Company Press Release
SETO HOLDINGS, Inc. Announces Increase in Second Quarter Revenues and Net Income for the Six Months Ending July 31, 1999
BRIARCLIFF MANOR, N.Y.--(BUSINESS WIRE)--Sept. 14, 1999--SETO HOLDINGS, INC. (OTC BB: SETO - news) announced today that revenue for continuing operations was $1,761,845 as compared to $1,197,282 for the comparable period ended July 31, 1998, an increase of 47.2%. Income from continuing operations for the six months ended July 31, 1999 was $89,413 as compared to $ 138,701, a 35.5% decrease, due to product changes and a gross profit change from 70% to 50%.
For the second quarter ended July 31, 1999 as compared to the previous year's, the Company's net sales increased 39.7% to $861,058 from $616,457 and net income increased $76,299 or in excess of 900% from $8,062 to $85,361.
Mr. Pian said, ''The change in our product mix shows the growth in the cellular phone battery product line. With the large backlog of orders and the first quarters one time charges now out of the way, we continue to look for the Company to grow revenues and profits as was forecast.''
SETO HOLDINGS, Inc., formerly Semicon Tools, Inc. has been a public Company since 1987 and operates as a broad based manufacturer in two major technical product groupings: Technical products to industry: inclusive of diamond tools, wafer fab supplies and technical ceramics. Consumer products cellular phone batteries.
''Safe Harbor'' statement under the Private Securities Litigation Reform Act of 1995. Statements contained in this release, which are not historical fact and are forward looking statements that involve risks and uncertainties that could cause actual results to differ from projected results. Factors that could cause actual results to differ materially include, among others, economic and political events in or effecting Malaysia, the Company's dependence on the semiconductor industry and other risk factors detailed in the Company's securities and Exchange Commission filings.
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