SELLERSVILLE, Pa., Nov. 13, 2006 (PRIMEZONE) -- Delta Mutual, Inc. (OTCBB:DLTM) specializing in energy recovery and construction services through environmentally-friendly technologies and products, announced results from operations for the third quarter and nine months ended September 30, 2006.
Revenues were $19,166 for the third quarter ended September 30, 2006 compared to zero revenues in the third quarter of 2005. The Net Loss was $0.5 million in 3Q 2006 compared to a Net Loss of $1.3 million in the comparable period in 2005. The Net Loss per share for the third quarter was $0.01 per share compared to a Net Loss per share of $0.05 for comparable period in the prior year. The weighted average number of shares outstanding in the third quarter was 54.3 million compared to 25.1 million in the third quarter of 2005.
Revenues were $279,870 for the nine months ended September 30, 2006 compared to zero revenues in the first nine months of 2005. The Net Loss was $2.0 million compared to a loss of $2.6 million in the corresponding nine months of 2005. The Net Loss per share for the nine months was $0.04 per share compared to a Net Loss of $0.11 per share for comparable period in the prior year. The weighted average number of shares outstanding for the nine months ended September 30, 2006 was 50.4 million compared to 23.7 million in the same period of 2005.
For additional details, please refer to our SEC 10-Q filing.
Peter Russo, President and CEO commented of the quarter, "This quarter's revenues were generated from our operation in Indonesia reflecting the remaining sludge processed under the first contract with Pertamina, the State-owned Indonesian oil company (www.pertamina.com). As announced earlier in the year, the Company established our first permanent oil sludge processing facility in Indonesia through its Delta-Envirotech subsidiary's local joint venture, PT. Tryhuda-Envirotech. The operations were seen by both sides as positive. Negotiations have commenced for the next contract proposal which we believe will be more beneficial to Delta.
"Delta Wall has made significant progress since we reported our second quarter results. The first blocks have undergone internal inspection and testing to ensure adherence to design specifications. The blocks are being tested by an independent laboratory for code compliance approvals where required. Delta-Wall blocks are now available as samples to builders, developers and other interested organizations and for bulk delivery orders.
"Although we had expected certain activities in the Middle East to be consummated earlier this year, we are cautiously optimistic about finalizing the manufacturing technology and equipment transfer for insulating concrete forms and other environmental processes in the near future. The Company has expanded its product range with exclusive distribution agreements for advanced environmental monitoring products and unique organic treatments related to oilfield operations."
About Delta Mutual
Delta Mutual, Inc. (www.deltamutual.com) specializes in energy recovery and construction services through environmentally-friendly technologies and products which are currently operating in the Middle East and Far East. Delta employs technologies that efficiently recover energy sources from soil, water and other waste streams, while simultaneously improving existing environmental conditions. The Company also utilizes energy efficient and cost effective building material systems for construction projects.
If you would like to be added to the Company's e-mail list for press releases and updates, please send your e-mail address to dltm@focuspartners.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, including the proceeds from future and plans, objectives, expectations and intentions contained in this Press Release that are not historical facts such as "Negotiations have commenced for the next contract proposal which we believe will be more beneficial to Delta" and "Delta-Wall blocks are now available as samples to builders, developers and other interested organizations and for bulk delivery orders" and "we are cautiously optimistic about finalizing the manufacturing technology and equipment transfer for insulating concrete forms and other environmental processes in the near future." 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.