MCW Energy Group Posts Year End Net Revenues of US$431,932,384 for 2013, A 19% Increase in Fuel Distribution Sales
14 Janeiro 2014 - 7:43PM
Marketwired
MCW Energy Group Posts Year End Net Revenues of US$431,932,384 for
2013, A 19% Increase in Fuel Distribution Sales
TORONTO, ONTARIO--(Marketwired - Jan 14, 2014) - MCW Energy
Group Limited (TSX-VENTURE:MCW) ("MCW"), a Canadian holding company
involved in fuel distribution and the creation of oil sands
extraction technology, has reported and filed its corporate
financial statements for the year ending August 31st, 2013.
MCW ended its fiscal
year end with net revenues of US$431,932,384 from its fuel
distribution sales generated by its Fuels Division. This represents
an increase of US$68.6 million or 19% over the same period of 2012
(2012 - US$363,300,000 and 2011 - US$241,500,000). The increase in
sales was primarily due to an additional 20 million gallons of fuel
during the fiscal year of 2013 to August 31st, 2013. Gross profit
for this period represented 1.9% of net revenues (2012 gross profit
stood at 1.8%), which has remained consistent and in line with fuel
distribution industry averages. MCW believes that it will continue
to improve its gross profits by increasing the number of branded
service stations under its various comprehensive premier branding
programs (76, Valero and Alliance), as well as several value-added
programs such as rebranding, state-of-the-art accounting systems,
credit card processing, inventory control systems and price
management services.
Mr. Karlo Vartan,
MBA, BSc., MCW's Chief Financial Officer stated, "Sales increases
year over year are primarily a result of an increased customer base
in our Fuels Division, due to our continued aggressive marketing
efforts, as well as the acquisition of new branded service station
accounts. The increase in the net loss between 2011 and 2012 was
most significantly due to a one-time charge to bad debt expense of
approximately US$2.3 million to reflect old uncollectible accounts.
MCW's asset base has increased substantially during 2013 due to the
construction of its initial oil sands extraction plant now underway
in Asphalt Ridge, Utah. Assets have also increased throughout
recent years via the acquisition of ownership of a gas station
transferred from shareholders of MCW, acquisition of branded
accounts from Westco Petroleum Distributors Inc., and the
assignment of Valero-Branded Reseller Distribution Agreements from
Ocean Pacific Fuels Inc. (acquisitions were reported in previous
Press Releases). Due to the increase in MCW's fuel distribution
operations, MCW is able to acquire greater supplier rebates and
more advantageous product pricing from refineries."
MCW's corporate
filings and financial statements are available at SEDAR, website:
www.sedar.com.
About MCW Energy
Group:
MCW Energy Group
Limited is focused on value creation as (i) a distributor of
gasoline and diesel fuels to service stations in Southern
California for 75 years, having revenue in the fiscal year ending
August 31st, 2011 of US$241.5 million, revenue of US$363.3 million
for the fiscal year ending August 31st, 2012, and revenue of
US$431.9 million for the fiscal year ending August 31st, 2013, and
(ii) as a developer of proprietary technology for the extraction of
oil from oil sands at its first field in Asphalt Ridge, Utah, USA.
MCW's management team is comprised of individuals who have
extensive knowledge in both conventional and unconventional oil and
gas projects and production, as well as refinery and fuel
distribution experience.
The information in this news release includes certain
information and statements about management's view of future
events, expectations, plans and prospects that constitute forward
looking statements. These statements are based upon assumptions
that are subject to significant risks and uncertainties. Because of
these risks and uncertainties and as a result of a variety of
factors, the actual results, expectations, achievements or
performance may differ materially from those anticipated and
indicated by these forward looking statements. Forward -looking
statements in this news release, include, but are not limited to
the commercial viability of the technology and the extraction
plant, economic performance and future plans and objectives of MCW.
Any number of important factors could cause actual results to
differ materially from these forward-looking statements as well as
future results. Although MCW believes that the expectations
reflected in forward looking statements are reasonable, they can
give no assurances that the expectations of any forward looking
statements will prove to be correct. Except as required by law, MCW
disclaims any intention and assumes no obligation to update or
revise any forward looking statements to reflect actual results,
whether as a result of new information, future events, changes in
assumptions, changes in factors affecting such forward looking
statements or otherwise.
Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this
release.
MCW Energy Group LimitedPaul DaveyCommunications1 (800) 979-1897
(Extension 3) or Cell:
1-778-389-0915pdavey@mcwenergygroup.comwww.mcwenergygroup.com
MCW Energy Group Limited (TSXV:MCW)
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