NEW YORK, Sept. 4, 2013 (GLOBE NEWSWIRE) -- Receivable Acquisition & Management Corporation (OTCBB: RCVA ) d/b/a/Cornerstone Sustainable Energy ("CSE"), has just announced financial results for the quarter ended June 30, 2013.
Tom Telegades, Chief Executive Officer of CSE, commented, "Our results for Q2 2013 show promise for the new direction the Company has embarked upon. We have experienced substantial growth in our energy infrastructure advisory, oversight and management business, and we believe the Company is poised to take full advantage of its exclusive license in the green energy arena."
Q2 2013 RESULTS
Second quarter 2013 revenue increased 67.6% to $235.6 thousand from $140.5 thousand in Q2 2012. The higher revenue was attributable to growth in business, as CSE acquired Columbia University as a client in late 2012.
Net income in second quarter 2013 was $8.9 thousand, or 3.8% of revenue, as compared to $36.9 thousand, or 26.2% of revenue, in Q2 2012. Net income for Q2 2013 included growth in expenses associated with its advisory, oversight and management activities as the Company adjusted to its increased business, as well as substantial expenses relating to the recent merger, effective May 15, 2013.
Total assets increased to $699.7 thousand by the end of the second quarter 2013, an increase of 68.1% over total assets of $416.2 thousand at the end of Q2 2012. A substantial part of this increase is attributable to the value of an exclusive license for a green energy engine technology which converts heat to other forms of energy, a technology with wide application in geothermal and other areas where available heat levels are only moderate.
About Cornerstone Sustainable Energy
Cornerstone Sustainable Energy ("CSE") is focused on energy infrastructure development projects and delivering alternative energy solutions to a wide range of commercial and not-for-profit customers.
CSE's Forward-Looking Statement Safe Harbor
Statements under the Private Securities Litigation Reform Act, as amended: with the exception of the historical information contained in this release, the matters described herein contain forward-looking statements that involve risks and uncertainties that may individually or mutually impact the matters herein described for a variety of reasons that are outside the control of the Company, including, but not limited to, its ability to raise sufficient financing to implement its growth strategy, and its ability to successfully develop and commercialize its proprietary products. Readers are cautioned not to place undue reliance on these forward-looking statements as actual results could differ materially from the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the Company's most recent report on Forms 10-Q, 8-K and other filings made with the SEC. Copies of these reports are available from the SEC's website or without charge from the Company.
Cornerstone Sustainable Energy Thomas Telegades,
