LUFKIN, Texas, Dec. 29 /PRNewswire-FirstCall/ -- Treecon Resources, Inc. (OTC Pink Sheets: TCRS) TreeCon Resources today announced results for its fourth quarter and the fiscal year ended September 30, 2006. For fiscal year 2006, the company reported a net income of $3,477,000 or 18.7 cents per share, compared to net income of $3,208,000 or 17.2 cents per share in fiscal year 2005. TreeCon Resources, formerly known as Overhill Corporation, is a holding company that, through its subsidiaries, distributes, leases and provides financing for industrial and logging equipment and is also engaged in sawmill operations.
Although revenue for the year ended September 30, 2006 declined 9.5 percent to $48,334,000 from $53,402,000 for FY 2005, this decline was more than offset by improvements in the gross profit margins at both the equipment and sawmills division. Net income for the fourth quarter was $1,794,000 or 9.6 cents per share, compared to $1,126,000 or 6.0 cents per share, for the same period in FY 2005. Fourth quarter results were enhanced by the company's investment in real estate whereby the company recognized oil industry related right-of way and drill site income.
This release contains statements that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and intended to enjoy the protection of the safe harbor for forward-looking statements provided by that Act. Wayne Creasy Florida AP Partners and Investors disclaim any obligation to update or revise statements contained in this news release based on new information or otherwise. These forward- looking statements are subject to risks, uncertainties and other factors, including, the cost of goods, competitive pressures, inflation, consumer spending patterns and debt levels, trade restrictions, changes in tariff and freight rates, weather conditions, changes in gasoline, diesel fuel and other energy costs, labor costs, health care costs and accident costs, interest rate fluctuations and other capital market conditions and other risks. We urge you to consider all of these risks, uncertainties and other factors carefully in evaluating the forward-looking statements contained in this release. As a result of these matters, including changes in facts, assumptions not being realized or other circumstances, our actual results may differ materially from historical results or from anticipated results implied in the forward-looking statements contained in this release. These forward-looking statements are made only as of the date of this report and we undertake no obligation to update the forward-looking statements to reflect subsequent events or circumstances.
