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Annual Financial Statement Overview

Tuesday, 24 January 2023 08:30 AM

NEW YORK, NY / ACCESSWIRE / January 24, 2023 / New America Energy Corp. (OTC PINK:NECA), and its operating subsidiary, Third Bench Holdings, LLC ("Third Bench" or the "Company"), are pleased to report that the Company has posted its Annual Report for the fiscal year ending August 31, 2022, with OTC Markets.

New America Energy Corp., Tuesday, January 24, 2023, Press release picture

The Company's Gross Profit increased from just under $4.0 million for the 2021 fiscal year to just over $7.3 million for the 2022 fiscal year. This represents an increase of approximately 85%.

Sales for the 2022 fiscal year increased from approximately $14.8 million to approximately $19.9 million. This represents an increase of approximately 35%.

The Company's Current Assets on August 31, 2022, were approximately $8.7 million, vs. approximately $5.0 million on August 31, 2021. This represents an increase of approximately 74%.

"We are very encouraged by our growth in 2022. The growth consisted of internal growth as well as acquisitions, including the acquisition of Davis Kitchens in Albuquerque. As we work to integrate our operating subsidiaries more synergistically, we expect to see increased growth and profitability," stated David Fair, the Company's CEO.

Mr. Fair continued, "We feel like we have a great foundation in place to build on, and we are looking forward to dramatically growing our businesses in fiscal 2023."

About Third Bench Holdings, LLC

Third Bench, a 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 and commercial cabinets throughout the Western U.S. for customers. Third Bench also provides installation services as a part of its vertical offering.

Third Bench Holdings, LLC
175 S. Main Street #1410
Salt Lake City, UT 84111

NECA Contact:
Investor Relations
[email protected]

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.

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