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SSWM Reports Record Breaking 2005 Financial Results; Total Revenues up 368%, Losses Cut 51% from Prior Year, Shareholder Equity up 879%



CARLSBAD, Calif.--(BUSINESS WIRE)--Jan. 18, 2006--Sub-Surface Waste Management of Delaware, Inc. (OTCBB:SSWM) today announced audited financial results for fiscal year 2005 ended September 30, 2005.

Fourth quarter revenues were $478,414, the highest in the company`s history, capping a record breaking growth year in 2005. Total Revenue for the year ending September 30 was $1,094,775 or 368% greater than the prior year`s total revenue of $234,018. Net losses decreased 51% from $3,316,635 in 2004 to $1,627,719 in 2005. Balance sheet figures also improved significantly with net working capital up 1,623% to $430,810 from $24,893 in the prior year and total shareholder equity up 879% to $552,965 from $56,485 in 2004. Negative cash flows from operations were trimmed to $887,591 for 2005 compared to $1,251,172 in 2004. Basic and diluted net loss per share was $0.04 for the year ended September 30, 2005, and $0.15 for the year ended September 30, 2004. Weighted average common shares outstanding increased from 22,313,409 for the year ended September 30, 2004, to 43,249,462 for the year ended September 30, 2005.

SSWM CEO Bruce Beattie commented, "SSWM has made substantial financial progress this year due to the efforts of our loyal and seasoned employees/shareholders who foresee the bright future we are building for ourselves in Mexico with our approved biotechnology, excellent strategic partners and environmentally pro-active government officials. In FY 2003 we started with a negative stockholder`s equity of $(462,649), and in 2005, after significant belt tightening of our expenses, we now have a positive stockholder`s equity of $552,965 and have increased revenues to over $1MM in 2005. These financial improvements have been no easy task to achieve as we continue to experience negative cash flow from operations and must rely on debt and equity financing to continue our business development efforts in Mexico. However FY 2005 was a major turning point for growth and expansion for SSWM validating the financial effectiveness of our international business model. If we can obtain the growth financing needed to cover our overhead and continue our success in Mexico, I believe we can become a positive cash flow company generating positive earnings for shareholders in 2006/2007. We have set the stage for significant growth in 2006 and beyond based upon proven technology, government enforcement, new financing and new partnerships, and we all look forward to a prosperous future."

Audited revenues for the fourth quarter 2005 were higher than previously reported in a November 22, 2005, press release of preliminary revenue results. Actual revenues are shown in the table following:


Revenue Comparison
----------------------------------------------------------------------
1Q (12/31) 2Q (3/31) 3Q (6/30) 4Q (9/30) Total Revenue
-------------- ----------- --------- --------- --------- -------------
2005 (audited) $64,081 $248,381 $303,899 $478,414 $1,094,775
-------------- ----------- --------- --------- --------- -------------
2004 (audited) $90,092 $75,401 $40,738 $27,787 $234,018
-------------- ----------- --------- --------- --------- -------------
% change over
2004 -29% 229% 646% 1,622% 368%
-------------- ----------- --------- --------- --------- -------------

2005 Financial Results

The company`s revenues for year ended September 30, 2005, were $1,094,775 compared to $234,018 for the year ended September 30, 2004, an increase of 368 percent. The company incurred a gross profit for the year ended September 30, 2005, of $287,092 compared to $39,213 gross loss for the year ended September 30, 2004. The increase in revenues for the year ended September 30, 2005, is due primarily to the ongoing work on projects in Mexico.

During the year ended September 30, 2005, the company incurred $1,762,396 in selling, general and administrative expenses, compared to $3,104,724 for the year ended September 30, 2004. The decrease in selling, general and administrative expenses of approximately $1,342,000 was primarily due to decreases in legal, accounting and payroll expenses. Depreciation expense for the year ended September 30, 2005, was $13,233 compared to $5,098 for the year ended September 30, 2004. The increase was due principally to the purchase of computer systems. Interest expense for the years September 30, 2005, and 2004 respectively were $141,027 and $171,032. During this year, notes payable decreased by $55,218 and therefore a decrease in interest expense.

Due to seasonal revenue variations, during the first quarter of fiscal 2006 the company is not expecting to increase revenue over the prior quarter, and based on the current financial condition of the company, additional capital will be required in order for the company to maintain its ongoing operations.

Liquidity and Capital Resources:

As of September 30, 2005, SSWM had working capital of $430,810 compared to $24,893 at September 30, 2004, or an increase of $405,917. As a result of our operating losses incurred during the year ended September 30, 2005, SSWM generated a cash flow deficit of $887,591 from operating activities. SSWM met its cash requirements in 2005 through the issuance of common and preferred stock totaling $605,940 and $526,926 in proceeds from issuance of common stock under the employee stock option plan. Cash totaled $7,098 as of September 30, 2005.

A financial recap of results for FY 2005, 2004 and 2003 are shown in the following table:


SSWM Audited Financial Results 2005-2004 2005 % Rev
% Change

Revenue 368% $1,094,775 100%

Cost of Rev 196% $807,683 74%

Gross profit $287,092 26%


SG & A -43% $1,762,396 161%
Depreciation 160% $13,233 1%
Total operating -43% $1,775,629 162%

Loss from Operations -53% -$1,488,537 -136%

Other Income/expense
Interest Income -46% $1,845 0%
Interest Expense -18% -$141,027 -13%
Total other -17% -$139,182 -13%

Net Loss -51% -$1,627,719 -149%

Net Loss per common share -75% -$0.04

Weighted avg. common shares
outstanding 43,249,462

Balance Sheet

Current Assets 52% $1,194,608
Fixed Assets 137% $68,086
Other Assets 1752% $54,069
Total Assets 61% $1,316,763

Current Liabilities 0% $763,798
Long Term Liabilities $0
Total Liabilities 0% $763,798

Total Stockholders Equity 879% $552,965

Total Liabilities and
Stockholder Equity 61% $1,316,763

Net Working Capital 1631% $430,810


SSWM Audited Financial Results 2004 % Rev 2003 % Rev

Revenue $234,018 100% $432,754 100%

Cost of Rev $273,231 117% $352,262 81%

Gross profit -$39,213 -17% $80,492 19%


SG & A $3,104,724 1327% $1,195,786 276%
Depreciation $5,098 2% $2,661 1%
Total operating $3,109,822 1329% $1,198,447 277%

Loss from Operations -$3,149,035 -1346% -$1,117,955 -258%

Other Income/expense
Interest Income $3,432 1% $6,672 2%
Interest Expense -$171,032 -73% -$67,164 -16%
Total other -$167,600 -72% -$60,492 -14%

Net Loss -$3,316,635 -1417% -$1,178,447 -272%

Net Loss per common share -$0.15 -$0.08

Weighted avg. common shares
outstanding 22,313,409 15,416,539

Balance Sheet

Current Assets $784,960 $558,642
Fixed Assets $28,673 $15,232
Other Assets $2,919 $2,669
Total Assets $816,552 $576,543

Current Liabilities $760,067 $1,018,922
Long Term Liabilities $0 $20,290
Total Liabilities $760,067 $1,039,212

Total Stockholders Equity $56,485 -$462,649

Total Liabilities and Stockholder
Equity $816,552 $576,563

Net Working Capital $24,893 -$460,280

The consolidated financial data above has been derived from the Company`s Financial Statements for the periods ending 2003, 2004 and 2005 as shown. For additional information and a discussion of risk factors, please see the SSWM current 10Q & past 10K reports at www.sec.gov.

About Sub-Surface Waste Management

Sub-Surface Waste Management Inc. is a majority owned subsidiary of U.S. Microbics, Inc. (OTCBB:BUGS) and provides comprehensive civil and environmental engineering project management services including specialists to design, permit, build and operate environmental waste clean-up treatment systems using conventional, biological and filtration technologies. SSWM is capitalizing on its patented technologies registered in Mexico with SEMARNAT, a Federal regulatory agency overseeing environmental compliance nationwide.

Investors and media contact Bruce Beattie at 760/918-1860, ext. 105 or [e-mail]; or learn about the company by visiting its Web site at www.subsurfacewastemanagement.com.

The information contained in this press release includes forward-looking statements. Forward-looking statements usually contain the words "estimate," "anticipate," "believe," "expect" or similar expressions that involve risks and uncertainties. These risks and uncertainties include the company`s status as a startup company with uncertain profitability, need for significant capital, uncertainty concerning market acceptance of its products, competition, limited service and manufacturing facilities, dependence on technological developments and protection of its intellectual property. The company`s actual results could differ materially from those discussed herein. Factors that could cause or contribute to such differences are discussed more fully in the "Risk Factors," "Management`s Discussion and Analysis or Plan of Operation" and other sections of the company`s Form 10-KSB and other publicly available information regarding the company on file with the Securities and Exchange Commission. The company will provide you with copies of this information upon request.


CONTACT: Sub-Surface Waste Management of Delaware, Inc.Bruce Beattie, 760-918-1860, ext. 105
[e-mail]

SOURCE: Sub-Surface Waste Management of Delaware, Inc.

[zehn]

Super Zahlen von SSWM.

Die Zahlen von Bugs werden auch in kürze kommen.
SSWM Zahlen müssen noch in den Bericht von Bugs
eingearbeitet werden.

Bugs wird das beste Ergebnis in der Firmengeschichte
präsentieren.

Wie der Kurs dann abgeht, kann sich jeder vorstellen.

Kopie aus dem Hauptthread:

#7952 von bluemax2000 18.01.06 21:18:33 Beitrag Nr.: 19.775.091
Dieses Posting: versenden | melden | drucken | Antwort schreiben

Der Grund für die Verzögerung der BUGS Zahlen ist folgender:

In den Bugs Zahlen müssen die aktuellen SSWM Zahlen eingerechnet werden. Da diese erst jetzt entgültig und veröffentlicht sind können diese erst jetzt durch die Buchhalter eingefügt werden.

Angebl. kann dies aber weniger als eine Woche Verzögerung nur in Anspruch nehmen!

Wenn in den BUGS Zahlen die sehr guten SSWM Zahlen miteinberechnet werden, dann sehen wir sicherlich ein Rekordjahr bei BUGS

...was dies dann für den Kurs bedeutet, kann sich jeder selber ausmahlen......

[zehn]

Bin heute auf den Kurs von D gespannt.

Berlin
Micorbics 615212