Interline Resources Corp. reported an 82 percent increase in revenues for the second quarter of 1995, ending June 30, compared to the same period in 1994.
On second quarter 1995 revenues of $3,917,171 the company reported a net loss of $33,125. For second quarter 1994, Interline reported revenues of $2,143,877 and a net loss of $230,116.The increase in revenues was attributed to a 205 percent increase in construction revenues for the second quarter. Much of the increase came from construction of re-refineries for Quaker State Resources and Dukeun Industrial Co. of South Korea and from supervising assembly of the Dubai refinery for Gadgil Western Corp.
Oil and gas revenues for second quarter 1995 increased 2.7 percent compared to second quarter 1994 revenues. The company did not receive any re-refining revenues for second quarter.
As of June 30, uncompleted commercial and industrial work under contract was $6,100,900 compared to $2,183,119 as of June 30. Uncompleted work under contract for re-refining was $3,475,614 as of June 30 compared to $0 for June 30, 1994.
Interline's loss was mainly attributed to a decrease in gross margins and an increase in selling, general and administrative expenses. Gross margins decreased because of larger commercial and re-refining construction contracts. Selling, general and administrative expenses have increased as Interline has focused on expanding its re-refining technology.
"We lost money this quarter because we are investing in the personnel to bring our technology to the world," said Michael Williams, president of Interline. "We've hired engineers, refining experts and other staff and conducted extensive research and development to perfect our technology and to accommodate requests from companies worldwide to use our technology."
"During second quarter, we built our first commercial plant in the world to use our technology in Dubai," Williams said. "This is the beginning of Interline plants throughout the world. Revenues will soon begin to reflect our worldwide re-refining activity."