EnDevCo Announces Third Quarter 2008 Financial Results
13 November 2008 - 11:00PM
PR Newswire (US)
Positive Earnings Per Share Recorded For First Time In EnDevCo's
History HOUSTON, Nov. 13 /PRNewswire-FirstCall/ -- EnDevCo, Inc.
(OTC:EDVC) (BULLETIN BOARD: EDVC) , the Energy Development Company,
is pleased to announce financial results for the three months
ending September 30, 2008. -- Earnings Per Share were $0.05
compared to a loss of ($0.40) per share during the same quarter in
2007. -- Net Income from Operations was $425,634 for the third
quarter 2008 versus a ($411,579) loss for the same period in 2007.
-- Revenues were $1,019,178 for the three months ending September
30, 2008, representing a 155% increase when compared to $398,281
for the third quarter of 2007. "We are especially pleased to
release the third quarter financial results which validate our
commitment to building value for our shareholders. This is the
first time in EnDevCo's history that this has been achieved, and we
are confident that as we continue to grow, so will these earnings,"
stated Chris A. Dittmar, EnDevCo's Chief Executive Officer. "The
dramatic increases in our revenue and net income are due largely to
the increased production at Short Junction Field together with
lower lease operating expenses resulting from the field facility
upgrade program initiated last year and lower oil and gas prices
which positively impacted our hedging costs," commented Joseph
Lessard, Chief Financial Officer for the Company. "Our earnings
outlook for the remainder of 2008 is favorable, as our plans to
increase production in the Short Junction Field are moving
forward," Mr. Lessard went on to say. About EnDevCo: EnDevCo is a
dynamic energy company rapidly establishing an identity consistent
with its operating philosophy of "Science Before The Drill Bit."
The Company has domestic and foreign oil and gas projects with
current interests in Oklahoma, the Gulf of Mexico offshore
Louisiana, Colombia and Peru. EnDevCo's largest domestic property,
Short Junction Field, located in Oklahoma, currently produces from
24 oil wells and 2 gas wells. EnDevCo maintains offices in Houston
and Dallas, Texas. For more information on EnDevCo, visit
http://www.endevcoinc.com/. This press release includes certain
"forward-looking statements". The forward-looking statements
reflect the beliefs, expectations, objectives, and goals of
EnDevCo, Inc. management with respect to future events and
financial performance. They are based on assumptions and estimates,
which are believed reasonable at the time such statements are made.
However, actual results could differ materially from anticipated
results. Important factors that may impact actual results include,
but are not limited to commodity prices, political developments,
legal decisions, market and economic conditions, industry
competition, the weather, changes in financial markets and changing
legislation and regulations. The forward-looking statements
contained in this report are intended to qualify for the safe
harbor provisions of Section 21E of the Securities and Exchange Act
of 1934, as amended. DATASOURCE: EnDevCo, Inc. CONTACT: investor
relations, Tom Cloutier, EnDevCo, Inc., +1-760-832-2412, ; or media
relations, Amanda Thomas, Robust Media Group, LLC, +1-407-585-8850,
, for EnDevCo, Inc. Web site: http://www.endevcoinc.com/
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