CHICAGO, IL -- (MARKET WIRE) -- 06/28/2007 -- National Storm Management, Inc. (
Revenues for the first quarter of 2007 totaled $1.4 million compared to $2.3 million for the same period of 2006. Despite the decline in revenues, income from operations improved to a loss of $777,254 in the first quarter of 2007 compared to $837,714 last year. National Storm posted a net loss of $1.0 million, or $0.01 per share, based on 72.8 million shares, compared to a net loss of $612,824, or $0.01 per share, based on 51.2 million shares for the first quarter 2006 period. During the first quarter of 2007, the company experienced higher interest expense, which increased to $262,246 from $29,078 last year.
"While revenues declined in the 2007 first quarter, we managed to improve income from operations by focusing on cost containment," said Terry Kiefer, president and CEO. "Our operating affiliates have been responding to the significant hail storms that occurred in Lexington, Kentucky, and Akron, Ohio in early June. Operations are currently underway at both locations. We are working diligently to improve revenues for the remainder of the year."
Scott Knoll, chief financial officer, added, "With the completion of our audited fourth quarter and year end results last week, and first quarter financial statements today, the company plans to expeditiously update its registration statement on Form SB-2, which is currently pending review with the SEC to include current financial statements."
About National Storm Management, Inc.
National Storm Management (
Certain statements included in this press release may constitute forward-looking statements. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, financial performance, plans to update a registration statement with the SEC, and other expectations, intentions and plans contained in this press release that are not historical fact and involve risks and uncertainties. Our expectations regarding future revenues depend upon our ability to develop and supply products and services that meet defined specifications. When used in this press release, the words "plan," "expect," "believe," and similar expressions generally identify forward-looking statements. These statements reflect our current expectations, but actual results could differ materially as a result of many factors, including, but not limited to, severe weather conditions and the physical damage caused by hail storms and hurricanes, fluctuations in interest rates and the resulting impact on financing costs, general economic developments in the states where we do business, availability of labor, materials and supplies, our ability to execute our future growth plans and our ability to timely and accurately prepare quarterly and annual financial statements. Forward-looking statements are made as of this press release and we do not undertake any obligation to provide updates to such statements except where required to so by law.Continue reading NSM 1st quarter results.