MELBOURNE, Fla., Feb. 21, 2008 (PRIME NEWSWIRE) -- Accelerated Building Concepts Corporation (OTCBB:ABCC), a provider in the design, manufacturing, and construction services for modular and component building facilities utilizing concrete and steel and structural insulated panels structures, today announced its financial projections and forecast for 2008.
Mr. Joseph Sorci, Chairman and CEO of Accelerated Building Concepts Corporation, stated that "the Company is experiencing an increase in school project awards that are best demonstrated by our projected increase in sales, earnings, and net profit margin. In addition, the Company expects to obtain orders from its Indefinite Quantity contracts awarded in 2007 that will further increase revenue and earnings."
Accelerated Building Concepts Corporation
2008 Guidance
NCSI SSL ABCC Consolidated
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Sales $12,470,930 $ -- $ -- $ 12,470,930
Gross Profit 3,626,846 -- $ -- 3,626,846
Total Operating
Expenses 1,200,000 -- 500,000 1,700,000
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Income From
Operations 2,426,846 -- (500,000) 1,926,846
Interest Expense (200,000) -- -- (200,000)
Net Income $ 2,226,846 $ -- $ (500,000) $ 1,726,846
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Fully Diluted EPS $ 0.23
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EBITDA & MI $ 1,996,846
Accelerated Building Concepts Corporation (ABCC) provides design, manufacturing, and construction services for modular and component building facilities utilizing concrete and steel and structural insulated panels (SIPs) for use by commercial, educational clients and other government agencies. The Department of Community Affairs (DCA) governs the manufacturing of the Company's products. Additionally, our products meet federal and state regulations for classrooms as well as other government agencies.
Use of Non-GAAP Financial Measures
The press release contains disclosure of EBITDA for certain periods, which may be deemed to be a non-GAAP financial measure within the meaning of Regulation G promulgated by the Securities and Exchange Commission. Management believes that EBITDA, or earnings before interest, taxes, depreciation and amortization, is an appropriate measure of evaluating operating performance and liquidity, because it reflects the ability of Alternative Construction Company to meet capital expenditures and working capital requirements and otherwise meet its requirements as they become due. The disclosure of EBITDA may not be comparable to similarly titled measures reported by other companies. EBITDA should be considered in addition to, and not as a substitute.
This press release may contain forward-looking statements covered within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply and demand conditions, and other expectations, intentions and plans contained in this press release that are not historical fact and involve risks and uncertainties. Our expectations regarding future revenues depend upon our ability to develop and supply products, which we may not produce today and that meet defined specifications. When used in this press release, the words "plan," "expect," "believe," and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and changes in pervasive markets.