Beacon Energy Holdings, Inc. Reports Second Quarter Financial Results

Beacon Energy Holdings, an emerging producer and investor in the developing biodiesel sector, announced its financial results today for the second quarter 2008. For the six month period ended June 30, 2008, the Company reported revenue of approximately $5.1 million and a net loss of approximately $670,000. For the three months ended, June 30, 2008, the Company reported revenue of approximately $5.1 million and a net loss of approximately $375,000.

Commenting on the Company’s results, Dylan K. Remley, Beacon’s President, stated, “We are pleased with the ongoing growth and development of Beacon. During the second quarter of 2008, we completed the acquisition of the former biodiesel production facility of Smithfield Bioenergy in Cleburne, TX (the “Texas Facility”) on May 15, 2008 and a reverse merger with Laurence Associates Consulting, Inc. on June 30, 2008 (the “Merger”). For the 45 day period from May 15, 2008 through June 30, 2008 in which we owned the Texas Facility, we generated in excess of $5 million of revenue. The net loss of approximately $375,000 for the 3 months ended June 30, 2008 is almost entirely attributed to pre-acquisition development expenses and one time costs, including legal and accounting, associated with both the acquisition of the Texas facility and the Merger. Excluding those non-recurring items, on an operating basis our Texas facility performed at approximately a break-even level.” read more

Source: Beacon Energy Holdings, Inc.