STANLEY, ND -- (Marketwired) -- 04/30/13 -- LUMINART Corporation (PINKSHEETS: LUMP), a premier provider of aggregate, heavy hauling, infrastructure development and oil well services, reported consolidated full year earnings and revenue for the year ended December 31, 2012. The complete fourth quarter and annual report can be found at: http://www.otcmarkets.com/financialReportViewer?symbol=LUMP&id=102656
For fiscal year 2012, the Company recognized revenues of $16,418,590 compared to $1,351,095 for the year ended December 31, 2011. This substantial increase of gross revenues is primarily attributable to the acquisition of Monson Corporation's North Dakota operations. Gross profit for the year was $3,329,672 or 22% of sales compared to $465,081 or 34% of sales for the year ended December 31, 2011. The decrease in gross profit and in cost of sales in 2012 is due to the increase in fuel and labor costs and the early onset of winter in the Bakken Reserve.
On December 31, 2012, the Company had working capital of $2,009,381 and stockholders' equity of $5,377,584 compared to a working capital of $142,121 and stockholders' equity of $1,803,690 on December 31, 2011. In addition, the Company reported $228,344 in cash, total assets of $11,506,687 and total liabilities of $6,129,103, compared to $131,522 in cash, total assets of $3,630,057 and total liabilities of $1,826,367 on December 31, 2011. The Company experienced an operating income loss of $1,047,488 compared to an operating income of $146,600 for the year ended December 2011. The Company recognized a non-recurring expense of $2,046,500 for the year ended December 2012. Minus this non-recurring expense, the company achieved $1,000,000 in operating income. The consolidated earnings boosted EBITDA from $146,600 for the year ended December 2011, to $2,077,300 for fiscal year 2012.
In February 2013, the Company arranged a $1,000,000 line of credit with its primary factoring company, CapFlow Funding Group Managers LLC, Rutherford, NJ. CapFlow Funding is a private commercial lending platform backed by limited partner capital specializing in factoring, accounts receivables and inventory financing, purchase order funding as well as other asset based lending solutions.
As announced in a recent press release, Luminart recently acquired Monson Corporation's North Dakota operations. This acquisition helped Luminart make 2012 revenues in excess of 16 million dollars. Luminart intends to follow a similar pattern of acquisitions of smaller independent companies that have revenues in excess of 10 million dollars and EBITDA of 2 million or more. Luminart's management team will integrate each company and create a synergy that should maintain EBITDA at a targeted 20%. Luminart's stated program of acquiring companies and increasing revenues through applied systems management has 2013 slated to top 30 million in revenues.
About Luminart Corp. and Its Subsidiaries:
Luminart Corp.'s subsidiaries: B3 Well Services, White Star Sand & Gravel, Black & Blue Water, OutWest Field Services and Westby Rock & Gravel LLC are focused on the expansion of contract hauling materials for infrastructure development in North Dakota, mining and processing materials for road building, providing storage and hauling of pipe, supplying crane operations and qualified riggers, transporting of miscellaneous heavy equipment, well drilling and expansion of the base camps in the North Dakota operations, sales and marketing.
Led by a skilled and experienced management team, the timely entrance to this unique opportunity in the Bakken oil reserves has positioned the company to create more value for its shareholders and secure a strategic position for increased market share in the future.
This press release may contain forward-looking statements, including, but not limited to, statements regarding Luminart Corp. and their plans, products and related market potential. Forward-looking statements may be identified by the use of the words "anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential" or "continue" and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties discussed in Luminart Corp.'s filings with the Pink Sheets, which factors are incorporated herein by reference. Readers are cautioned not to place undue reliance on any of these forward-looking statements. Luminart Corp. undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect actual outcomes.
For more information contact:
William A. Broad
Email: Email Contact
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