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-- Revenues were $3,158,650 representing a 77% increase when compared to
$1,785,259 for 2007.
-- Gross Profit was $1,811,233 representing an 829% increase when compared
to $218,609 for 2007.
-- Net Income from Operations was $270,562 representing a substantial
increase when compared to the ($1,897,705) loss for 2007.
-- Earnings per Share were a loss of ($0.08) compared to a loss of ($2.15)
per share for 2007.
"We are pleased to release our year-end financial results which indicate we are on the right path to building value for our shareholders. This is the first time in EnDevCo's history that this has been achieved, and we are confident that as we continue to grow, we will achieve our ultimate goal of positive earnings per share," stated Chris A. Dittmar, EnDevCo's Chief Executive Officer. "The dramatic increases in our "Revenue" and "Net Income from Operations" are due largely to the increased production at Short Junction Field together with reductions in "Cost of Revenues" and lower corporate "Costs and Expenses" which positively impacted our "Net Income from Operations," commented Joseph Lessard, Chief Financial Officer for the Company. "Our earnings outlook for 2009 is favorable, and our plans to increase the Company's production are moving forward," Mr. Lessard went on to say.
About EnDevCo:
EnDevCo is a dynamic energy company rapidly establishing an identity consistent with its operating philosophy of "Science Before The Drill Bit." The Company has domestic and foreign oil and gas projects with current interests in Oklahoma, the Gulf of Mexico offshore Louisiana, Colombia and Peru. EnDevCo's largest domestic property, Short Junction Field, located in Oklahoma, currently produces from 24 oil wells and 2 gas wells. EnDevCo maintains offices in Houston and Dallas, Texas. For more information on EnDevCo, visit http://www.endevcoinc.com.
This press release includes certain "forward-looking statements." The forward-looking statements reflect the beliefs, expectations, objectives, and goals of EnDevCo, Inc. management with respect to future events and financial performance. They are based on assumptions and estimates, which are believed reasonable at the time such statements are made. However, actual results could differ materially from anticipated results. Important factors that may impact actual results include, but are not limited to commodity prices, political developments, legal decisions, market and economic conditions, industry competition, the weather, changes in financial markets and changing legislation and regulations. The forward-looking statements contained in this report are intended to qualify for the safe harbor provisions of Section 21E of the Securities and Exchange Act of 1934, as amended.
SOURCE EnDevCo, Inc.
http://www.endevcoinc.com
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