(COMTEX) B: SETO Holdings, Inc. Announces Highest Revenues for Nine M
B: SETO Holdings, Inc. Announces Highest Revenues for Nine Months of $2,482,794
with a Small Loss of $25,914.
BRIARCLIFF MANOR, N.Y., Dec 16, 1999 (BUSINESS WIRE) --
Fiscal Year Ending January 31, 2000 Forecast at a Profit
with $7.0 million in Revenues
SETO Holdings Inc. (OTC BB:SETO) announced today that revenues from
continuing operations was its highest for both the nine month period
ended October 31, and for a third fiscal quarter.
For the nine (9) months ended October 31, 1999 compared to the nine (9)
months ended October 31, 1998 sales increased 30.5% to $2,482,794 from
$1,903,149. However, income from continuing operations went from a
profit of $194,893 for the period ending October 31, 1998 to a loss of
$25,914 for the current nine (9) months.
For the third quarter ended October 31, 1999 compared to the previous
year's quarter ended October 31, 1998, the company's sales increased
2.1% to $720,949 from $705,867. Income from continuing operations went
from a profit of $56,192 for the previous year's quarter ended October
31, 1998 to a loss of $115,327 for the current quarter.
The Company's President, Gene Pian, pointed out that during the quarter
just ended operating results were strongly influenced by certain one
time non-cash charges associated with the exercise of stock options,
certain initial public relations and marketing expenses for the new
cellular phone product line and non-recurring acquisition process
costs. However, Mr. Pian stated that the payback for a large part of
these expenditures was the closing on two acquisitions post the third
quarter.
The Company acquired Hong Kong Batteries Industries, Ltd. located in
Hong Kong and Fimas Sdn Bhd located in Malaysia. Mr. Pian noted that,
for the 2 1/2 month period that will apply, the acquisitions fourth
quarter contributes will be substantial. He believes that the Company's
yearly revenue for fiscal year 1999 will, thus, approximate a
profitable $7.0 million. Further, pro forma sales for next year, is
anticipated to be $24 million with an associated profit in excess of
$500,000.
See the new Corporate Profile on our web site: www.setoholdings.com
SETO HOLDINGS, Inc., formerly Semicon Tools Inc. has been a public
Company since 1987 and 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.
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 facts 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.
Copyright (C) 1999 Business Wire. All rights reserved.
Distributed via COMTEX.
-0-
CONTACT: Investor Relations:
LaGuardia GFS call at toll free
1-800-292-1361 or
LaGuardia GFS web site: www.TwoTrades.com
or
Company web site: www.SETOHOLDINGS.com,
www.stidiamond.com, www.ecsceramics.com, or
www.fujifab.com
email: stiandecs@aol.com
WEB PAGE: businesswire.com
GEOGRAPHY: NEW YORK
INDUSTRY CODE: CONSUMER/HOUSEHOLD
HARDWARE
MANUFACTURING
RETAIL
EARNINGS
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
*** end of story *** |
