Dallas-based RG America Inc. announced first quarter 2005 net cash-flow results of $293,000. RG America is a family of companies offering construction/restoration and financial services and products primarily to the multi-family housing industry.
Commenting on the earnings, J.E. (Ted) Rea, CEO of RGA, said, “For the second quarter in a row we have been cash-flow positive and are very encouraged about the prospects ahead of us. Our subsidiary, RG Restoration Inc., has been very busy in the Florida panhandle with the major damage caused by Hurricane Ivan last fall, and based on existing contracts, plus those currently in our pipeline, we anticipate continuing our operations in Florida through the end of 2005.”
RGA reported a net profit of $21,300 after non-cash adjustments items for the first quarter. “We think that we have successfully shown that our operations continue to prove out our business strategy and with it, the profitability we are beginning to see today,” Rea continued.
RG Restoration Inc. specializes in reconstructing multi-family and commercial properties damaged by fire, flood, hail or wind. RG Insurance Services Inc. is a full lines insurance agency. It will be the general agency for RGA’s proprietary property and casualty insurance product called PropertySMART.
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