HOUSTON, June 11 /PRNewswire-FirstCall/ -- Marmion Industries Corp
(OTC Bulletin Board: MMIO), (the "Company") -- an emerging manufacturer and
modifier of heating, ventilation, and air conditioning (HVAC) equipment --
today announced financial results for the three months ended March 31, 2008.
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
SOURCE Marmion Industries Corp