Third Bench’s Commercial Division Experiences Strong Revenue Growth
New America Energy Corp., and its operating subsidiary, Third Bench Holdings, LLC (“Third Bench” or the “Company”), is pleased to announce increased production rates and revenue growth at the Company’s OGB Architectural Millwork (“OGB”) subsidiary in Albuquerque, New Mexico.
OGB concentrates on commercial projects, focusing on casework, architectural ceilings, and custom millwork projects. The projects are typically large-scale projects, such as schools, universities, hospitals, courthouses and other government and private buildings. OGB relies on raw materials from many different types of vendors related to lumber, laminates, hardware, solid surface, and other materials.
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.”
As the Company has reported previously, New Mexico and the entire Southwest that is serviced by OGB is experiencing strong growth. OGB had $618K of revenue in August 2022, a 22% increase from the same period last year; OGB is targeting revenue of $700K for September 2022, which would be a 50% increase from the same period last year. OGB is poised to capture additional business as a result of this strong and growing economic climate.
About Third Bench Holdings, LLC
Third Bench, subsidiary of New America Energy Corp., operates five subsidiary companies operating as architectural millwork and dealers in the cabinetry, kitchen and bath areas. Third Bench, through its subsidiary companies, offers products in these categories: residential cabinets and countertops and commercial millwork throughout the Western U.S. for customers from California to Texas. Third Bench also provides installation services as a part of its vertical offering. Third Bench employs over 130 people and had revenue of about $24 million in 2021. These projections have been provided by management and do not include the additional acquisitions that are currently under review.
Source: Third Bench Holdings, LLC