Business
CAVU Resources, Inc. announces sale of $2.645M property to homebuilder JP Orleans, releases Q1 earnings, and reaffirms annual guidance
CAVU Resources, Inc. announces sale of $2.645M property to homebuilder JP Orleans, releases Q1 earnings, and reaffirms annual guidance.
About this update from Cavu Resources Inc.
[{"type":"text","content":"\n CHARLOTTE, N.C., May 26, 2021 (GLOBE NEWSWIRE) -- CAVU Resources, Inc’s (OTC: CAVR) wholly owned subsidiary, Sinacori Builders, closed on the sale of Alexander Manor to JP Orleans who will build million-dollar homes in the South Park area of Charlotte. In addition, the company released its Q1 earnings, and its CEO, Kevin Vincent Cox re-affirmed the company’s annual guidance. maintained its revenue and earnings in its Q1 2021 report despite record inflationary pressures within the industry. The company is reporting Q1 earnings of $0.1 million on Q1 revenue of $1.3 million. “While it took longer than expected, we are excited to announce the sale of Alexander Manor. We expect to begin several significant projects which we believe will deliver strong results in future quarters and I believe the real estate division will achieve record year over year growth in 2021 over 2020.” – Russ Sinacori, President and COO “I have reviewed our financials and have confidence in our annual reporting for 2020 and for Q1 2021. We have established good processes and internal controls to ensure timely and accurate filings. On a trailing twelve-month basis our revenue and earnings contain solid growth with earnings before interest, taxes, depreciation and amortization, a non-GAAP measure, of over $1.0 million on over $10.3 million of revenue. Our Work in Progress and closing pipeline is dramatically higher than it was at this point last year, and we expect to see the positive impact of that on our financials through the rest of this year.” – Grant Edwards, CFO The company is implementing the strategy laid out by Bob Silver, Russ Sinacori, and Kevin V. Cox earlier this year. “The projects we have in place, the acquisitions we intend to make, and the operational changes we are implementing in our real estate division will have a material positive impact on earnings for the company this year. I am confident we will achieve the record results in our real estate division we have forecasted. When we layer in execution of our strategy in each of our other four divisions – I believe the annual results for the entire company will not only meet our forecast, we will likely will surprise on the upside.” – Kevin V. Cox, CEO CAVU Resources, Inc CAVU Resources is a platform holding compa...