CENTENNIAL, Colo., March 2 /PRNewswire-FirstCall/ -- CET Services, Inc. reported revenues of $3,223,000 for 2005, down approximately 20% from $4,018,000 in 2004. The decrease reflects lower sales of residential housing units at Sites II & III of the Company's development project in Westminster, Colorado. Ongoing water services activity declined some 21% and accounted for less than 15% of total revenues in 2005. A net loss of $397,000, or ($0.07) a share, was incurred for 2005 as compared to a net loss of $277,000, or ($0.05) a share, for 2004.
Steven H. Davis, President and Chief Executive Officer, said, "Sales of housing units at the Westminster development sites were disappointing and lower than what the Company had anticipated. The Company continues to seek additional opportunities and is focused on Phase II of its Westminster redevelopment project."
Further, Mr. Davis noted that the Company is continuing its exploratory efforts for business opportunities that could aid in regaining compliance with the Amex listing standards.
CET Services, Inc. is engaged in niche property development in urban areas with a preference for projects requiring some degree of remediation.
CET Services, Inc.
Year Ended 12/31
2005 2004
Revenues $3,223,072 $4,018,308
Net Loss ($396,770) ($276,748)
Loss Per Share
Basic & Diluted ($0.07) ($.05)
Weighted Average
Shares Outstanding
Basic & Diluted 5,554,489 5,545,090
Statements in this press release that are not strictly historical are "forward-looking" statements within the meaning of the Safe Harbor provisions of the federal security laws. Forward-looking statements involve risks and uncertainties, including, but not limited to, the cyclical nature of residential housing in general, local economic conditions, interest rate volatility, weather related factors, and fluctuations in building material prices and other risks detailed from time to time in the Company's Form 10-KSB and other regularly filed reports.
