Adino Energy Reports Third Quarter Net Income
* Reuters is not responsible for the content in this press release.
- Up 121% over last year - HOUSTON, Nov. 12 /PRNewswire-FirstCall/ -- Adino Energy Corporation (OTC Bulletin Board: ADNY) today commented on its unaudited results for the third quarter of its fiscal year 2009, filed today with the United States Securities and Exchange Commission. Revenue generated in the three months ended September 30, 2009, was $533,998, compared to $494,059 in 2008. Revenue for the nine months ended September 30, 2009, and 2008, was $1,524,985 and $1,504,499, respectively, a year-to-date increase of 1%. The new customer contracts signed in February and August 2009 and increased throughput volume at the Houston terminal has partially offset the Company's reduced consulting revenue. General and Administrative Expense for the three and nine months ended September 30, 2009, was $129,245 and $396,034, respectively, compared to $36,868 and $110,771 for the same periods in 2008, resulting in a year-to-date increase of $285,263 or 357%. The increase is almost wholly due to rent expense at the Houston terminal for 2009 of $286,686. In September 2008, the Company began an operating lease on the terminal facility at 17617 Aldine Westfield Road in Houston, Texas with Lone Star, resulting in monthly rent expense of $31,854. Prior to September 2008, the terminal was under a capital lease and did not recognize rent expense. As a result, the Company realized a net income of $109,023 and a net loss of $515,991 for the three months ended September 30, 2009 and 2008, respectively. The Company had net losses of $42,563 and $472,163 for the nine months ended September 30, 2009 and 2008, respectively. "I am pleased to report a net income this quarter," commented Timothy G. Byrd, Sr., Adino Energy Corporation's chief executive officer. "We believe this quarter's results of operations are proof-positive of our terminal management strategy's soundness and reliability, even during an economic recession. "We have identified a terminal property in the Southeast that we believe fits within our acquisition strategy. Upon successful completion of proper due-diligence, we expect to execute a definitive agreement. Time frames are never clear; however, we anticipate an up-or-down decision before year's end." About Adino Energy Corporation, Inc. Adino Energy Corporation (ADNY) is a wholesale fuel distributor and fuel terminal operator based in Houston, Texas. Adino Energy not only offers storage, delivery, and blending of diesel fuel, but also offers biodiesel to the growing "green" fuels market. Biodiesel is a clean burning, nontoxic, sulfur-free, and biodegradable alternative fuel for compression-ignition (diesel) engines made from animal fat or vegetable oil. One of our most important responsibilities is to communicate with shareholders in an open and direct manner. Comments are based on current management expectations, and are considered "forward-looking statements," generally preceded by words such as "plans," "expects," "believes," "anticipates," or "intends." We cannot promise future returns. Our statements reflect our best judgment at the time they are issued, and we disclaim any obligation to update or alter forward-looking statements as the result of new information or future events. Adino Energy Corporation urges investors to review the risks and uncertainties contained within its filings with the Securities and Exchange Commission. SOURCE Adino Energy Corporation Steve Haag, Investor Relations of Adino Energy Corporation, +1-281-209-9800, shaag@adinoenergycorp.com
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.



Follow Reuters