IRVINE, Calif., Aug. 26, 2011 (GLOBE NEWSWIRE) -- Universal Bioenergy Inc. (Pink Sheets:UBRG), a natural and alternative energy company, announced today that it has filed its First Quarter Report on Form-10Q for the financial results of operations, for the three months ended March 31, 2011 with the Securities and Exchange Commission. The quarterly report was reviewed by its new independent registered public accounting firm, and contains the Company's financial statements, management's discussion and analysis (MD&A), and its future plans.
The Company posted record revenues of $22,247,354 for the three months ended March 31, 2011, as compared to $0 for the same period in 2010. Universal incurred losses of $577,034 as compared to $172,872 for the same period ended March 31, 2010. Excluding the value of common stock that was issued for services, and interest expenses which together totaled $478,609, would correspondingly reduce the net loss of $577,034 to an adjusted net loss of $98,425 for the period ending March 31, 2011. An adjusted net loss of $98,425, equals only 0.44% of their total revenues of $22,247,354 for this period.
Universal's total operating expenses for the three months ended March 31, 2011 were $337,088 as compared to $167,694 for the same period in 2010. Its total assets increased $4,074,717, or by 1,390.21% to $4,367,817 for the period ending March 31, 2011, compared to $293,100 for the same period in 2010. This was primarily due to an increase in accounts receivables from the sales of natural gas. Their long-term liabilities are $248,912 for this reporting period, compared to $70,000 for the same period last year.
Universal's Senior Vice President Solomon Ali says, "We are extremely pleased with the great strides we have made for this first quarter. Our revenues for the first quarter of 2011 grew at a phenomenal rate from the previous year. In 2010 the company achieved revenues of $41,320,647 for the entire year. However, during the first three months of 2011 alone, we generated revenues of $22,247,354, or 54% of the total revenues for all of 2010. This is a monumental increase for a company in any industry. Many companies are considered high growth companies if their revenues increase by 10% to 15% annually. At a 54% growth rate, we have already exceeded that benchmark by nearly four times, which means we are a hyper growth company right now. We look forward to continued rapid growth, with more and larger contract awards for the sales of natural gas, propane and other energy products. Our goal is to generate even greater revenues and move the company to solid profitability, to the benefit of our shareholders."
The full Form 10-Q Annual Report is available for viewing on the SEC's website, and it is also available at our website at www.universalbioenergy.com Investor Relations, SEC Filings section.
About The Company
Universal Bioenergy Inc. is an alternative energy company, and intends to create and market natural and alternative energy sources including natural gas, petroleum, solar, biofuels, wind, synthetic fuels and related energy technology products. It plans to build the company into a prominent player in alternative energy.
The Universal Bioenergy Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6784
Safe Harbor Statement – There are matters discussed in this media information that are forward looking statements within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. Such statements are only forecasts and actual events or results may differ materially from those discussed. For a discussion of important factors which could cause actual results to differ from the forward looking statements, refer to Universal Bioenergy Inc.'s most recent Form 10K Annual Report, and accounts and other SEC filings, which is on file with the SEC on their website at www.sec.gov. The full Form 10-Q Annual Report is also available at our website. The company undertakes no obligation to update publicly, or revise, forward looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.