Treecon Resources, Inc. Reports Annual Results for its Fiscal Year Ended September 30, 2011

February 14, 2012

Treecon Resources, Inc. (OTCPink: TCOR.PK) reported revenues for its fiscal year ended September 30, 2011 increased 16.6% to $54.88 million compared to revenues of $47.06 million during the prior fiscal year.  Revenue benefited from increases in both its core equipment sales business and its oilfield fluids and services segment which was partially offset by lower sales from its timber and finished wood products segment.

Net income for fiscal 2011 fell 17.5% to $1.33 million or $0.071 per share versus net income of $1.61 million or $0.086 per share during fiscal 2010.  Net income was negatively impacted by higher operating expenses, higher interest expense, lower interest income and the lack of tax loss carryovers.  These negatives were partially offset by higher gross profit margins and a gain on the sale of assets.

For the fourth quarter of fiscal 2011, revenue fell 16.5% to $13.07 million compared to revenue of $15.65 million in fiscal 2010.  The company reported a net loss of $554 thousand or $(0.03) per share versus net income of $15 thousand or $0.001 per share for the fourth quarter of fiscal 2010

As of December 31, 2011, the balance sheet reflected cash/cash equivalents of $2.06 million, current assets of $31.56 million, total assets of $40.95 million, current liabilities of $22.47 million an total liabilities of $24.71 million.  During fiscal 2011, shareholders’ equity increased 7% to $16.24 million.

Treecon Resources, Inc. is engaged in the selling, leasing, and financing of industrial logging equipment as well as the harvesting and processing of timber products.  The company also provides oilfield fluids and services to the oil and gas industry.

Source: Treecon Resources, Inc.

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