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New America Energy Corp. (OTC PINK:NECA) reported its Quarterly Financials for the period ending November 30, 2022. The company achieved a Gross Profit Margin increase from 38.7% in November 2021 to 47.4% in November 2022, marking a 22% rise in Gross Profit. Additionally, Net Operating Profit shifted from a loss of $(300,175) in November 2021 to a profit of $510,709 in November 2022, reflecting a margin increase from -5.8% to 11.0%. The CEO, David Fair, noted significant operational changes and $1.3M in expense reductions implemented in January 2023, with expectations for further profitability growth.
New America Energy Corp. (OTC PINK:NECA) has released its Annual Report for the fiscal year ending August 31, 2022. The report shows a significant growth in key financial metrics:
- Gross Profit rose by 85%, from $4 million to over $7.3 million.
- Sales increased by approximately 35%, from $14.8 million to around $19.9 million.
- Current Assets grew by 74%, from $5 million to approximately $8.7 million.
CEO David Fair expressed optimism about future growth, driven by both internal initiatives and recent acquisitions, including Davis Kitchens.
New America Energy Corp. (OTC PINK:NECA) has signed a Binding Letter of Intent to acquire Rasmussen Custom Cabinetry, which specializes in manufacturing and installing residential cabinets in Utah. This acquisition is anticipated to enhance earnings immediately, with Rasmussen projected to generate over $10 million in revenue in 2022, potentially nearly doubling output through Third Bench's subsidiaries. The deal will facilitate vertical integration, improving control over design and manufacturing processes. Management is optimistic about the synergistic benefits of this acquisition.
New America Energy Corp. (OTC PINK:NECA) announced a 19.7% increase in cabinet sales across the U.S. compared to July 2021, according to the Woodworking Network. The surge in sales spans all segments, particularly in-stock sales, which rose 18.4% year-to-date. CEO David Fair stated that the demand remains strong despite supply chain challenges. Third Bench Holdings, a subsidiary of NECA, had revenues of around $24 million in 2021 and is actively pursuing additional acquisitions.
New America Energy Corp. (OTC PINK:NECA) announced operational changes at its subsidiary, Third Bench Holdings, leading to increased efficiency and cost savings. The consolidation of the Las Cruces Cabinets subsidiary's showroom and warehouse into one location is expected to save at least $300,000 annually. This strategic move enhances collaboration among staff and positions LCC for growth in the robust Southern New Mexico market. Third Bench, which had a revenue of approximately $24 million in 2021, aims to expand its market share in the cabinetry sector.
New America Energy Corp. (OTC PINK:NECA) announced significant growth in its subsidiary Third Bench Holdings, particularly at its OGB Architectural Millwork division in Albuquerque. In August 2022, OGB reported $618K in revenue, marking a 22% increase year-over-year, with a target of $700K for September 2022, projecting a 50% increase. The company attributes its success to a recovering economy in New Mexico and improved operational predictability, enabling timely project delivery while maintaining margins.
New America Energy Corp. (NECA) announces the launch of two new cabinet lines at its Davis Kitchens location in Tucson, Arizona. These lines, provided by Nations Cabinetry, include Tidwell's framed cabinets and DreamCraft's frameless options, both boasting short lead times to enhance project scheduling. Operations Manager Ken Pappas expressed optimism about the partnership, anticipating growth in sales through improved customer offerings. CEO David Fair noted that the Tucson location has been a strong performer, with expectations for continued momentum in Arizona.
New America Energy Corp. (OTC PINK:NECA) has announced positive developments in the New Mexico film industry. Governor Lujan Grisham has partnered with 828 Studios to build a film studio in Las Cruces, boosting local economic growth. New America’s subsidiary, Santa Fe Flooring, has secured contracts with major studios like NBC Universal and Netflix, confirming the company’s focus on the Southwestern U.S. CEO David Fair expressed optimism about the economic benefits, including higher-paying jobs and long-term growth prospects for New Mexico.
New America Energy Corp. (OTC PINK:NECA) announced that its subsidiary, Third Bench Holdings, has surpassed its previous sales records in the Ceilings Division. Sales rose from $100k in 2019 to $2 million in 2022, with a target of $3.5 million for 2023 and $5 million for 2024. The division’s growth is attributed to superior product components and efficient manufacturing. CEO David Fair emphasized the company's advantage in the niche market for architectural wood ceilings.
New America Energy Corp. (OTC PINK:NECA) reported significant sales growth in June 2022, particularly from its Tucson, Arizona subsidiary, Davis Kitchens, which achieved nearly $600,000 in sales, marking its highest monthly volume year to date. This growth is attributed to the establishment of a new showroom at 5355 East Broadway. CEO David Fair noted the improved walk-in traffic and strong momentum in both retail and builder businesses across the Southwest. Third Bench Holdings, the operating subsidiary, had a revenue of approximately $24 million in 2021 and employs over 130 people.
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