|By Marketwired .||
|May 30, 2014 11:53 AM EDT||
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.
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
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.
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:
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
Aug. 30, 2016 03:30 PM EDT Reads: 3,765
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Aug. 30, 2016 02:30 PM EDT Reads: 1,027
SYS-CON Events announced today that Adobe has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Adobe is changing the world though digital experiences. Adobe helps customers develop and deliver high-impact experiences that differentiate brands, build loyalty, and drive revenue across every screen, including smartphones, computers, tablets and TVs. Adobe content solutions are used daily by millions of co...
Aug. 30, 2016 02:00 PM EDT Reads: 3,757
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Aug. 30, 2016 01:45 PM EDT Reads: 642
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
Aug. 30, 2016 01:30 PM EDT Reads: 864
SYS-CON Events announced today that Pulzze Systems will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
Aug. 30, 2016 01:20 PM EDT Reads: 241
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Aug. 30, 2016 01:15 PM EDT Reads: 2,061
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Aug. 30, 2016 01:00 PM EDT Reads: 3,229
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...
Aug. 30, 2016 10:30 AM EDT Reads: 410
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at EMC, will introduce a methodology for capturing, enriching and sharing data (and analytics) across the organizati...
Aug. 30, 2016 09:08 AM EDT Reads: 302
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
Aug. 30, 2016 02:30 AM EDT Reads: 1,872
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Aug. 30, 2016 02:00 AM EDT Reads: 2,256
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
Aug. 30, 2016 01:30 AM EDT Reads: 3,063
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Aug. 30, 2016 01:00 AM EDT Reads: 1,954
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
Aug. 30, 2016 12:00 AM EDT Reads: 1,689
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Aug. 29, 2016 10:00 PM EDT Reads: 2,509
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
Aug. 29, 2016 08:30 PM EDT Reads: 2,464
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Aug. 29, 2016 07:00 PM EDT Reads: 2,003
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
Aug. 29, 2016 12:15 PM EDT Reads: 908
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Aug. 28, 2016 10:30 PM EDT Reads: 4,098