Alternative Construction Technologies, Inc. (ACCY.OB) Announces Summarized Audited Financial Results for 2007
Alternative Construction Technologies, Inc (OTC), headquarters located in Florida, its manufacturing facility in Tennessee and regional offices around the Gulf States and the South, possesses a unique and patented construction technology called the ACTech® Panel System that is used in the design and production of state of the art buildings in commercial, residential, industrial and modular building applications.
The Company reported it’s summarized audited financial results for 2007. Revenues increased 50% over the prior year to $13 million. OTC has exceeded its projected revenue of $10 million in 2007 by 30%. The net income was $1.6 million for 2007 compared to a loss of $2.0 million in 2006. OTC’s Basic EPS for 2007 was $0.22. The effects of the outstanding options and warrants, while increasing cash, would reduce Basic EPS by $0.08 per share.
Year Ended December 31st financials can be found at the following link: http://biz.yahoo.com/pz/080227/137210.html
Interim Chief Financial Officer, John S. Wittler, said, “The increase in revenues is a direct result of the strategic acquisitions and the Company’s diversification from a product supplier to a systems provider in 2007. Additionally, the increase in earnings is reflective of manufacturing process improvement initiatives implemented in late 2006 and the strategic acquisitions completed during 2007.”
Let us hear your thoughts below: