Tesoro Enterprises, Inc. Releases First Quarter 2012 Financial Statements
NEW CANAAN, Conn., May 18, 2012 /PRNewswire/ -- Tesoro Enterprises, Inc. (PINKSHEETS: TSNP) announced today the publishing of its First Quarter 2012 Financial statements. The report included, among other things, the following summary of Management's Discussion and Analysis of the Results of Operations for the first quarter of 2012.
"Net Sales for the three months ended March 31, 2012, was $98,335 compared to $93,789 for the three months ended March 31, 2011, an increase of $4,546. The increase in Net Sales is primarily attributable to the Net Sales from the second store. Revenues consist of ordinary sales activity, and are consistent with recent history.
Gross profit, generated primarily by FFC&T, for the period ended March 31, 2012 was $29,254 compared to $30,844 for the three months ended March 31, 2011, a decrease of $1,590. The decrease is primarily due to increases in material and labor costs. The increases in material and labor costs resulted in a reduction in Gross Margins to 30% for the three months ended March 31, 2012 from 33% for the three months ended March 31, 2011.
Operating expense for the period ended March 31, 2012 was $53,691 compared to $156,701 for the three months ended March 31, 2011, a decrease of $103,010. The decrease, in operating expenses, is due to the elimination of start-up costs of Store #2 and reduced corporate overhead; and, consists primarily of general and administrative expenses.
Net loss for the period ended March 31, 2012 was $(28,956) compared to $(129,044) for the period ended March 31, 2011, a decrease of $100,088. The primary contributor to the decrease in Net Loss was the decrease in operating expenses discussed above. Management expects improvement in net Income/ (Loss) as the weather improves, as Store #2 continues to gain market share in its new territory and the expansion of the company's commercial flooring operations."
Henry Boucher, Company CEO said that the growth in Net Sales for Q1 '12 over Q1 '11 represents a 5% growth rate. He also noted a significant reduction in operating expense and net loss. The balance sheet has been strengthened by the conversion of a majority of debentures to common stock.
The complete financial statements are available on the OTC web site: www.otcmarkets.com, under the company symbol, TSNP:PK.
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 Exchange Commission.
Tesoro Enterprises, Inc.
26 Cross Street
New Canaan, CT 06840
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