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Discussion of the Quarterly Financial Statements

Thursday, 26 January 2023 08:30 AM


NEW YORK, NY / ACCESSWIRE / January 26, 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 Quarterly Report for the period ending November 30, 2022 with OTC Markets.

New America Energy Corp., Thursday, January 26, 2023, Press release picture

The company has been repositioned to focus on its core cabinetry services and products which has greatly increased profitability. The Company's Gross Profit Margin has increased from 38.7% for the quarter ending in November 2021 to 47.4% for the quarter ending in November 2022, which is a 22% increase in Gross Profit.

As a result of the operational improvements the Net Operating Profit also saw significant improvements. The Net Operating Profit increased from $(300,175) for the quarter ending November 2021 to $510,709 in November 2022, which is an increase in the Net Operating Profit margin from -5.8% for the quarter ending in November 2021 to 11.0% for the quarter ending in November 2022.

"We made substantial operational changes in the first half of 2022, which is now being reflected in our most recent financials. We've also made similar changes this year, with $1.3M of annual expense reductions in January 2023. I expect to see a continued increase in profitability and great financial performance this year!", stated David Fair, the Company's CEO.

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 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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