VALH- COMPANY IS REALLY TURNING IT AROUND THESE DAYS..
(COMTEX) B: Value Holdings, Inc. Posts Year End Revenues of $46,065,9
B: Value Holdings, Inc. Posts Year End Revenues of $46,065,939
MIAMI, Jan 31, 2000 (BUSINESS WIRE) -- Value Holdings, Inc.
(OTCBB:VALH) today announced revenues of $46,065,939 for the year ended
October 31, 1999. Revenues for the company's fiscal fourth quarter were
more than $21 million, 24% higher than the previous quarter.
Earnings before interest, taxes, depreciation and amortization were $2,
328,475. Net income rose to $993,365 as compared to a net loss of
$2,896,746 in 1998. The company also recorded a gain of $225,264 due to
foreign currency translation, giving the company comprehensive income
of $1,218,629. Additionally, due to the tremendous increase in sales
during the last fiscal year, the company elected to increase its bad
debt reserve to $541,000. Value Holdings expects that a portion of this
reserve will come back into income in subsequent quarters.
Lumber operations accounted for $45.7 million in revenues while
licensing fees from Cami's Seafood & Pasta restaurant operations
accounted for $354,328. The lumber operations were acquired on February
25, 1999, therefore revenues from lumber operations were only for the 8
months since the acquisition. 1998 revenues were $348,434 coming solely
for licensed restaurant operations.
"Our results are an indication of the strength of our company, the hard
work of our employees, and the vision of our management," said Robert
Ziner President and CEO of Value Holdings. "Our growth has come from
inside the company. With the closing of our pending acquisitions we
look forward to continued growth in the future."
Value Holdings has previously announced its intent to purchase Harron
Home Hardware, Cutler Forest Products and Seabright Wood Fabricators.
The company's total assets rose to $24,428,015, while total liabilities
were $18,051,070.
Value Holdings, Inc. (OTCBB:VALH)
Results for the Fiscal Year Ended October 31, 1999
With Comparative Data For The Fiscal Year Ended October 31, 1998
For the Fiscal Year For the Fiscal Year
Ended Oct. 31, 1999 Ended Oct. 31, 1998
Revenues $46,065,939 $348,434
Earnings (loss) before
interest, taxes, amortization
and depreciation 2,328,475 (4,148)
Net Income (Loss) 993,365 (2,896,746)
Earnings (Loss) Per Share
(Basic) (1) .0076 (.0459)
Earnings (Loss) Per Share
(Diluted) (1) .0071 --
(1) Earnings per share were calculated after subtracting the preferred
stock dividend of $162,775 from Net Income for Fiscal 1999.
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