SELLERSVILLE, Pa., May 25, 2006 (PRIMEZONE) -- Delta Mutual, Inc. (OTCBB:DLTM) specializing in energy recovery and construction services through environmentally-friendly technologies and products, announces first quarter results for the period ended March 31, 2006.
Peter Russo, President and CEO, commented, "Revenues increased eight fold from the fourth quarter of 2005 to approximately $161,000 in the first quarter of 2006 from processing oil sludge at the permanent facility in Indramayu, Indonesia. The Company anticipates expanding the activities over the course of 2006 for additional oil sludge processing."
He went on to say, "Production tooling for our new Delta Wall insulating concrete form is nearing completion and should be available in June. We expect to produce samples for testing at this time and anticipate to be in production during 2006."
The Company's General and Administrative Expense increased sharply over the same quarter of 2005 primarily due to consulting fees incurred of about $200,000, and the implementation of new accounting rules for share based compensation, SFAS No. 123(R), which resulted in an increase of about $143,000. In addition, a charge for accretion of convertible debt was taken amounting to approximately $88,000. The Company's total assets increased over the same period of 2005 by about $801,000.
Results from operations for the period ended March 31, 2006 were a loss of $802,700 compared to a loss of $534,620 for the period ended March 31, 2005. The net loss per share for the period ended March 31, 2006 was $0.02 compared to a net loss per share of $0.03 for the period ended March 31, 2005. The weighted average number of shares outstanding at March 31 was 38,630,794 in 2006, compared to 20,517,334 in 2005.
For additional details, please refer to our SEC 10-QSB filing.
About Delta Mutual
Delta Mutual, Inc. specializes in energy recovery and construction services through environmentally-friendly technologies and products currently operating through joint ventures in the Middle East, Far East and Puerto Rico. Delta employs technologies that efficiently recover energy sources from soil, water and other waste streams while simultaneously improving existing environmental conditions. The Company also employs an energy efficient building material system for construction projects that are initially taking place in Puerto Rico. Delta can now provide its patent pending Delta Wall, a cost-effective and energy-efficient building system. www.deltamutual.com
Forward-Looking Statement
This Press Release contains forward-looking statements that involve risks and uncertainties, which may include statements about business strategy and development plans, plans for entering into new business, anticipated sources of funds, including the proceeds from future operations and plans, objectives, expectations and intentions contained in this Press Release that are not historical facts including "The Company anticipates expanding the activities over the course of 2006 for additional oil sludge processing and the cleaning of oil storage tanks" and "We anticipate production of the new product in 2006." Risk factors associated with these forward-looking statements include: Raising the necessary capital to finance the facility, government approvals, the market for crude oil, processing efficiency, doing business in Indonesia and other risk factors as outlined in the Company's SEC filings. Because these forward-looking statements involve risks and uncertainties, actual results could differ materially from those discussed in this Press Release. These risks are outlined in our SEC filings.