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Budget Waste Inc. (Pink Sheets: BDGW | news | PowerRating | PR Charts ) (Wed, February 27th, 2008, 6:00am ET) Budget Waste Inc. today released financial information comparing third quarter revenue to past performance.
For the nine months ended December 31, 2007, the Company reported revenues of $12,129M ("M" representing thousands), an increase of $4,882M, or 674%, from $7,247M in the nine months ended December 31, 2006. While the company instituted price increases during the nine months which included fuel surcharges, the greatest growth was from the effect of the acquisition of five of the thirteen companies acquired during the last two years.
Results also show revenue of $4,160M for the quarter ended December 31, 2007, an increase of $1,929M, or 864%, from $2,230M in the quarter ended December 31, 2006.
The gross margin for the nine months ended December 31, 2007 of $3,153M represented 26% of revenue as compared to $1,625M for the nine months ended December 31, 2006 or 22%. Efficiencies resulted from moving all vehicle repairs and maintenance from outside vendors to an in house mechanical shop. Consolidation of operations also contributed to a more positive result. The company has also made changes in driver compensation in order to decrease driver overtime.
Selling, general and administrative expenses increased from $3,417M for the nine months ended December 31, 2006 to $4,164M for the nine months ended December 31, 2007.
This increase of $747M was only 22% considering revenue increased 674%. This is as a result of the ten acquisitions. However, the percentage of revenue for December 2007 was only 34% as compared with 47% for December 2006. The positive trend was gained from efficiencies of the consolidation of the companies. The company has also significantly decreased wages and benefits from $500M to $398M as it streamlines its administration and management.
The quarter ended December 31, 2007 also showed positive improvement of the quarter ended December 31, 2006. Overall selling, general and administrative expenses were $1,491M or 35.8% of revenue as compared to $1,105M or 50% of revenue for the periods December 31, 2007 and December 31, 2006 respectively.
Budget Waste Inc. is a waste solutions company in Western Canada providing complete waste and recycling services to commercial, industrial, construction, homebuilding, oilfield and residential clients. With our broad range of innovative services we offer our customers more value for their dollar and reduce accounting costs by providing streamlined billing. BWI is currently following its growth through acquisition strategy with exceptional success. With regulations throughout North America pressing companies and individuals to be more vigilant in the way they handle their waste products we see vast opportunity for expansion of our distinctive services. We are confident that Extraordinary growth and focus on customer needs will bring our stockholders outstanding value for the confidence they have placed in BWI.
For more information on Budget Waste Inc., please visit our web site at www.budgetwaste.com
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GoldSpring, Inc. (OTCBB: GSPG | news | PowerRating | PR Charts ) (Thu, February 28th, 2008, 2:30pm ET) GoldSpring, Inc. announced that it has received positive, third-party assay data for the two exploratory holes drilled during January 2008 in the Hartford Complex in the Comstock Lode District of Nevada.
In holes 2008-01 and 2008-02 the assay data shows ore grades much higher than those previously encountered by the Company, and a solid progression from the assay data issued in January 2008 on the first four exploratory drills.
Jim Golden, GoldSpring's chief operating officer stated, "We are delighted with the results of the fifth and sixth exploratory holes, as they contain a higher grade of both gold and silver than what was previously discovered in the first four holes of this program. We are particularly excited that the grades of silver per ton are growing very significantly."
January 2008 Exploratory Drill Results
-- Fifth Exploratory Hole, 2008-01: high grade intercepts encountered include 15 feet grading 0.048 ounces per ton gold, and 1.85 ounces per ton silver. The hole at 55 feet showed grading 0.070 ounces per ton gold and 2.42 ounces per ton silver.
Golden continued, "The holes drilled in January 2008 demonstrate healthy silver and gold mineralization continuing 200 feet north of the initial four holes we drilled in December 2007, and 200 feet toward the south. It is important to emphasize that the grades GoldSpring is encountering in the current drilling program are much higher quality than the grades previously mined, and are progressively improving."
Rob Faber, GoldSpring president and chief executive officer said, "The data from American Assay provide a strong indication of additional mineralization in the Hartford Complex. Based on the strong results, a second reverse circulation drill is now on site to accelerate the drilling program. The second drill will be used to further delineate the ore body as it trends toward the north, while the first drill will continue to expand and delineate the size of the ore body in the south. We are further encouraged that the size of the ore body appears to be expanding. The phase one drilling program is bringing the Company an important step closer to our scheduled resumption of mining the Hartford Complex in the summer of 2008."
Overall, the GoldSpring team is pleased with the results of the first six holes in the phase one drilling program. The Company believes these results should continue and intends to release additional independent data from the phase one drill holes as they are assayed.
Exploratory Drilling Results Table The Company's current drilling plan is located on Northing 771600. The first two holes of 2008 are located 100 feet and 200 feet north of the mineralized zone established by the Company's four December 2007 exploratory drill holes. Assayed data received to date for the Company's phase one drilling program are highlighted in the table.
All of the assays in this news release have been preformed by American Assay of Reno, Nevada, a laboratory independent of GoldSpring, utilizing industry standard analytical methods.
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U.S. Geothermal Inc (OTCBB: UGTH | news | PowerRating | PR Charts ) (Thu, February 28th, 2008, 9:00am ET) U.S. Geothermal Inc. ("U.S. Geothermal"), a renewable energy company focused on the production of electricity from geothermal energy, announced today that the Oregon Department of Geology and Mineral Industries (DOGAMI) has issued a drilling permit for the first full size exploration well at the Neal Hot Springs Project located in eastern Oregon.
The new exploration well is permitted for a depth of 3,500 feet and is expected to further develop a geothermal resource discovery made by Chevron Resources in l979. The surface discharge of Neal Hot Springs was sampled and shows a potential source temperature of 311 to 347 degrees F.
"Neal Hot Springs provides an excellent target for us, and is consistent with our corporate focus of reducing risk by taking on projects that have a discovery," said Daniel Kunz, President and CEO. "We anticipate drilling the well during the second quarter of the year, once a drill is contracted and site preparation is complete.
A water supply well to support the drilling operation was completed at the site in December 2007. Construction of the access road, drill pad and test pond is scheduled to commence within the next 15 days, and it is expected that drilling operations will start within the next 30-60 days depending upon availability of a suitable drill rig. Upon completion of the well, flow testing and reservoir engineering will commence. It is anticipated that temperature and flow results from the well may be available by the end of the second quarter.
The Neal Hot Springs project was selected by Idaho Power Company for negotiation of a 26 megawatt power purchase agreement.
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Diamant Art Corporation (OTCBB: DIAAF | news | PowerRating | PR Charts ) (Thu, February 28th, 2008, 9:00am ET) Diamant Art Corporation is pleased to announce that it is preparing to deliver a diversified order to internet giant, Google. The order recently placed was diversified in that, additional to the biodegradable food wrap that was primarily being utilized in-house, Google is also going to be utilizing Diamant's low density polyethylene based biodegradable stretch film (commonly known as Pallet wrap) intended for product packaging and serving their shipping requirements.
Based Google's commitment to become an all encompassing environmentally friendly company, this secondary order is evident of the Company's commitment in their mobilization to ensure that every aspect of their company is consuming responsibly in the light of our ecological global crisis.
The NON-PVC plastic biodegradable pallet wrap film will be utilized for the Company's packaging and shipping requirements. Diamant's Bio-Products contain Totally Degradable Plastic Additive. Unlike other plastic, once biodegrading is complete, all that remains is carbon dioxide, water and biomass, all of which are part of the normal bio-cycle.
This purchase is based on a comprehensive strategy that Google has committed to involving the implementation of environmentally sound alternatives. The following through on this initiative reflects Google's continuing commitment to a clean and green energy future. The Company has been making great strides in converting to eco friendly solutions and optimizing energy efficiency to making the business environmentally sustainable.
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