Discussion of the Quarterly Financial Statements

Rhea-AI Summary

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.

Positive

• Gross Profit Margin increased from 38.7% to 47.4% year-over-year.
• Net Operating Profit rose from a loss of $(300,175) to a profit of $510,709.
• Operational changes led to a profitability margin increase from -5.8% to 11.0%.
• $1.3M in annual expense reductions planned for January 2023.

Negative

• None.

NEW YORK, NY / ACCESSWIRE / January 26, 2023 / New America Energy Corp. (OTC PINK:NECA), and its operating subsidiary, Third Bench Holdings, LLC ("Third Bench" or the "Company"), are pleased to report that the Company has posted its Quarterly Report for the period ending November 30, 2022 with OTC Markets.

The company has been repositioned to focus on its core cabinetry services and products which has greatly increased profitability. The Company's Gross Profit Margin has increased from 38.7% for the quarter ending in November 2021 to 47.4% for the quarter ending in November 2022, which is a 22% increase in Gross Profit.

As a result of the operational improvements the Net Operating Profit also saw significant improvements. The Net Operating Profit increased from $(300,175) for the quarter ending November 2021 to $510,709 in November 2022, which is an increase in the Net Operating Profit margin from -5.8% for the quarter ending in November 2021 to 11.0% for the quarter ending in November 2022.

"We made substantial operational changes in the first half of 2022, which is now being reflected in our most recent financials. We've also made similar changes this year, with $1.3M of annual expense reductions in January 2023. I expect to see a continued increase in profitability and great financial performance this year!", stated David Fair, the Company's CEO.

About Third Bench Holdings, LLC

Third Bench, subsidiary of New America Energy Corp., operates five subsidiary companies operating as architectural millwork and dealers in the cabinetry, kitchen and bath areas. Third Bench, through its subsidiary companies, offers products in these categories: residential and commercial cabinets throughout the Western U.S. for customers. Third Bench also provides installation services as a part of its vertical offering.

Third Bench Holdings, LLC
175 S. Main Street #1410
Salt Lake City, UT 84111
https://thirdbench.com/

NECA Contact:
Investor Relations
info@thirdbench.com
https:/twitter.com/necaholdings

Safe Harbor

This release may contain certain forward-looking statements regarding our prospective performance and strategies within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of our company, are generally identified by use of words "anticipate," "believe," "estimate," "expect," "intend," "plan," "project," "seek," "strive," "try," or future or conditional verbs such as "could," "may," "should," "will," "would," or similar expressions. Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain. Accordingly, actual results may differ materially from anticipated results. Some of the factors that could cause our actual results to differ from our expectations or beliefs include, without limitation, the risks discussed from time to time in our filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Except as required by applicable law or regulation, we undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.

SOURCE: New America Energy Corp.

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FAQ

What were the financial results for New America Energy Corp. in January 2023?

New America Energy Corp. reported a Gross Profit Margin increase to 47.4% and a Net Operating Profit of $510,709 for the quarter ending November 30, 2022.

How much did New America Energy Corp. reduce its expenses by in January 2023?

The company announced $1.3M in annual expense reductions in January 2023.

What is the stock symbol for New America Energy Corp.?

The stock symbol for New America Energy Corp. is NECA.

What operational changes did New America Energy Corp. implement?

The company made substantial operational changes in the first half of 2022, improving profitability and financial performance.