James River Holdings Reports Third Quarter 2013 Results
14 Novembre 2013 - 2:30PM
Marketwired
James River Holdings Reports Third Quarter 2013 Results
Due Primarily to Development of Commercial Asphalt Paving
Company, Total Revenues More Than Tripled for Comparable Three
Month Reporting Periods, and Rose 906% When Comparing Nine Month
Periods
SPRINGFIELD, MO--(Marketwired - Nov 14, 2013) - James River
Holdings Corporation (OTCQB: JRIV), a diversified holding company
focused on acquiring high growth, low-tech entrepreneurial
businesses and building them into respected market leaders, today
announced record third quarter financial results for the three
and nine months ended September 30, 2013.
Financial Highlights
for the Three Months Ended September 30, 2013 Compared to the Three
Months Ended September 30, 2012:
- Total revenues more than tripled, rising 359% to $953,422 from
$207,645.
- Revenue contribution from the Company's commercial asphalt
paving business, PaveCare, which was launched in the fourth quarter
of 2012, totaled $595,463.
- Revenues generated from rental income and property management
fees rose to $357,959, a 72% increase over $207,645 in revenues
from rental income posted for the three months ended September 30,
2013.
- Income from operations rose 102% to $93,840 from a loss from
operations of $8,392. Earnings before interest, depreciation and
amortization (EBITDA) totaled $268,391 for the three month period
in 2013 compared to $55,649 reported for the same three months in
2012.
- After factoring interest expense relating to the servicing of
real estate loans, net loss increased to $101,488, or $0.00 loss
per basic and diluted share, compared to a net loss of $121,150, or
0.00 loss per basic and diluted share.
Financial Highlights
for the Nine Months Ended September 30, 2013 Compared to the Nine
Months Ended September 30, 2012:
- Total revenues increased to $2,090,273, up 906% from $207,645.
- Revenues from the commercial asphalt paving business, which was
launched by the Company in the final quarter of 2012, totaled
$1,006,413, compared to $0.
- Revenues from the rental and management of the Company's
residential properties, acquired in the third and fourth quarters
of 2012, totaled $1,083,860, up 422% from $207,645.
- On a GAAP reporting basis, income from operations was $12,198,
compared to a loss from operations of $132,594. However,
before factoring non-cash depreciation and amortization expenses of
$555,818 posted for the first nine months of 2013, EBITDA totaled
$568,016, which compared to EBITDA of $68,553 for the first nine
months of 2012.
- The net loss, which included $573,063 in interest expense
related to the aforementioned real estate loans, was $560,865, or
$0.00 loss per basic and diluted share. This represented a
129% increase over a net loss of $245,352, or $0.01 loss per basic
and diluted share, in the prior year.
As of September 30, 2013, the Company had $468,010 in cash and
cash equivalents; total assets of $20,166,140; total liabilities of
$15,822,549, including $9,993,978 in long term debt; and total
stockholders' equity of $4,343,591. For the nine months ended
September 30, 2013, net cash provided by operating activities
totaled $107,232, which compared to $162,607 used in operating
activities in the prior year's same nine month reporting
period.
Commenting on the results, J. Barry Watts, Chairman, President
and CEO of James River Holdings, stated, "We're very pleased with
our Company's strong third quarter financial performance, which
serves to validate our decision to focus our acquisition and
development activities on low-tech, 'grease under the fingernails'
companies that provide essential goods and services purchased with
non-discretionary dollars. The launch of our commercial
asphalt paving business late last year continues to serve us well,
delivering high margin revenue growth and positive strong cash
flow. Despite the seasonal nature of the commercial paving
business, we are confident that the growth of PaveCare -- both
organically and by acquisition -- will continue to contribute
measurably to our continued growth and play a material role in
creating significant long term value for our shareholders."
For more details on James River's third quarter results, please
refer to the Company's 10-Q to be filed with the U.S. Securities
Exchange Commission and accessible at www.sec.gov.
|
|
JAMES RIVER HOLDING CORP. |
|
CONSOLIDATED BALANCE SHEETS |
|
(Unaudited) |
|
|
|
|
|
September 30, 2013 |
|
|
December 31, 2012 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
468,010 |
|
|
$ |
239,796 |
|
|
Accounts receivable |
|
|
35,043 |
|
|
|
82,711 |
|
|
Inventory |
|
|
15,000 |
|
|
|
15,000 |
|
|
|
Total
current assets |
|
|
518,053 |
|
|
|
337,507 |
|
|
|
|
|
|
|
|
|
|
Property and equipment, net of accumulated
depreciation |
|
|
17,198,796 |
|
|
|
17,430,063 |
|
Goodwill |
|
|
2,437,250 |
|
|
|
2,437,250 |
|
Intangible assets, net of accumulated amortization |
|
|
12,041 |
|
|
|
48,815 |
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
20,166,140 |
|
|
$ |
20,253,635 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
Accrued expenses |
|
|
125,661 |
|
|
|
133,116 |
|
|
Accounts payable |
|
|
57,381 |
|
|
|
- |
|
|
Short-term debt, net of unamortized discount |
|
|
5,645,529 |
|
|
|
2,324,749 |
|
|
|
Total
current liabilities |
|
|
5,828,571 |
|
|
|
2,457,865 |
|
|
|
|
|
|
|
|
|
|
Long-term debt |
|
|
8,231,881 |
|
|
|
10,647,527 |
|
Long-term debt to related parties |
|
|
1,762,097 |
|
|
|
2,243,787 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES |
|
|
15,822,549 |
|
|
|
15,349,179 |
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity |
|
|
|
|
|
|
|
|
|
Preferred stock, $.001 par value, 10,000,000 shares
authorized, none issued and outstanding |
|
|
- |
|
|
|
- |
|
|
Common stock, $.001 par value, 100,000,000 shares
authorized, 53,204,812 issued and outstanding |
|
|
53,204 |
|
|
|
53,204 |
|
|
Additional paid-in capital |
|
|
6,985,197 |
|
|
|
6,985,197 |
|
|
Accumulated deficit |
|
|
(2,694,810 |
) |
|
|
(2,133,945 |
) |
TOTAL STOCKHOLDERS' EQUITY |
|
|
4,343,591 |
|
|
|
4,904,456 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
20,166,140 |
|
|
$ |
20,253,635 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JAMES RIVER HOLDING CORP. |
|
CONSOLIDATED STATEMENTS OF OPERATIONS |
|
(Unaudited) |
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
|
|
|
|
|
(Restated) |
|
|
|
|
|
(Restated) |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental income |
|
$ |
354,690 |
|
|
$ |
205,588 |
|
|
$ |
1,071,507 |
|
|
$ |
205,588 |
|
|
Property management income |
|
|
3,269 |
|
|
|
2,057 |
|
|
|
12,353 |
|
|
|
2,057 |
|
|
Pavement maintenance income |
|
|
595,463 |
|
|
|
- |
|
|
|
1,006,413 |
|
|
|
- |
|
|
|
Total
revenue |
|
|
953,422 |
|
|
|
207,645 |
|
|
|
2,090,273 |
|
|
|
207,645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
325,024 |
|
|
|
- |
|
|
|
538,016 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
|
360,007 |
|
|
|
151,996 |
|
|
|
984,241 |
|
|
|
276,198 |
|
|
Depreciation expense |
|
|
165,901 |
|
|
|
55,495 |
|
|
|
519,044 |
|
|
|
55,495 |
|
|
Amortization expense |
|
|
8,650 |
|
|
|
8,546 |
|
|
|
36,774 |
|
|
|
8,546 |
|
|
|
Total
operating expenses |
|
|
534,558 |
|
|
|
216,037 |
|
|
|
1,540,059 |
|
|
|
340,239 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations |
|
|
93,840 |
|
|
|
(8,392 |
) |
|
|
12,198 |
|
|
|
(132,594 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(195,328 |
) |
|
|
(112,758 |
) |
|
|
(573,063 |
) |
|
|
(112,758 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(101,488 |
) |
|
$ |
(121,150 |
) |
|
$ |
(560,865 |
) |
|
$ |
(245,352 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share - basic and diluted |
|
$ |
0.00 |
|
|
$ |
0.00 |
|
|
$ |
(0.01 |
) |
|
$ |
(0.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding - basic and
diluted |
|
|
53,204,812 |
|
|
|
41,355,424 |
|
|
|
53,204,812 |
|
|
|
34,264,381 |
|
|
|
|
|
|
|
|
|
|
|
|
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About James River Holdings Corporation Headquartered in
Springfield, Missouri, James River Holdings Corporation is a
diversified holding company engaged in acquiring controlling
interests in established companies operating high growth,
entrepreneurial businesses in mature markets. Current
portfolio companies include Springfield Property Management, which
owns and manages 217 residential rental properties in Missouri and
provides turnkey property management solutions to other commercial
and residential property owners; and PaveCare, a company
specializing in commercial pavement repair and parking lot
maintenance services mainly to big-box retailers. For more
information, please visit www.jrholdings.com.
Safe Harbor Statement This press release may
contain forward-looking statements, including information about
management's view of James River Holdings Corporation's (the
"Company") future expectations, plans and prospects. In
particular, when used in the preceding discussion, the words
"believes," "expects," "intends," "plans," "anticipates," or "may,"
and similar conditional expressions are intended to identify
forward-looking statements. Any statements made in this press
release other than those of historical fact, about an action, event
or development, are forward-looking statements. These
statements involve known and unknown risks, uncertainties and other
factors, which may cause the results of the Company, its
subsidiaries and concepts to be materially different than those
expressed or implied in such statements. Unknown or
unpredictable factors also could have material adverse effects on
the Company's future results. The forward-looking statements
included in this press release are made only as of the date
hereof. The Company cannot guarantee future results, levels of
activity, performance or achievements. Accordingly, you should
not place undue reliance on these forward-looking statements.
Finally, the Company undertakes no obligation to update these
statements after the date of this release, except as required by
law, and also takes no obligation to update or correct information
prepared by third parties that are not paid for by James River
Holdings Corporation.
For More Information, Please Contact: HANOVER|ELITE Kathy
Addison Chief Operating Officer 407-585-1080 Email Contact
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