Universal Bioenergy Announces Third Quarter Financial Results – Reports Revenues of $49.90 Million
Nov 17, 2011
OTC Disclosure News Service
Irvine, CA –
Bioenergy Announces Third Quarter Financial Results – Reports Revenues of $49.90 Million
Company’s 2011 Nine Month Revenues increased 145% over Nine Month Revenues for 2010
IRVINE, Calif., November 17, 2011 – Universal Bioenergy Inc. (Pink Sheets: UBRG), a natural and alternative energy company, announced today that it has filed its Third Quarter Form 10-Q Report for the financial results of operations, for the three and nine months ended September 30, 2011 with the Securities and Exchange Commission. The report contains the Company’s financial statements, management’s discussion and analysis (MDA), and its future plans.
The Company’s revenues for the third quarter of 2011, increased at a super growth rate. Universal generated record revenues of $49,904,114, for the nine month period ending September 30, 2011, which equals 121% of the total $41,320,647 in revenues for all of 2010. Revenues for the three and nine months ended September 30, 2011 were $13,855,882 and $49,904,114 respectively, as compared to $6,388,639 and $20,355,534 respectively for the same periods in 2010. This results in an increase in revenues of $7,467,243 or 117% and $29,548,548 or 145% for the three and nine months ended September 30, 2011, as compared to the same period for 2010.
The Company incurred losses of $529,585 for the three months ended September 30, 2011 and $522,728 for the same period in 2010. For the nine months ended September 30, 2011, the losses were $1,244,291 and $914,306 for the same period on 2010. Excluding the value of common stock that was issued for services, and interest expenses which together totaled $692,786, from the net loss of $1,244,291, would correspondingly reduce the net loss of $1,244,291 to an adjusted net loss of $551,505 for the nine month period ending September 30, 2011. Based on an adjusted net loss of $551,505, this adjusted net loss equals only 1.1% of the total revenues of $49,904,114 for the nine months period ending September 30, 2011.
The Company increased its total operating expenses for the three months ended September 30, 2011 from $536,557 for the period ending 2010, by a total of $40,198, or by 7.5%, to $576,755 for the same period in 2011. It incurred an increase in operating expenses for the nine months ended September 30, 2011, from $956,517 for the same period ending 2010 by a total of only $116,922, or by 12.2%, to $1,073,439 for the same period in 2011.
The Company’s total assets have increased by $26,040 or 1% to $3,028,622 for the period ending September 30, 2011, compared to $3,002,582 for the same period in 2010
Current liabilities increased to $3,111,992 for the nine months ended September 30, 2011, compared to $3,043,869 for the same period in 2010. Long term liabilities are $440,359 for the period ending September 30, 2011, compared to $312,119 for the period ending September 30, 2010.
Universal’s President Vince M. Guest says, “We are very pleased and excited about the continued double digit revenue growth the company is experiencing. Our revenues for the nine month period of 2011 increased 145% over our revenues for September of 2010, and we look forward to a strong finish this year. Very few companies in any industry are growing at that kind of accelerated rate. We now have contracts with 27 major electric utility companies nationwide, and we anticipate even greater revenues through our expanding customer base from the sale of natural gas, propane and oil. We are also working diligently to expand into the coal industry by our proposed acquisition in a thermal coal mining operation. That transaction is moving forward very well. We are working on a number of other strategic plans and proposals that we feel will be of great interest to, and will bring more value to our shareholders. We believe these future plans should provide us with greater access to the capital markets and help position the company for long-term growth and profitability. We will providing more details on these plans in the near future.”
The full Form 10-Q Annual Report is available for viewing on the SEC’s website, and it is also available at our website at www.universalbioenergy.com Investor Relations, SEC Filings section.
About The Company
Universal Bioenergy Inc. is an alternative energy company, and intends to create and market natural and alternative energy sources including natural gas, petroleum, solar, biofuels, wind, synthetic fuels and related energy technology products. It plans to build the company into a prominent player in alternative energy.
For inquiries contact: Media Relations: Solomon Ali at 949-559-5017
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Safe Harbor Statement – There are matters discussed in this media information that are forward looking statements within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. Such statements are only forecasts and actual events or results may differ materially from those discussed. For a discussion of important factors which could cause actual results to differ from the forward looking statements, refer to Universal Bioenergy Inc.’s most recent Form 10K Annual Report, and accounts and other SEC filings, which is on file with the SEC on their website at www.sec.gov. The full Form 10-Q Annual Report is also available at our website. The company undertakes no obligation to update publicly, or revise, forward looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.
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