Third Bench's Commercial Division Experiences Strong Revenue Growth

Rhea-AI Summary

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.

Positive

• 22% revenue increase year-over-year for OGB in August 2022 ($618K).
• Projected 50% revenue increase for September 2022 ($700K).
• Improved operational predictability aiding timely project completion.

Negative

• None.

NEW YORK, NY / ACCESSWIRE / September 8, 2022 / New America Energy Corp. (OTC PINK:NECA), and its operating subsidiary, Third Bench Holdings, LLC ("Third Bench" or the "Company"), is pleased to announce increased production rates and revenue growth at the Company's OGB Architectural Millwork ("OGB") subsidiary in Albuquerque, New Mexico.

OGB concentrates on commercial projects, focusing on casework, architectural ceilings, and custom millwork projects. The projects are typically large-scale projects, such as schools, universities, hospitals, courthouses and other government and private buildings. OGB relies on raw materials from many different types of vendors related to lumber, laminates, hardware, solid surface, and other materials.

David Fair, CEO of the Company stated, "We are constantly trying to properly time our ordering of materials so that we are not waiting to finish projects, but also so that we are not sitting on too much inventory. This balancing act has been much more difficult for the last several quarters, and we have certainly made a few miscalculations on our end. It is nice to see things are getting back to better predictability, allowing us to timely deliver for our customers, and maintain appropriate margins."

As the Company has reported previously, New Mexico and the entire Southwest that is serviced by OGB is experiencing strong growth. OGB had $618K of revenue in August 2022, a 22% increase from the same period last year; OGB is targeting revenue of $700K for September 2022, which would be a 50% increase from the same period last year. OGB is poised to capture additional business as a result of this strong and growing economic climate.

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 cabinets and countertops and commercial millwork throughout the Western U.S. for customers from California to Texas. Third Bench also provides installation services as a part of its vertical offering. Third Bench employs over 130 people and had revenue of about $24 million in 2021. These projections have been provided by management and do not include the additional acquisitions that are currently under review.

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.

View source version on accesswire.com:
https://www.accesswire.com/715141/Third-Benchs-Commercial-Division-Experiences-Strong-Revenue-Growth

FAQ

What were the revenue figures for NECA's OGB division in August 2022?

In August 2022, OGB reported $618K in revenue, a 22% increase compared to the same period last year.

What is the revenue target for NECA's OGB division in September 2022?

OGB is targeting $700K in revenue for September 2022, which represents a projected 50% increase from the previous year.

How does New America Energy Corp. describe its market position in New Mexico?

New America Energy Corp. indicates that its OGB subsidiary is poised to capture additional business due to strong economic growth in New Mexico.

What challenges did NECA face with inventory management?

David Fair, CEO, mentioned difficulties in timing material orders properly, affecting project completion and inventory levels.