Welcome!

Microsoft Cloud Authors: David H Deans, Pat Romanski, Janakiram MSV, Jnan Dash, Andreas Grabner

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
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and 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 @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it m...
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his Day 2 Keynote at @ThingsExpo, Henrik Kenani Dahlgren, Portfolio Marketing Manager at Ericsson, discussed how to plan to cooperate, partner, and form lasting all-star teams to change the...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
"I think that everyone recognizes that for IoT to really realize its full potential and value that it is about creating ecosystems and marketplaces and that no single vendor is able to support what is required," explained Esmeralda Swartz, VP, Marketing Enterprise and Cloud at Ericsson, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, 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 cloud...
SYS-CON Events announced today that Cloud Academy will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloud Academy is the industry’s most innovative, vendor-neutral cloud technology training platform. Cloud Academy provides continuous learning solutions for individuals and enterprise teams for Amazon Web Services, Microsoft Azure, Google Cloud Platform, and the most popular cloud computing technologies. Ge...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
SYS-CON Events announced today that Outlyer, a monitoring service for DevOps and operations teams, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Outlyer is a monitoring service for DevOps and Operations teams running Cloud, SaaS, Microservices and IoT deployments. Designed for today's dynamic environments that need beyond cloud-scale monitoring, we make monitoring effortless so you...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, Cloud Expo and @ThingsExpo are two of the most important technology events of the year. Since its launch over eight years ago, Cloud Expo and @ThingsExpo have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors! In this blog post, I provide 7 tips on how, as part of our world-class faculty, you can deliver one of the most popular sessions at our events. But before reading the...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, 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.
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
TechTarget storage websites are the best online information resource for news, tips and expert advice for the storage, backup and disaster recovery markets. By creating abundant, high-quality editorial content across more than 140 highly targeted technology-specific websites, TechTarget attracts and nurtures communities of technology buyers researching their companies' information technology needs. By understanding these buyers' content consumption behaviors, TechTarget creates the purchase inte...