Click here to close now.



Welcome!

Microsoft Cloud Authors: Jayaram Krishnaswamy, Dana Gardner, David Bermingham, Pat Romanski, Adine Deford

News Feed Item

Universal Bioenergy Announces Fiscal Third Quarter 2014 Financial and Operating Results -- Sales Increase 107.35% to $58.29 Million

Total Operating Expenses Down 48.20% and Long-Term Debt Reduced 60.97%

IRVINE, CA -- (Marketwired) -- 05/30/14 -- Universal Bioenergy Inc., (OTC Pink: UBRG) (PINKSHEETS: UBRG), a publicly traded independent diversified energy company, announced today that it has filed its Quarterly Report on Form 10-Q for its fiscal third quarter ended March 31, 2014 with the Securities and Exchange Commission. The Report contains the Company's financial statements, management's discussion and analysis (MD&A), its plans and future outlook and other disclosures. The Results of Operations was excerpted from the Form 10-Q Report.

The Company projects that it will continue to experience significant growth in revenues in the next 12 months through higher sales of natural gas, propane, petroleum products, coal and electric power.

Results of Operations
Our revenues for the three months period ended March 31, 2014, increased significantly compared to the three months period ended March 31, 2013.

Our sales for the three months ended March 31, 2014 were $25,713,759, as compared to $12,400,975 for the same period ended March 31, 2013. This resulted in an increase of $13,312,784 in sales, or 107.35% for the three month period ended March 31, 2014, over the same period last year.

Our sales for the nine months ended March 31, 2014 were $58,291,498, as compared to $41,286,495 for the same period ended March 31, 2013. This resulted in an increase of $17,005,003 in revenues, or 41.19% for the nine month period ended March 31, 2014 over the same period last year.

Our Cost of Sales for the three and nine months ended March 31, 2014 were $25,689,003 and $58,234,315 respectively, as compared to $12,382,943 and $41,224,465 for the same periods in 2013.

We incurred losses of $621,013 for the nine months ended March 31, 2014, and $1,618,898 for the same period in 2013. This resulted in a reduction of $997,885 in our losses, or 61.64% for the nine month period ended March 31, 2014, over the same period last year. Our accumulated deficit since our inception through March 31, 2014 amounts to $22,698,833. We did not issue any common shares for services for this period.

We incurred interest expenses of $409,775 for the nine month period ended March 31, 2014. Excluding the value of the interest expenses of $409,775, this would correspondingly reduce our net loss of $621,013 down to an adjusted net loss of $211,238 for the nine month period ending March 31, 2014. Based on an adjusted net loss of $211,238, this loss equals only 0.0036% of our total revenues of $58,291,498 for the nine month period ended March 31, 2014, as compared to 3.16% for the same period ended 2013.*

Operating Costs and Expenses
Our Cost of Sales for the three months ended March 31, 2014 were $25,689,003 as compared to $12,382,523 for the same period in 2013, and our Cost of Sales for the nine months ended March 31, 2014 were $58,234,315 as compared to $41,224,465 for the same period in 2013. This was an increase of $17,009,850 or 41.20% in our Cost of Sales. Our primary operation is the marketing of natural gas, propane and coal to our customers. Our total operating expenses for the three months ended March 31, 2014 were $188,286, as compared to $292,293 for the same period in 2013, and for the nine months ended March 31, 2014 they were $549,873 as compared to $1,061,553 for the same period in 2013.

We reduced our total operating expenses from $1,061,553 for the nine month period ending March 31, 2013, by a total of $511,680, or by 48.20%, to $549,873 for the period ending March 31, 2014.

Based on our plans for growth and expansion, and increasing revenues through sales of natural and other products, we believe we will soon reduce our net losses down to zero; and then move our company toward solid profitability. Since we are a high growth company, growing by mergers and acquisitions, we generally expect to have corresponding increases in costs reflected in our operating expenses.

Assets
Our "total assets" have increased by $3,170,177, or 25.63%, to $15,539,706 for the period ending March 31, 2014, compared to $12,369,529 for the year ended June 30, 2013. This was due to an increase in the amount of our Accounts Receivables from the sales of natural gas

Working Capital
Our working capital requirements increased, and we incurred significant fluctuations in our working capital for this period. This resulted in a working capital deficit of ($1,752,218) for the period ending March 31, 2014, as compared to a working capital deficit of ($1,021,031) for the period ending March 31, 2013. This increased our working capital deficit by $704,187 or by 68.97%. The working capital deficit was primarily due to the costs of pursuing acquisitions, funding of NDR Energy's operating expenses, the amount of funds borrowed from our creditors, purchase of natural gas inventories, our capital spending exceeding our cash flows from operations and from the increase in accrued expenses. The negative working capital for the period ending March 31, 2014, is an occasional event experienced by many companies, and has not had a significant negative effect on our operations. This is due to our ability to raise capital, the contracts we have with our utility customers, their strong S&P credit ratings, and their consistent payment of our invoices on schedule.

Cash Flows
The prices and margins in the energy industry are normally volatile, and are driven to a great extent by market forces over which we have no control. Taking into consideration other extenuating factors, as these prices and margins fluctuate, this would result in a corresponding change in our revenues and operating cash flows. Our cash flows for the nine months ended March 31, 2014 and 2013 were as follows:

Cash Flows from Operating Activities

Our cash, used in operating activities, for the nine months ended March 31, 2014, was $69,125, as compared to cash used in operating activities of $184,353 for the nine months ended March 31, 2013. The decrease was primarily attributable to amortization of beneficial conversion feature, the accruing certain management salaries, and a reduction of prepaid expenses.

Cash Flows from Investing Activities

Cash used in investing activities for the nine months ended March 31, 2014 was $10,050 as compared to cash provided by investing activities of $30,000 for the nine months ended March 31, 2013.

Cash Flows from Financing Activities

Our cash provided by financing activities for the nine months ended March 31, 2014 was $77,910, as compared to $215,855 for the nine months ended March 31, 2013. The net cash used in financing activities is primarily attributed to our Notes Payables.

Liabilities / Indebtedness
Current liabilities increased to $14,459,309 for the nine months ended March 31, 2014, compared to $11,173,471 for the same period in 2013. This 29.40% increase was primarily due to a $3,229,541 increase in accounts payable from the purchasing costs and supplies of natural gas. Our long term liabilities are $381,332 for the period ending March 31, 2014, compared to $976,248 for the nine months ending March 31, 2013. This resulted in a reduction of $594,916 in our long term liabilities or 60.97%, for the nine month period ended March 31, 2014, over the same period last year. In the past twelve months the Company has significantly reduced its borrowings from its creditors to further reduce its short and long-term debt.

Universal's President Vince M. Guest states, "We are very pleased with the financial and operating results for the third quarter of our fiscal year. The 41.19% increase in sales for this period is a major accomplishment for us and continues to demonstrate the success of our business model. We're very proud of the hard work and efforts of our professional team at Universal and NDR Energy Group for their contributions to improve our financial and operating position this period. Our losses have been reduced, and our long-term debt is down due to our aggressive strategy in reducing our operating expenses and reducing the amount of outside funds we have borrowed from our creditors. Our plans are to continue to increase our revenues, reduce our net losses down to zero and move our company toward solid profitability. This should have a very positive effect on our shareholders."

The full Form 10-Q Quarterly 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. *This disclosure of information as presented is a non-GAAP accounting measure, and is not based on GAAP accounting principles or guidelines.

About Universal Bioenergy Inc.
Founded in 2004, Universal Bioenergy Inc., is a publicly traded independent diversified energy company that produces and markets natural gas, petroleum, coal and propane. We market energy resources to the largest public utilities, electric power producers and local gas distribution companies in the U.S., that serve millions of commercial, industrial and residential customers. We are also engaged in the acquisition and development of existing or recently discovered oil and gas fields, leases and surface coal mines. For more information visit www.universalbioenergy.com

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 annual report and accounts and other SEC filings. 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.

For inquiries contact:
Media Relations:
Solomon Ali
704-837-5705

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
SYS-CON Events announced today that VAI, a leading ERP software provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry's single source for the cloud. Fusion's advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including clou...
Most people haven’t heard the word, “gamification,” even though they probably, and perhaps unwittingly, participate in it every day. Gamification is “the process of adding games or game-like elements to something (as a task) so as to encourage participation.” Further, gamification is about bringing game mechanics – rules, constructs, processes, and methods – into the real world in an effort to engage people. In his session at @ThingsExpo, Robert Endo, owner and engagement manager of Intrepid D...
Eighty percent of a data scientist’s time is spent gathering and cleaning up data, and 80% of all data is unstructured and almost never analyzed. Cognitive computing, in combination with Big Data, is changing the equation by creating data reservoirs and using natural language processing to enable analysis of unstructured data sources. This is impacting every aspect of the analytics profession from how data is mined (and by whom) to how it is delivered. This is not some futuristic vision: it's ha...
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Learn how IoT, cloud, social networks and last but not least, humans, can be integrated into a seamless integration of cooperative organisms both cybernetic and biological. This has been enabled by recent advances in IoT device capabilities, messaging frameworks, presence and collaboration services, where devices can share information and make independent and human assisted decisions based upon social status from other entities. In his session at @ThingsExpo, Michael Heydt, founder of Seamless...
The IoT's basic concept of collecting data from as many sources possible to drive better decision making, create process innovation and realize additional revenue has been in use at large enterprises with deep pockets for decades. So what has changed? In his session at @ThingsExpo, Prasanna Sivaramakrishnan, Solutions Architect at Red Hat, discussed the impact commodity hardware, ubiquitous connectivity, and innovations in open source software are having on the connected universe of people, thi...
WebRTC: together these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at WebRTC Summit, Cary Bran, VP of Innovation and New Ventures at Plantronics and PLT Labs, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it may enable, complement or entirely transform.
There are so many tools and techniques for data analytics that even for a data scientist the choices, possible systems, and even the types of data can be daunting. In his session at @ThingsExpo, Chris Harrold, Global CTO for Big Data Solutions for EMC Corporation, showed how to perform a simple, but meaningful analysis of social sentiment data using freely available tools that take only minutes to download and install. Participants received the download information, scripts, and complete end-t...
For manufacturers, the Internet of Things (IoT) represents a jumping-off point for innovation, jobs, and revenue creation. But to adequately seize the opportunity, manufacturers must design devices that are interconnected, can continually sense their environment and process huge amounts of data. As a first step, manufacturers must embrace a new product development ecosystem in order to support these products.
Manufacturing connected IoT versions of traditional products requires more than multiple deep technology skills. It also requires a shift in mindset, to realize that connected, sensor-enabled “things” act more like services than what we usually think of as products. In his session at @ThingsExpo, David Friedman, CEO and co-founder of Ayla Networks, discussed how when sensors start generating detailed real-world data about products and how they’re being used, smart manufacturers can use the dat...
When it comes to IoT in the enterprise, namely the commercial building and hospitality markets, a benefit not getting the attention it deserves is energy efficiency, and IoT’s direct impact on a cleaner, greener environment when installed in smart buildings. Until now clean technology was offered piecemeal and led with point solutions that require significant systems integration to orchestrate and deploy. There didn't exist a 'top down' approach that can manage and monitor the way a Smart Buildi...