SETO EARNINGS NEWS JUST OUT - stock moving up
(COMTEX) B: SETO Announced Record Highest Quarterly And Six Months Ne
B: SETO Announced Record Highest Quarterly And Six Months Net Sales And Highest
Net Income For The Six Month Period Ending July 31, 2000
BRIARCLIFF MANOR, N.Y., Sep 14, 2000 (BUSINESS WIRE) -- SETO Holdings Inc.
(OTCBB-SETO) today announced that revenue for six months ended July 31, 2000 was
$13,089,849 as compared to $1,761,845 for the comparable period ended July 31,
1999, an increase of 642 %.
Income from operations for the six months ended July 31, 2000 was $512,182 as
compared to $128,287 for the six months ending July 31, 1999, a 299 % increase
and net income of $ 295,277 as compared to $ 89,413, a 230 % increase as
compared to the six months ended July 31, 1999.
Shareholders Equity for the six months ended July 31, 2000 increased 1.5 % to
$7,865,698 as compared to $ 7,754,828 first quarter ending April 30, 2000 and an
increase of 425% from $1,498,837 as compared to the six months ended July 31,
1999.
As of July 31, 2000, both total assets at $16,615,443 and total current assets
at $ 8,965,362 increased over the previous quarter ended April 30, 2000 by 10.2%
and 10.4% respectively.
Gene Pian, President, CEO of SETO stated, " we are very pleased with the results
for the first half and for the second quarter, even though the second quarter
profits are lower then expected but explainable. Due to the fact that we
experienced 48% growth in revenue from the second quarter ended July 31, 2000
over the first quarter ended April 30, 2000 it resulted in some additional
expenses for the second quarter growth, such as, the additional interest
payments for growth capital required, more travel required for new product
development, the set up of the new SETO corporate office and staff in Malaysia,
new staff for accounting and public relations in SETO New York, the expansion of
the Fimas Electronics factory and the new SMT facility with the new production
lines for Fimas and the R&D costs for the new telecommunication products now
being introduced, all accomplished during the second quarter ended July 31,
2000. Even with all the additional expenses, we still had a gross profit of
$847,013 and an income from operations of $169,615 with a net profit of $33,780
for the second quarter ended July 31, 2000."
"Since most of these additional costs are now behind us, going forward without
many of these expenses and continuing to grow, will reflect in a higher bottom
line. The future continues to look very bright and overall growth is proceeding
as per the Company plan" also said by Gene Pian.
Complete financial statements are available from www.setoholdings.com or EDGAR.
About: SETO Holdings, Inc.
Founded in 1975, SETO Holding, Inc. operates as a broad based technical
manufacturer in two major product groupings: technical Products to industry,
inclusive of diamond tools, wafer fab supplies and technical ceramics; and
Consumer products such as cellular phone batteries, rechargeable batteries for
uses, consumer electronics and telecommunication devices. Please visit the
Company's web sites: www.SETOHOLDINGS.com, www.stidiamond.com,
www.ecsceramics.com, www.fujifab.com, www.hk-batteries.com.hk
Included in this release are "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Although the company believes that
the expectations reflected in such forward-looking statements are reasonable, it
can give no assurance that such expectations reflected in such forward-looking
statements will prove to have been correct. The company's actual results could
differ materially from those anticipated in the forward-looking statements as a
result of certain factors including sales levels, distribution and competition
trends and other market factors.
CONTACT: SETO Holdings Inc.
Thomas Fisher
Public Relations Manager
Tel: 914/923-5000
Fax: 914/923-6225
email: stiandecs@aol.com
setofisher@aol.com
URL: businesswire.com
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