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Share Name | Share Symbol | Market | Type |
---|---|---|---|
James River Holdings Corporation (GM) | USOTC:JRIV | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.10 | 0.00 | 01:00:00 |
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:
Financial Highlights for the Nine Months Ended September 30, 2013 Compared to the Nine Months Ended September 30, 2012:
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 | ||||||||||||||
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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