Value Holdings, Inc. First Quarter Revenues Exceed $24,000,000
MIAMI, Mar 15, 2000 (BUSINESS WIRE)
March 15, 2000 10:03 AM EST
Value Holdings, Inc. (OTCBB:VALH) today announced revenues of $24,521,702 for the quarter ended January 31, 2000.
Net income for the quarter was $1,949,791. This financial information was provided in the company's filing on Form 10-QSB filed with the Securities and Exchange Commission.
Earnings before interest, taxes, depreciation and amortization were $2,733,832. Net income was $1,949,791 as compared to a net loss of $166,886 for the same quarter in 1999. Additionally, due to the fluctuations in the price of lumber, the company elected to create a reserve of $500,000 for inventory adjustments.
Lumber operations accounted for $24.4 million in revenues while licensing fees from Cami's Seafood & Pasta restaurant operations accounted for $77,997. The results reported on the company's 10-QSB do not include any revenue from its acquisition of Harron Lumber and Building Supplies as that acquisition was completed subsequent to the end of the quarter. Additionally, the new industrial division formed at the end of the quarter did not add significantly to revenues during the quarter.
"Our sales remained strong through the winter months giving us record revenues and earnings," said Robert Ziner President and CEO of Value Holdings. "Our growth continues to come from inside the company. We eagerly anticipate the contribution to be made by Harron Lumber during the current quarter. Once again it is the hard work of our people in the yard, our sales and office staff and our management team, working together, growing our business month to month and quarter to quarter."
Mr. Ziner also said that the company intends to continue to seek out acquisitions in the forest products sector. The company expects to close on its purchase of Cutler Forest Products and Seabright Wood Fabricators at the beginning of its third fiscal quarter.
The company's total assets rose to $34,019,788, while total liabilities were $24,580,635.
Value Holdings, Inc. (OTCBB:VALH)
Results for the Quarter Ended January 31, 2000
With Comparative Data For The Quarter Ended January 31, 1999
For the Quarter Ended For the Quarter Ended
January 31, 2000 January 31, 1999
--------------------- --------------------
Revenues $24,521,702 $97,785
Earnings (loss) before
interest, taxes,
amortization and
depreciation 2,733,832 74,397
Net Income (Loss) 1,949,791 (166,886)
Earnings (Loss)
Per Share (Basic)(a) .023 (.002)
Earnings (Loss)
Per Share (Diluted) .021 --
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