Amazing Revenue Growth: $13,089,849 as compared to $1,761,845
Market Makers will probably delay processing of buy orders and allow a few people to buy at the bid again to make it look like people are selling. Sooner or later, this Company's excellent performance will get noticed and the stock price will reflect it.
(BSNS WIRE) SETO Announced Record Highest Quarterly And Six Months Net Sale
SETO Announced Record Highest Quarterly And Six Months Net Sales And Highest
Net Income For The Six Month Period Ending July 31, 2000
Business Editors
BRIARCLIFF MANOR, N.Y.--(BUSINESS WIRE)--Sept. 14, 2000--SETO
Holdings Inc. (OTCBB-SETO) today announced that revenue for six months
ended July 31, 2000 was $13,089,849 as compared to $1,761,845 for the
comparable period ended July 31, 1999, an increase of 642 %.
Income from operations for the six months ended July 31, 2000 was
$512,182 as compared to $128,287 for the six months ending July 31,
1999, a 299 % increase and net income of $ 295,277 as compared to $
89,413, a 230 % increase as compared to the six months ended July 31,
1999.
Shareholders Equity for the six months ended July 31, 2000
increased 1.5 % to $7,865,698 as compared to $ 7,754,828 first quarter
ending April 30, 2000 and an increase of 425% from $1,498,837 as
compared to the six months ended July 31, 1999.
As of July 31, 2000, both total assets at $16,615,443 and total
current assets at $ 8,965,362 increased over the previous quarter
ended April 30, 2000 by 10.2% and 10.4% respectively.
Gene Pian, President, CEO of SETO stated, " we are very pleased
with the results for the first half and for the second quarter, even
though the second quarter profits are lower then expected but
explainable. Due to the fact that we experienced 48% growth in revenue
from the second quarter ended July 31, 2000 over the first quarter
ended April 30, 2000 it resulted in some additional expenses for the
second quarter growth, such as, the additional interest payments for
growth capital required, more travel required for new product
development, the set up of the new SETO corporate office and staff in
Malaysia, new staff for accounting and public relations in SETO New
York, the expansion of the Fimas Electronics factory and the new SMT
facility with the new production lines for Fimas and the R&D costs for
the new telecommunication products now being introduced, all
accomplished during the second quarter ended July 31, 2000. Even with
all the additional expenses, we still had a gross profit of $847,013
and an income from operations of $169,615 with a net profit of $33,780
for the second quarter ended July 31, 2000."
"Since most of these additional costs are now behind us, going
forward without many of these expenses and continuing to grow, will
reflect in a higher bottom line. The future continues to look very
bright and overall growth is proceeding as per the Company plan" also
said by Gene Pian.
Complete financial statements are available from
www.setoholdings.com or EDGAR.
About: SETO Holdings, Inc.
Founded in 1975, SETO Holding, Inc. 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; and Consumer products such as cellular phone
batteries, rechargeable batteries for uses, consumer electronics and
telecommunication devices. Please visit the Company's web sites:
www.SETOHOLDINGS.com, www.stidiamond.com, www.ecsceramics.com,
www.fujifab.com, www.hk-batteries.com.hk
Included in this release are "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Although the company believes that the expectations reflected in such
forward-looking statements are reasonable, it can give no assurance
that such expectations reflected in such forward-looking statements
will prove to have been correct. The company's actual results could
differ materially from those anticipated in the forward-looking
statements as a result of certain factors including sales levels,
distribution and competition trends and other market factors.
--30--jtp/ny*
CONTACT: SETO Holdings Inc.
Thomas Fisher
Public Relations Manager
Tel: 914/923-5000
Fax: 914/923-6225
email: stiandecs@aol.com
setofisher@aol.com |
