Value Holdings, Inc. Announces 1st Quarter Results
- Company Reports Net Loss of $2 Million -
MONDAY , MARCH 19, 2001 10:32 PM
MIAMI, Mar 19, 2001 /PRNewswire via COMTEX/ -- Value Holdings, Inc. (OTC Bulletin Board: VALH), a building materials distribution company creating a geographic network of companies across North America, today announced financial results for the quarter ended January 31, 2001.
Revenues for the quarter ended January 31, 2001 decreased to $16,204,151 million from $24,439,453 million during the same quarter last year. Net income for the quarter ended January 31, 2001 was a loss of ($2.1) million or ($0.02) per basic share and ($0.01) per diluted share versus $0.02 per basic share and $0.02 per diluted share on a comparable basis for the same period of the prior year.
The Company also reported the following operating information. Declining lumber prices as well as bad weather this winter impacted margins and sales. Additionally, the company is in the process of phasing out unprofitable US sales.
"Over the past quarter, we have been phasing out unprofitable relationships in order to pursue higher margin relationships. Clearly, we have been reorganizing in order to prepare for our growth and rollup strategy. At this stage, the management is carefully working toward our goal of becoming the dominant North American player in the building materials distribution industry," said Robert Ziner, Chairman of Value Holdings, Inc.
About Value Holdings, Inc.
Value Holdings, Inc. is creating a geographic network of building materials distribution companies across North America. The Company plans to rationalize the supply chain in order to redefine the logistics of the industry. It will utilize advanced IT and communication technologies to integrate its marketing opportunities. The corporate goal is to acquire and consolidate distribution companies and improve their efficiencies in order to build the largest, lowest cost distributor of building materials in North America. |
