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TexCom Announces Results for Second Quarter of 2014

HOUSTON, Aug. 15, 2014 /PRNewswire/ -- TexCom, Inc. (OTC Pink: TEXC)(the "Company" or "TexCom"), an environmental services company serving the oil and gas industry, today announced financial results for the second quarter of 2014. Financial Highlights for the second quarter 2014 compared to the second quarter 2013:

  • Net income available to shareholders was $6,073,000, up 550% from $935,000.
  • In April, the Company sold the assets of its MBES, LLC subsidiary (83.2% owned) for $15,724,000, which yielded a gain of $11,242,000.
  • Revenues totaled $2,180,000, down 47% from $4,080,000.
  • Gross profit margin dropped to 32% from 54%.
  • Operating loss was $940,000, down from operating income of $1,818,000.
  • Earnings per share on a fully diluted basis were $0.09, up from $0.01

Financial Highlights for the six months ended June 30, 2014 compared to the six months ended June 30, 2013:

  • Net income available to shareholders was $7,097,000 up 353% from $1,568,000.
  • Revenues totaled $7,210,000, decreasing 6% from $7,644,000.
  • Gross profit margin dropped to 44% from 53%.
  • Operating income was $945,000, a 71% decrease from $3,215,000.
  • Earnings per share of a fully diluted basis were $0.10, an increase from $0.02.

"The April sale of the assets of our MBES, LLC subsidiary and preparation for the acquisition of the two salt water disposal wells in Van Buren County, Arkansas dominated our second quarter activities," stated Bob May, President of the Company.  "As previously announced, we completed the acquisitions on July 31, 2014.  We incurred significant transaction costs which have hurt our quarterly earnings.  However, a significant portion of the income tax expense incurred on the sale has been sheltered by the use of our net operating losses.  Earnings were also reduced by other non-cash expenditures.  We have now positioned the Company to aggressively seek additional acquisitions to grow the Company and add value for our shareholders."

About TexCom, Inc.

TexCom, headquartered in Houston, Texas, is a growth-oriented environmental services company with a primary focus on the disposal of nonhazardous wastes generated by the oil & gas industry. For more information, please visit www.texcomresources.com.

Forward-Looking Statements

This press release and the presentation referenced above may contain forward-looking statements, including information about management's view of TexCom, Inc.'s 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 news release or such presentation 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 TexCom, Inc., its divisions 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 TexCom's future results. The forward-looking statements included in this press release and the presentation are made only as of the date hereof. TexCom cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, TexCom 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 TexCom.

SOURCE TexCom, Inc.

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