On Thursday, New America Energy Corp (OTCMKTS:NECA) made a major new joint announcement with its subsidiary Third Bench Holdings LLC. The announcement was with regards to the Third Bench Holdings subsidiary OGB Architectural Millwork, which is located in Albuquerque in New Mexico.
Trading Data
On Thursday, NECA stock ended flat at $0.0002 with 11.76 million shares, compared to volume of 37.88 million shares. The stock moved within a range of $0.0002 – 0.0003 after opening trade at $0.0002.
Third Bench’s Commercial Division Experiences Strong Revenue Growth
It was announced that OGB Architectural Millwork had managed to record higher production rates and consequently clocked revenue growth as well. In this regard it ought to be noted that OGB Architectural Millwork is mainly involved in commercial ventures and most of its focus is architectural ceilings, custom millwork projects and also casework.
The Chief Executive Officer of the company David Fair spoke about the development as well. He note that OGB Architectural Millwork was always making an effort so as to time the ordering of materials perfectly so as to ensure that there was no waiting time involved with regards to the completion of a project.
He admitted that there had been some ‘miscalculations’ in the previous quarters but in recent times things have become much better and that was the reason why OGB Architectural Millwork was seeing such a turnaround in fortunes. It remains to be seen how the New America Energy Corp performs today.
Key Quote
David Fair, CEO of the Company stated, “We are constantly trying to properly time our ordering of materials so that we are not waiting to finish projects, but also so that we are not sitting on too much inventory. This balancing act has been much more difficult for the last several quarters, and we have certainly made a few miscalculations on our end. It is nice to see things are getting back to better predictability, allowing us to timely deliver for our customers, and maintain appropriate margins.”
Technical Data
NECA stock is above the 20-Day and 50-Day Moving averages of $0.0002 and $0.0002 respectively. However, the stock is trading below the 200-Day moving average of $0.0004. The stock is down 33% over the past 6-month.
