Look at Seto fella's !
BRIARCLIFF MANOR, N.Y.--(BUSINESS WIRE)--June 14, 2000--SETO
Holdings Inc. (OTCBB-SETO) today announced that revenue for first
quarter ended April 30, 2000 was $5,289,422 as compared to $900,787
for the comparable period ended April 30, 1999 an increase of 487 %.
Income from operations for the quarter ended April 30, 2000 was
$341,604 as compared to $11,864 a 2,779% increase and net profit of
$272,871 as compared to $ 4,052 income, a 6,634 % increase as compared
to the quarter ended April 30, 1999. Shareholders Equity increased
16.9% to $7,754,828 from $6,669,662 as compared to last quarter and an
increase of 467% from $1,367,485 as compared to quarter ended April
30, 1999.
This is the first quarter that includes the complete results of
all the existing subsidiaries. Revenue and profit are on target for
the forecast and goals SETO has set for this year and are expected to
continue growing during the remainder of 2000. The quarter ended April
30, 2000 was actually short of two weeks production due to the Asian
holidays in February and is historically the lowest revenue producing
quarter for the year especially for consumer products, which generate
SETO's largest revenue at this time. Even with the shorter 10 week
quarter, the results prove the success of SETO. The second and third
quarters are typically the strongest for consumer products and are
expected to reflect additional increases in revenue and profit as
compared to the first quarter. The expansion of the FIMAS Electronics
facility and capacity during July and August 2000 and the increase in
production at SUZHOU SETO Electronics in CHINA, will support the
additional orders received recently and help meet our forecast, said
Gene Pian, President and CEO of SETO Holdings Inc. |
