A Major Piece of the Puzzle PR UNRGUnited Energy Corporation Reports Significant Increase in Revenue While Reducing Operating Expenses
Ticker Symbol: U:UNRG
Sales Continue to Expand Throughout the World
SECAUCUS, N.J., Feb. 24 /PRNewswire-FirstCall/ -- United Energy Corporation , a producer of specialty chemicals products used in the oil and gas service industry, announced significant increase in revenues and decrease in operating expenses for the three and nine months ended December 31, 2008.
HIGHLIGHTS
-- Revenues increased by 231.3% for the three months ended December 31st 2008
Revenues for the three months and the nine months ended December 31, 2008 were $343,530 and $941,524, respectively, as compared to revenues of $103,691 and $493,708 for the three and nine months ended December 31, 2007, an increase of 231.3% and 90.7%, respectively.
-- Operating expenses decreased by 31.7% for the three months ended December 31st 2008
Operating expenses for the three months and nine months ended December 31, 2008 were reduced by $199,724 and $562,786, respectively, as compared to the three and nine months ended December 31, 2007, a decrease of 31.7% and 28.7%, respectively.
In addition, United Energy reported a strong increase in sales to its largest customer, Petrobras America Inc. Sales to Petrobras grew to $352,750 during the nine months ended December 31, 2008, as compared to $80,452 during the prior year period, an increase of 337.5%. This increase in sales was driven by the expansion of United Energy's distribution into several regions of Brazil, including Macae and Salvador.
Ronald Wilen, Chief Executive Officer, stated, "We are very pleased with the company's performance during the past nine months. Our products are beginning to gain international recognition. During the past nine months we sold products in Brazil, Venezuela, Mexico, Trinidad, Nigeria, the United States and Canada. And we have been able to increase our sales while continuing to successfully reduce our operating expenses. We believe the sales growth directly reflects our ability to increase customer's production in an environmentally safe manner. We remain optimistic about our ability to continue to drive growth in our existing markets as well as open new markets for our products."
ABOUT UNITED ENERGY
United Energy develops and distributes environmentally friendly specialty chemical products with applications in several industries and markets. The company's current line of products includes K-Line of Chemical Products for the oil industry and related products. Through United Energy's wholly owned subsidiary, Green Globe Industries, Inc., the company provides the U.S. military with a variety of solvents, paint strippers and cleaners under the trade name "Qualchem."