Firemans Contractors Increase Revenues 56%, Core Operating Expenses Down 49%, No Signs of Slowing as Franchise Growth Continues
Firemans Contractors 10K Confirms Company Is Building a Strong Brand Through Franchising
FORT WORTH, TX - (Marketwired - Oct 18, 2013) - Firemans Contractors, Inc. (OTCQB: FRCN) a Commercial Contractor providing professional services for commercial and government clients, focusing on developing a Commercial Business to Business Franchise Opportunity discusses 10K financials reported October 16th, 2013.
|Income/Expense||July 12 - June 13||July 11 - June 12||$ Change||% Change|
|Gross Profit after COGs||$309,428||$105,158||+$204,270||+194%|
|*Core Operating Expenses||$277,667||$542,765||$< 265,098 >||-49%|
*note: Core Operation Expenses does not include officers' accrued compensation, segregated public costs and other fees accumulated as a result thereof. These internal calculations are used by officers/directors to reflect business operation profitability.
SEC 10K Filing: http://www.sec.gov/Archives/edgar/data/1471271/000119983513000673/firemans_10k-15756.htm
The Company has increased its overall revenues by 56% from FYE2012 and reduced core operating expenses by 49%. The commitment to building a strong brand through franchising resulted in its first franchisee launching "Station1" in July 2012. The first full year of operation for Station1 was a huge success resulting in a profit of $60,378. Profitability for Station1 was 23% as of June 2013. In December 2012, the Company launched its second franchise "Station2" which started operations in January 2013. As an owner-operator, they are experiencing an approximate 25% profit with $60,349 in revenues their first 6 months of business.
Renee Gilmore, CEO of Firemans Contractors, stated, "There are a lot of exciting elements happening and we are determined to bring value and growth to our company and shareholders. We are focused on new strategic franchisee partnerships that will accelerate the next phase of Firemans Contractors growth and business. The company believes this strategy should result in substantial growth and superior returns for current and future shareholders over the long term."
Mrs. Gilmore continues, "We will continue to keep the shareholders updated and we are hopeful to begin making announcements in the very near future regarding new franchisees. On behalf of the management team, I'd like to thank the shareholders for their support and I look forward to the future and growth ahead."
FRCN recent news:
DTC Clearance & Acceptance; On October 10, 2013 the company released information about receiving The Depository Trust Company letter of clearance and its acceptance on depository and book-entry transfer services for Firemans Contractors. DTC was created by the securities industry to improve efficiencies and reduce risk in the clearance and settlement of securities transactions. Today, DTC is the largest securities depository in the world. Including securities issued in the U.S. and 121 other countries, DTC has on deposit 3.6 million securities worth about $35 trillion. For more information about DTC please visit the SEC website or view this link; http://www.sec.gov/investor/alerts/dtcfreezes.pdf
About Firemans Contractors
Firemans Contractors, Inc. (OTCQB: FRCN) is a full-service contractor providing professional services for commercial and government clients, focused on developing a Business to Business Franchise Opportunities throughout the United States. Its services include Road Improvements, Pavement Maintenance, Seal Coating, Parking Lot Striping, Pavement Marking, Asphalt Maintenance and Repair, and ADA Compliance. Firemans Contractors brings a professional value system delivering outstanding results through honorable customer relationships and repeat business. Local firefighters are supported by a portion of profits which are donated to local Firefighter Associations. Firemans Contractors is a proud member of the Franchise Association (IFA) and The Veteran Transition Franchise Initiative (VetFran). As member, Firemans Contractors is expanding through franchise development, aimed to assist the Company in expanding its market share. As a franchisor, the Company will provide franchisees with training and support, including the proprietary Firebase™ software platform, which is included along with other business tools and training for new franchisees of Firemans Contractors.
For more information about Firemans Contractors, visit: www.FiremansContractors.com
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. These forward-looking statements are based largely on the expectations or forecasts of future events, can be affected by inaccurate assumptions, and are subject to various business risks and known and unknown uncertainties, a number of which are beyond the control of management. Therefore, actual results could differ materially from the forward-looking statements contained in this press release. Additional information respecting the factors that could materially affect the Company and its operations are contained in its annual report on Form 10K and Form 10-Q as filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statement.
Firemans Contractors, Inc.