Marmion reported quarterly revenues of $1,882,167, an increase of
approximately 15.6% from $1,627,935 reported for the three months ended
March 31, 2007.
Net loss for the period was ($75,895) for an improvement of $441,996 or
85.4% from ($517,861) in the first quarter of 2007. Net loss per share for
the first quarter of 2008 was ($0.00) compared to ($0.01) in the same prior
year period.
Revenue growth continued to be largely 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. During three months ended March 31, 2008, approximately 33% of our
revenues were attributable to equipment for the petrochemical industry and
approximately 67% were attributable to our commercial division.
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.
Total cost and expenses increased $18,965 to $320,579 from $301,614 for
the three months ended March 31, 2007. This represents an increase of
approximately 6% .In addition, net cash used in operating expenses for the
quarter was $443,174 as compared to $147,286 for the three months ended
March 31, 2007.
Corporate highlights for the quarter include:
-- 50% construction of new manufacturing facility
-- Shipping product to an established end-user base that includes
ConocoPhillips
-- Further diversification into the commercial HVAC sector
-- Expansion of industrial division into the Louisiana marketplace
-- A gross profit margin improvement of nearly 9% over first quarter of
2007
CEO W.H. Marmion stated, "Marmion Industries Corp is pleased to announce
further improvements to many of our key financial reporting criteria during
the first quarter of 2008. With our sequential quarterly revenue growth rate
exceeding 80% and net loss shrinking considerably on both a sequential
quarterly and quarterly year-over-year basis, we continue to benefit from
strengthened sales efforts coupled with our implementation of more efficient
manufacturing procedures and new quality and purchasing controls."
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 an ongoing 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
