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CAVU Resources, Inc. Announces 2012 Financial Results
CAVU Resources, Inc. Announces 2012 Financial Results.
About this update from Cavu Resources Inc.
[{"type":"text","content":"\n\n\n\n\n\n\n\nCAVU Resources, Inc. Announces 2012 Financial Results\n\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:\"0in\";\n}\n\n\n\n\n\n\n\n\n\n\nCAVU Resources, Inc. Announces 2012 Financial Results\n\nPR Newswire\n\nTULSA, Okla., April 2, 2013\n\n\n\n\n\n\n\nTULSA, Okla., April 2, 2013 /PRNewswire/ -- CAVU Resources, Inc. (CAVU) which trades as (OTC Pink: CAVR) announced earnings for the year ended December 31, 2012 of $.0019 per share, fully diluted. Earnings for the year ended December 31, 2011 were $.01 per share, which were enhanced by a much larger gain on sale of equipment. Net Sales Revenue was $734,168 versus $627,148 in 2011. To view the filings go to www.otcmarkets.com. \n\n\nCAVU CEO, Louis Silver stated, \"2012 was a year of operational and corporate development in which CAVU disposed of assets that are not consistent with our core focus, executed on our plan to begin re-working more of our wells to allow for greater revenue generation, renegotiated and terminated business arrangements that were not working for the benefit of our shareholders, and cleaned up our balance sheet.\"\n\n\nSilver, who became CEO in January, 2013 further commented, \"Consistent with our strategic plan to optimize shareholder returns from the company's productive assets, we terminated the Joint Venture Agreement with CAVU Global, for contractual reasons. We believe that the company's prospects are improved by maximizing our options available to develop our assets in the most flexible manner. We are executing on plans to develop our properties, negotiating with potential investors in order to accelerate growth, and proceeding in an appropriately managed and judicious manner. We are happy with our progress in strengthening our balance sheet. Accounts payable were reduced by $519,000, notes payable, by $1,137,000, and shareholder's equity was increased by $1.8 million, to $5.6 million. As our revenues increase this year from adding more wells to production, we are hopeful of becoming a debt-free company by year-end.\"\n\n\n\nAbout CAVU Resources, Inc. \n\n\n\nCAVU was formed with t...