Monday August 16, 11:19 am Eastern Time
Company Press Release
SOURCE: Eastbrokers International Incorporated
Eastbrokers International Reports First Quarter Profit Of $0.08 Cents Per Share Compared to a $.04 Cent Loss From Prior Period; Record Revenues of $10.35 Million
ROCKVILLE, Md., Aug. 16 /PRNewswire/ -- Eastbrokers International Incorporated (Nasdaq: EAST - news; Berlin, Frankfurt: ETB) announced today that for the three months ended June 30, 1999, it reported a net income of $456,834, or $.08 cents per share, compared to the prior year net loss of $210,257, or $.04 cents per share. The Company also reported record revenue of $10.35 million compared to $4.13 million from the prior years period, a 250% increase. Income from continuing operations before tax and minority interest was $826,487, compared to a loss of $76,763 from the prior years period.
''During our first quarter, we were able to grow our business at record levels in all departments. Our decision to eliminate the unprofitable operations in Europe and focus on the areas that are poised to show significant gains has proven successful. We believe that our remaining infrastructure is expected to show profitability going forward. We are very focused on bringing several globally focused internet projects to the market, which we believe will generate significant revenues. We are also focused on the further expansion of our core brokerage network in the US and in Europe, through acquisitions such as the JB Sutton Group, which we anticipate to close in the next two months,'' said Martin A. Sumichrast, Chairman and CEO.
Eastbrokers International operates a highly diversified, international, investment banking and securities network. In Europe, Eastbrokers operates WMP Bank AG, an Austrian bank and brokerage company, in which the Company maintains a majority interest. The Company also operates other brokerages throughout Central and Eastern Europe. In the United States, the Company operates EBI Securities Corporation, an NASD member, full service, investment banking and brokerage firm with 20 offices. For further information about the Company, please contact the US corporate headquarters at 704.643.8220 or by e- mail at info@eastbrokers.net.
Certain information contained in this press release includes forward- looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and is subject to certain risks and uncertainties, including but not limited to the effect of political, technological, economic and market conditions both domestically and in Eastern and Central Europe and those referred to in the discussion of risks and uncertainties set forth in the Company's Annual Report on Form 10-KSB for the fiscal year ended March 31, 1999, and in the Company's other reports filed pursuant to the Securities Exchange Act of 1934. Readers are cautioned not to place undue reliance on these forward-looking statements, which are made as of the date hereof and the Company undertakes no obligation to release any revisions to the forward- looking statements to reflect events or circumstances after the date hereof or to reflect unanticipated events or developments. |
