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Whitehall Enterprises Announces First-Ever Profit
08/23 07:46
MIAMI--(BUSINESS WIRE)--Aug. 23, 1999-- Company Reports Net Income of $65,797 for the First Nine Months of 1999 Compared to a $178,000 Loss for Same Period Last Year
Whitehall Enterprises Inc. (OTC BB: WTHL), a leading plastics manufacturer, Monday announced results for the quarter ended June 30, 1999.
Net income increased to $53,175 for the second quarter ended June 30, 1999, compared to a loss of $22,575 for the second quarter of 1998. For the nine months ended June 30, 1999, net income was $65,797 compared to a loss of $177,691 for the same period last year. As of this date, the company has reported 124,900,000 shares outstanding.
"We are thrilled to report a profit," said new President and Chief Executive Officer Luis Alvarez, "Whitehall has never experienced a profitable quarter since its inception in 1988, so this is a major milestone for us and our shareholders. We have clearly reached a turning point and we are heading full speed into the new millennium."
The increase is primarily due to the company's acquisition of MBM Limited, a Canadian manufacturer of plastics, in December 1998. MBM maintains strategic relationships with such notable North American corporations as Johnson Amp; G.K. Packaging; Fenton Webber; Novo Pharm; Jones Packaging and the Canadian shampoo division of L'Oreal. The acquisition of MBM has enabled Whitehall to begin rebuilding its financial foundation and forge new acquisitions.
Whitehall is now in compliance with the SEC and will retain its original OTC Bulletin Board trading symbol of WTHL, dropping the "E" stipulation at the end.
Whitehall Enterprises Inc. (OTC BB: WTHL) is a growth-oriented holding company targeting business acquisitions which will contribute a diversified asset base for the company. The company's current business activities include manufacturing of plastic containers for pharmaceutical and healthcare companies.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this news release (as well as information included in oral statements or other written statements made or to be made by Whitehall Enterprises Inc.) contains statements that are forward-looking, such as statements relating to consummation of the transaction, anticipated future revenues of the companies and success of current product offerings. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of Whitehall Enterprises Inc. For a description of additional risks and uncertainties, please refer to Whitehall Enterprises Inc. filings with the Securities and Exchange Commission, including Forms 10-K and 10-Q.
WHITEHALL ENTERPRISES INC.
Formerly Total World Telecommunications Inc.
Consolidated Statement of Operations - Unaudited
For the Nine Months and Three Months Ended June 30, 1999 and 1998
Nine Months Three Months Nine Months Three Months
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
1999 1999 1998 1998
Revenues from
Operations
Sales $ 3,005,959 $ 1,186,703 $ 18,592 $ 12,056
Cost of Sales 2,269,783 887,632 -- --
Gross Profit 736,176 299,071 18,592 12,056
Consulting Fees 53,566 53,566 -- --
Total Operating
Revenues 789,742 352,637 18,592 12,056
Operating Expenses
Sales, General and
Administration 645,317 265,765 179,606 32,291
Depreciation 78,628 33,697 7,020 2,340
Total Operating
Expenses 723,945 299,662 186,626 34,631
Income (loss) from
operations 65,797 53,175 (168,034) (22,575)
Other income -
Interest 93,168 44,849 6,496 --
Total Other Expenses 93,168 44,849 16,153 14,904
Net Income (loss) $ 65,797 $ 53,175 $ (177,691) $ (37,479)
Net Income (loss)
Per Common Share -- -- -- --
Number of Shares
Used in
Computation 124,900,000 124,900,000 114,888,800 114,888,800
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