon to be constructed
facility.
Cost of good sold increased $1,641,073 to $5,362,175 for the year-ended
December 31, 2007 from cost of goods sold of $3,721,102 for fiscal year
2006. This represents an increase of 44.1%. Consequently the company's gross
profit margin percentage for fiscal year 2007 was 10.9% compared to 19.3%
for the prior year period.
Total costs and expense as a percentage of revenues decreased 20.3%
during fiscal year 2007 to 23.8% from 44.1% for fiscal year 2006. General
and administrative expenses decreased $592,000, or approximately 41% for the
same comparative period. In addition, net cash used in operating expenses
for fiscal 2007 was $710,598 as compared to $316,343 for fiscal 2006.
Marmion ended fiscal year 2007 with cash on hand of $1,291,966 compared
to $1,785 at the end of 2006 and accounts receivable of $683,066
Corporate highlights for the year include:
-- Completion of a project for Lucite International
-- Shipping product to an established end-user base that includes
ConocoPhillips
-- Diversification into the commercial HVAC sector
-- Being chosen for the new "Leadership in Energy and Environmental Design
'LEED' Certification of Quality Program".
-- Being awarded approximately $3,000,000 worth of commercial contracts
within a relatively short time frame.
-- The purchase of 2.75 acres of land in Houston, Texas, with intent to
construct a new 126' X 250' multi-use facility.
CEO W.H. Marmion stated "2007 was yet another very positive year for
Marmion Industries Corp. in a number of regards and I highly commend our
team for meeting or exceeding all goals and initiatives outlined over the
past twelve months. We are quite optimistic regarding the company's ability
to both further improve efficiencies and grow revenues in 2008 and look
forward to updating the public on our progress as developments unfold."
About Marmion Industries Corp
Marmion Industries Corp. specializes in Explosion-Proof Heating,
Ventilation, Cooling Pressurization and chemical filtration solutions for
mission-critical applications. Our reputation is based on superior equipment
and service, from south Texas and Louisiana refineries to drilling rigs and
chemical plants in Saudi Arabia and South America. Our products are designed
for application in Petro-Chemical, Industrial, Agricultural, wastewater,
pulp and paper, elect., medicine, and Aerospace. Marmion Industries Corp.
commenced operation in Texas in 1998 in residential and commercial HVAC
service. The Texas Department of Licensing and Regulation -- TACLA019367C --
recognizes the company as a contractor in the field of Heat Ventilation and
Air Conditioning. The company is in the process of working towards third
party certifications on selected manufactured equipment.
Further information on Marmion Industries is available at:
http://www.marmionind.com and
http://www.microstockprofit.com
Forward Looking Statements
The information in this news release includes certain forward-looking
statements that are based upon management's expectations and assumptions
about certain risks and uncertainties that can affect future events.
Although management believes these assumptions and expectations to be
reasonable on the date of this news release, these risks and uncertainties
may cause actual events to differ material from managements those contained
in this news release. The risks and uncertainties include, but are not
limited to, continuing as a going concern, availability and cost of our
present vendors and suppliers, and absence of any change in government
regulations or other costs associated with data transmission over the
Internet or termination of transmissions in foreign countries.
Investor Relations Contact:
Seacoast Advisors
Keith Reinhardt
IR@seacoastadvisors.com
858-205-5798
