For the second quarter 2013, the Company recognized revenues of $1,314, 139 compared to $2,809, 101 for the quarter ended June 30, 2012. The decrease in revenue is due entirely to the extremely harsh winter which lasted well into May. For the six months ended June 30, 2013 the Company recognized revenues of $1,761, 221 compared to $4,919, 871for the six months ended June 30, 2012. Gross loss for the three months ended June 30, 2013 was $158,266 compared with a gross profit of $179,464 for the three months ended June 30, 2012. For the six months ended June 30, 2013 the gross loss was $959,393 versus a gross profit of $402,391 for the same period 2012. For the three months ended June 30, 2013, the Company incurred general and administrative expense of $1,022, 890 compared with 387,503 for the three months ended June 30, 2012. Overall, general and administrative costs increased during the period primarily due to the increase in payroll and depreciation. For the six months ended June 30, 2013 the general and administrative expenses were $1,747, 601 versus $922,589 for the six months ended June 30, 2012.
Burke Bentley, President of Luminart Corporation, stated: "While weather conditions continued to impact key market areas into the second quarter, we believe we have executed a strategy that promotes growth over the long term. We are well positioned to leverage a strengthening business environment for our products and services. We continue to see a growth trend in all aspects of infrastructure development. We anticipate this trend will continue and remain well-positioned to capitalize these opportunities.”
This quarter, the Company achieved a major milestone by adding financing capacity to $5,000, 000 with the Company’s funding source, CapFlow Funding Group Managers LLC, Rutherford, NJ. In addition, after rigorous due diligence, CapFlow Funding has taken an equity position with the Company and has assumed a seat on the Company board of directors. Mr. Paul Durosko will assume the seat on the board. Mr. Durosko brings extensive financial and lending experience thru Vice President positions with TAB Bank, Morgan Stanley/Smith Barney, Acorn Capital Group, and Capflow Funding Group. CapFlow Funding is a private commercial lending platform backed by limited partner capital specializing in factoring, accounts receivables and inventory financing, purchase order funding as well as other asset based lending solutions.
About Luminart Corp. and Its Subsidiaries
Luminart Corp. (luminart.com) subsidiaries: B3 Well Services, White Star Sand & Gravel, Black & Blue Water, OutWest Field Services, Westby Rock & Gravel, LLC are focused on the expansion of contract hauling materials for infrastructure development in North Dakota, mining and processing materials for road building, providing storage and hauling of pipe, supplying crane operations and qualified riggers, transporting of miscellaneous heavy equipment, well drilling and expansion of the base camps in the North Dakota operations, sales and marketing.
This press release may contain forward-looking statements, including, but not limited to, statements regarding Luminart Corp. and their plans, products and related market potential. Forward-looking statements may be identified by the use of the words "anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential" or "continue" and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties discussed in Luminart Corp.'s filings with the Pink Sheets, which factors are incorporated herein by reference. Readers are cautioned not to place undue reliance on any of these forward-looking statements. Luminart Corp. undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect actual outcomes.