ESP Resources, Inc. Announces Audited Financial Results for the Fourth Quarter and Full Year Ended December 31, 2013
April 25, 2014 at 09:00 am EDT
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ESP Resources, Inc. announced audited financial results for the fourth quarter and full year ended December 31, 2013. For the quarter, total revenues from production petrochemicals were $2,416,805, as compared to $1,511,323, an increase of 60%. Adjusted EBITDA, a non-GAAP measure, swung into the positive at $464,885, as compared to a loss of $904,968. Operating loss from continuing operations decreased 100% to a profit of $12,292, as compared to a loss of $2,398,335 for the comparable 2012 period. Excluding a loss on disposal of certain assets of $126,733 that occurred in the fourth quarter 2013, pro forma operating profit was $125,133 for the quarter. Net loss for the quarter decreased 81% to $575,521, as compared to $2,952,336 for the comparable period.
Revenue for the year-ended December 31, 2013 was $10,591,111, compared to $16,987,213 for the same period in 2012, a decrease of $6,396,102, or 38%. The decrease was primarily due to a reduction in the completion petrochemical sales and services to customers engaged in hydraulic fracturing. Net loss for the year ended December 31, 2013 was $5,237,777, an increase of $156,045 compared to a loss of $5,081,732 for the same period in 2012. The primary reason for the increase was due to the loss from discontinued operations of $365,421 compared to $103,221 for the comparable period in 2012.
Great Tang Bid Technology, Inc., formerly ESP Resources, Inc., is a shell company and has no operations. The Company intends to merge or acquire an operating business to commence operations and generate revenue. The Company businesses may include development-stage companies, any operating business or businesses the Company may acquire, often grow rapidly and tend to have difficulty managing their growth.