Beneficial Holdings Third Quarter Financials
October 15, 2013 - Montvale, NJ
Beneficial Holdings, Inc. (OTC Pink: BFHJ) today announced the results of operations for the third quarter and nine months ended September 30, 2013.
The Company recorded $89,419 of revenue for the three months ended September 30, 2013. The net loss for the period was $111,459 (a loss of $0.01 per share after considering the Company's previously announced -- but still pending -- 1:5,000 reverse split of its common shares).
At September 30, 2013 there were 820,000 common shares outstanding and the Company's Series B Preferred Stock was convertible into 2,000,000 common shares (both after considering the effects of the pending reverse split). The weighted average number of fully diluted common shares for the three months ended September 30, 2013 was 22,081,633. All such share counts are after considering the effects of the pending reverse split.
For the nine months ended September 30,2013, the Company recorded $209,419 of revenue and a net loss for the nine-month period of $322,465 (a loss of $0.01 per share after considering the aforementioned pending reverse split). The weighted average number of fully-diluted common shares for the nine months ended September 30, 2013 was 22,081,633 after considering the effects of the pending reverse split.
All such reported results and share counts are unaudited. Operating results for the comparable periods in 2012 are not relevant due to the previously-announced discontinuance of certain operations and changes in accounting methods. There were no common shares or equity-related securities issued by the Company during the quarter or the nine months ended September 30, 2013 other than the issuance of $150,000 of Series A Convertible Notes as per the Company's previously-announced plans to privately place up to $500,000 of Series A Convertible Notes (convertible at $1.43 per common share post the pending reverse split) and with attached warrants (each warrant allowing a holder to acquire a common share at $2.00 per share post the pending reverse split). Additionally, no member of management or their beneficiaries has engaged in any sale or purchase of the Company's common shares or equity-related securities during the nine months ended September 30, 2013.
Revenues for the three- and nine-month periods were generated from the Company's asset management and development assignments.
These results do not include the results of operations of the two previously-announced pending acquisitions: Green RG and Green Econometrics. Through the nine months ended September 30, 2013, those operations recorded revenues of approximately $1.7 million. Such amounts are unaudited. Beneficial Holdings continues its due diligence on these two proposed acquisitions.
Summing up year-to-date activity, Gregory N. Senkevitch, Beneficial's Chairman, President and CEO said: "Our Project Solutions business is on track with expectations. The Company recorded revenue from our co-development assignment at 1355 First Avenue and from our asset management engagements."
Senkevitch also announced the Company's first ever investor call: "Our recent corporate announcements are significant. We hope that the call will provide an interactive forum that will allow for the discussion of the Company's strategy and communicate management's expectations."
The investor call will start promptly at 10:00 AM EDT on Wednesday October 23, 2013. The toll free dial in number for the US and Canada is (888) 576-4398. The toll number for international calls is (719) 325-2429. The passcode for both is 3963276 when prompted. It is important to allow at 15 minutes prior to the call for registration. Investor questions will be answered as time permits.
"We are proceeding deliberately with our plan to build a company that offers a unique portfolio of asset management, development and energy management services to owners and users of buildings and infrastructure," according to Senkevitch. "We are building a company that combines experienced, principal based talent with cutting edge technology and capital based solutions. We believe that his basket of services goes well beyond those provided by traditional real estate service providers. We will target unique value added situations where we will be able to achieve enhanced revenue streams from multiple engagements with repeat clients and customers. We are 'Creating Value from Market Knowledge' every day," Senkevitch concluded.
ABOUT BENEFICIAL HOLDINGS, INC.
Beneficial Holdings, Inc. is a holding company currently operating in the real estate services sector. The Company is seeking to acquire and invest in operating service-oriented businesses in the real estate, financial services and energy management sectors. For more information on the Company please visit our web site at www.beneficial-holdings.net.
This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. As a general matter, forward-looking statements reflect our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. These statements may be identified by the use of forward-looking terminology such as "may", "will", "expects", "plans", "estimates", "anticipates", "projects", "intends", "believes", "outlook" and similar expressions.
The forward-looking statements contained in this news release are based upon our historical performance, current plans, estimates, expectations and other factors we believe are appropriate under the circumstances. The inclusion of this forward-looking information is inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: our business and investment strategy; our projected operating results; estimates relating to our ability to make distributions to our stockholders in the future and economic trends and economic recoveries.
All information in this release is as of October 15, 2013. The Company does not undertake a duty to update forward-looking statements, including its projected operating results.
BENEFICIAL HOLDINGS, INC.
(OTC Pink: BFHJ)
Gregory A. McAndrews