United Energy Corporation, a producer of specialty chemicals products used in the oil and gas service industry, today announced that revenues have increased substantially and that the company has simultaneously decreased its operating expenses for the three and nine months ended December 31, 2008.
Revenues for the three months and the nine months ended December 31, 2008 were $343,530 and $941,524, respectively, versus revenues of $103,691 and $493,708 for the three and nine months ended December 31, 2007, an increase of 231.3% and 90.7%, respectively.
Operating expenses for the three months and nine months ended December 31, 2008 declined $199,724 and $562,786, respectively, a decrease of 31.7% and 28.7%, respectively, when compared to the three and nine months ended December 31, 2007.
United Energy also reported a strong increase in sales to its largest customer, Petrobras America Inc. Sales to this company totaled $352,750 for the nine months ended December 31, 2008, as compared to $80,452 during the prior year period, an increase of 337.5%. According to press release, the increase in sales can be attributed to the expansion of United Energy’s distribution into several regions of Brazil, including Macae and Salvador.
Ronald Wilen, Chief Executive Officer, stated, “We are very pleased with the company’s performance during the past nine months. Our products are beginning to gain international recognition. During the past nine months we sold products in Brazil, Venezuela, Mexico, Trinidad, Nigeria, the United States and Canada. And we have been able to increase our sales while continuing to successfully reduce our operating expenses.
He added, We believe the sales growth directly reflects our ability to increase customer’s production in an environmentally safe manner. We remain optimistic about our ability to continue to drive growth in our existing markets as well as open new markets for our products.”