Company Releases Preliminary Estimate of First Quarter 2012 Financial
NEW CANAAN, Conn., April 16, 2012
NEW CANAAN, Conn., April 16, 2012 /PRNewswire/ --Tesoro Enterprises, Inc.
(TSNP:PK) today is releasing estimates of its first quarter 2012 financial
performance. Net Sales for the three months ended March 31, 2012 were
approximately $99,000 compared to $94,000 for the three months ended March 31,
2011. The increase of $5,000 for the three months ended March 31, 2012 over
the three months ended March 31, 2011 represents a 5.2% Net Sales improvement.
Tesoro's CEO, Henry J. Boucher, said he was pleased with the Net Sales figure
for the first quarter for several reasons. First, the first quarter is the
weakest quarter for the company due to the winter slow down in construction
activity in the Northeast; second, the improvement for 2012 over 2011
represents a reversal of the decrease in Net Sales for the same period from
2010 to 2011.
Mr. Boucher mentioned the recent conversion of debentures, leaving only $4,500
worth of Convertible Debentures on the books of the company, as a factor that
should strengthen the upcoming balance sheet. In addition, the company
continues to reduce its operating expenses, moving closer to profitability.
Forward- Looking Statements
Safe Harbor Statement: This press release contains forward-looking statements
that reflect the Company's current expectation regarding future events. Actual
events could differ materially and substantially from those projected herein
and depend on a number of factors. Certain statements in this release, and
other written or oral statements made by Tesoro Enterprises Inc. are
"forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
You should not place undue reliance on forward-looking statements since they
involve known and unknown risks, uncertainties and other factors which are, in
some cases, beyond the Company's control and which could, and likely will,
materially affect actual results, levels of activity, performance or
achievements. The Company assumes no obligation to publicly update or revise
these forward-looking statements for any reason, or to update the reasons
actual results could differ materially from those anticipated in these
forward-looking statements, even if new information becomes available in the
future. Important factors that could cause actual results to differ materially
from the Company's expectations include, but are not limited to, those factors
that are disclosed under the heading "Risk Factors" and elsewhere in documents
filed by the Company from time to time with the United States Securities and
Tesoro Enterprises, Inc.
26 Cross Street
New Canaan, CT 06840
SOURCE Tesoro Enterprises, Inc.
Press spacebar to pause and continue. Press esc to stop.