Third Quarter Financial Statement Discussion

Rhea-AI Summary

New America Energy Corp. (OTC PINK:NECA) reported strong financial results for the period ending May 31, 2022. Gross revenue surged nearly 40% year-over-year, from over $10.6 million in 2021 to almost $14.8 million in 2022. Gross profit for the same period increased by approximately 33%, from around $1.25 million to nearly $1.65 million. Notably, gross profit for the nine-month period almost doubled, rising 100% from approximately $2.7 million to about $5.3 million.

Positive

• Gross revenue increased by almost 40%, reaching nearly $14.8 million.
• Gross profit for the nine-month period grew by approximately 100%, up to $5.3 million.
• Strong operational growth is supported by dedicated workforce and potential acquisitions.

Negative

• None.

NEW YORK, NY / ACCESSWIRE / August 4, 2022 / New America Energy Corp. (OTC PINK:NECA), and it's operating subsidiary, Third Bench Holdings, LLC ("Third Bench" or the "Company"), recently posted financial results for the period ended May 31, 2022.

The Company continues to experience very strong growth in both revenue and gross profit. A few highlights from the financials include:

Gross revenue compared with the corresponding nine-month period in 2021 grew by almost 40%, from just over $10.6 million in 2021 to just under $14.8 million in 2022.

Gross profit compared with the corresponding quarter from 2021 grew by almost 33% from almost $1.25 million to almost $1.65 million.

Gross profit compared with the corresponding nine-month period from 2021 grew by almost 100% from approximately $2.7 million to approximately $5.3 million.

Third Bench CEO David Fair stated, "We continue to be encouraged by the growth in our various businesses. We have a lot of great people working for us at our various subsidiaries and their hard work and dedication is what makes all of our growth as a Company possible. As our operations continue to grow, management is still very active in seeking new acquisitions to expedite our growth."

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/710817/Third-Quarter-Financial-Statement-Discussion

FAQ

What are the latest financial results for New America Energy Corp. (NECA)?

New America Energy Corp. reported a gross revenue increase of almost 40%, totaling nearly $14.8 million for the period ending May 31, 2022.

How much did gross profit change for New America Energy Corp. (NECA) in 2022?

Gross profit rose by approximately 33% year-over-year for the quarter, reaching nearly $1.65 million.

What growth percentage did New America Energy Corp. (NECA) achieve in gross profit for the nine-month period?

For the nine-month period, gross profit increased by approximately 100%, from about $2.7 million to approximately $5.3 million.

Who is the CEO of New America Energy Corp. (NECA)?

The CEO of New America Energy Corp. is David Fair.