BUGS First Quarter 2006 Hits Expected Target Revenue
- Numbers in Line with Subsidiary Revenue and Expenses -
CARLSBAD, Calif.—March 14, 2006—U.S. Microbics, Inc., (OTC Bulletin Board: BUGSE, BCN:
615212) today announced financial results for the first quarter of fiscal year 2006 ended December 31, 2005. Quarterly revenue and operating expenses were in line with expectations as new business development continued in Mexico during this seasonably slow quarter.
BUGS CEO Robert Brehm commented, " BUGS’ record breaking revenue in FY 2005 ending September 30 slowed in the first quarter as new business development in Mexico was undertaken and new contracts signed but revenue wasn’t recognized until subsequent quarters. Our environmental subsidiary, Sub-Surface Waste Management (OTCBB: SSWM) continued its $1,000,000+ project in Torreon, Mexico and undertaking new assessment and remediation contract proposals for new business in Puebla and Veracruz. With the support of two state governors in Mexico for substantial emergency response and remediation work, we expect to surpass 2005 revenues and look forward to a prosperous year in 2006 as these projects come online.
The consolidated financial data below has been derived from the Company's Financial Statements for the period of 9/30/2005 as shown. For additional information and a discussion of risk factors, please see the U.S. Microbics current 10Q & past 10K reports at
www.sec.gov .
Consolidated Statement of Losses
For the 3 months ending December 31, 2005 (UNAUDITED)
___________________________________
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Revenues
$ 64,716
Cost of Goods Sold
$ 83,760
Gross Profit (Loss)
$ (19,044)
Operating Expenses - SGA
$ 929,996
Net Income (Loss) from Operations
$ (949,040)
Other Income (expense):
Interest Income
$ 238
Interest Expense
$ (18,623)
Realized Gain (loss) on Securities Sale
$ 30,525
Minority Interest
$ 49,501
Total
$ 61,641
Net Income (loss) before Income taxes
$ (887,399)
Provision for income taxes
Net income (loss)
$ (887,399)
Net loss per common shares outstanding
$ (0.003)
Weighted average shares outstanding
$ 261,053,017
Balance Sheet Items
As of 12/31/2005
Total Current Assets
$ 437,289
Total Current Liabilities
$ 2,022,401
Net Working Capital
$ (1,585,112)
Total Assets
$ 644,827
Total Liabilities
$ 2,022,401
Minority Interest
$ 5,608,294
Total Shareholder Equity
$ (6,985,868)
Total Shareholders Equity & Liabilities
$ 644,827
About U.S. Microbics Inc.
U.S. Microbics is a business development and holding company that acquires, develops and deploys innovative environmental technologies for soil, groundwater and carbon remediation, air pollution reduction, and agriculture enhancement. For more information on the company, contact Robert Brehm at 760-918-1860 x102 or visit the website at
www.bugsatwork.com. Investors and media contact Robert Brehm at 760/918-1860, ext. 102 or email at bob@bugsatwork.com ; or learn about the company by visiting its Web site at
www.bugsatwork.com or
www.subsurfacewastemanagement.com or
www.mikeymicrobe.com .
The information contained in this press release includes forward-looking statements. Forward-looking statements usually contain the words " estimate," " anticipate," " believe," " expect" or similar expressions that involve risks and uncertainties. These risks and uncertainties include the company's status as a startup company with uncertain profitability, need for significant capital, uncertainty concerning market acceptance of its products, competition, limited service and manufacturing facilities, dependence on technological developments and protection of its intellectual property. The company's actual results could differ materially from those discussed herein. Factors that could cause or contribute to such differences are discussed more fully in the " Risk Factors," " Management's Discussion and Analysis or Plan of Operation" and other sections of the company's Form 10-KSB and other publicly available information regarding the company on file with the Securities and Exchange Commission. The company will provide you with copies of this information upon request.
Robert Brehm, CEO
California Businessman of the Year
2004 Ronald Reagan Republican Gold Medal Award
U.S. Microbics, Inc.
Public Stock Symbol: BUGS
6451 El Camino Real, Suite C
Carlsbad, CA 92009
phone: 760-918-1860 x102
fax: 760-918-1855
email: bob@bugsatwork.com
website:
www.bugsatwork.com