COMMERCE CITY, CO -- (MARKET WIRE) -- 01/13/11 -- Strategic Environmental & Energy Resources, Inc. (SEER) (PINKSHEETS: SENR), a provider of technology-based industrial services in the environmental, energy, and rail transportation sectors, today reported financial results for its fiscal years ended December 31, 2009 and 2008.
Revenue for 2009 increased to approximately $9.0 million from approximately $8.4 million in 2008 primarily as a result of a full year of revenue from the Company's MV subsidiary, which was acquired in June 2008.
Operating income excluding depreciation and amortization and stock-based compensation was approximately $154,000 for 2009, a positive swing of approximately $1.8 million over an adjusted operating loss of approximately $1.6 million in 2008. The improvement was attributed to higher revenue and gross margins in combination with and a focus away from low margin third-party transportation revenue.
The Company reduced its net loss in 2009 to approximately $1.2 million, or $0.05 per share, from approximately $2.3 million, or $0.10 per share, in 2008.
At December 31, 2009, the Company reported total assets of approximately $3.8 million, total liabilities of approximately $4.3 million and a stockholders' deficit of nearly $533,000.
While management expects to report lower revenue and adjusted operating income in 2010, primarily due to the impact of the economy on its rail operations and a significant reduction of low margin third-party transportation revenue, the Company expects to achieve improved results in 2011.
John Combs, president of SEER, said, "We are pleased with the solid progress we made in 2009 that gave us a good foundation to operate in the continued uncertain economic environment. As we enter 2011, we see signs of improvement in all sectors we serve and some significant growth opportunities emerging as a result of the synergies developing from our combination of businesses. We are continuing our progress in organization development, management and executive hirings, and have already consummated select acquisitions of new complementary opportunities and technologies in the last two months -- all with the intent to aggressively grow and improve our domestic core businesses and become fully reporting in 2011."
About Strategic Environmental & Energy Resources, Inc.
Strategic Environmental & Energy Resources, Inc. provides technology-based industrial services to the environmental, energy, and rail transportation sectors. The Company has three operating subsidiaries: REGS, LLC (d/b/a Resource Environmental Group Services), a provider of industrial services; Tactical Cleaning Company, LLC, a dedicated fixed and mobile railcar and tanker truck cleaning company; and MV, LLC, a provider of renewable energy alternatives and emission/vapor control solutions. Go to http://www.seer-corp.com
Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of various provisions of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, commonly identified by such terms as "believes," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Statements about demand for SEER's products and services and plans to improve 2011 operating results and complete the 2010 audit are forward looking statements. Operating results for 2009 are not necessarily indicative of the results that may be expected for 2010. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Such forward-looking statements should not be construed as fact. The information contained in such statements is beyond the ability of the Company to control, and in many cases the Company cannot predict what factors would cause results to differ materially from those indicated in such statements. All forward-looking statements in the press release are expressly qualified by these cautionary statements and by reference to the underlying assumptions.
J John Combs III President Strategic Environmental & Energy Resources, Inc. 303-295-6297
Source: Strategic Environmental & Energy Resources, Inc.
Released January 13, 2011