WTHL Whitehall Enterprises, Inc. Reports 161% Revenue Increase for Fiscal 2nd
Quarter 2001
MIAMI, May 22, 2001 (BUSINESS WIRE) -- Whitehall Enterprises, Inc.,
(OTCBB:WTHL) announced today that revenue for the three months ended March 31,
2001 were $2,041,739, up $1,260,712 or 161% from $781,027 in the second quarter
2000. Expenses for the quarter were $2,039,240. Net loss for the second quarter
2001 was $69,538 compared to a loss of $248,977 for the same period one year
ago. Revenue for the six months ended March 31, 2001 were $4,262,535, up
$3,161,113 or 287% from $1,101,422 in the second quarter 2000. Expenses for the
six months ended March 31, 2001 were $4,262,990. Net loss for the six months
ended was $94,719 compared to a loss of $721,099 for the six months ended March
31, 2000.
The Company's total assets decreased 20% for the 2001 second quarter to
$8,105,645 from $10,133,813. This decrease in assets is mainly attributable to
the restructuring of ALG's wholesale division implemented by the Company's
management. The restructuring not only decreased the Company's loan inventory by
$2,676,409 for the quarter but it also reduced the Company's risk of holding
long term mortgage notes during fluctuating market climates. The Company's total
liabilities decreased $2,370,148 for the period to $4,685,158 versus $7,055,306
for the same period a year ago. The shareholders equity increased $341,980 or
11%, up from $3,078,507 last year to $3,420,487 this year.
"I do not feel that this quarter truly reflects the positive performance of ALG
and that said I am very happy with the financial strides that ALG has made over
the last quarter. James Mack, president of ALG, has demonstrated his commitment
to our mortgage operations and his ability to implement cost cutting measures
yet continue to increase ALG's overall mortgage originations," said Whitehall
President and CEO Luis Alvarez.
"As our business continues to grow, we aggressively review our cost structure in
order to ensure that our growth is achieved efficiently and profitably," stated
James P. Mack. "Each ALG office consistently produces at an increased pace. The
Company has never seen better times. Management is happy, our employees are
happy and our customers are happy," said Mack.
The Company has plans to formally open additional ALG offices in Florida and
Arizona, expects to report originations for May to be consistent with those
reported for April ($24.6 Million) and March ($26 Million) of 2001. Once
formally opened, ALG expects the Florida office to add an additional 25% to the
Company's business and profit margins.
About Whitehall Enterprises
Whitehall Enterprises Inc. (OTCBB:WTHL) is a growth oriented holding company
targeting business acquisitions, which will contribute a diversified asset base
and positive cash-flow for the company and its $71 million tax loss
carry-forward. Whitehall Enterprises' current business activities include
marketing of hair growth stimulation and hair loss prevention technologies, a
state-of-the-art medical diagnosis software, and also offering mortgage banking
services within 12 states of the U.S., including the issuance of residential
title insurance policies.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor"
for forward-looking statements. Certain information included in this news
release (as well as information included in oral statements or other written
statements made or to be made by Whitehall Enterprises, Inc.) contains
statements that are forward-looking, such as statements related to consummation
of the transaction, anticipated future revenues of the companies and success of
current product offerings. Such forward-looking information involves important
risks and uncertainties that could significantly affect anticipated results in
the future and accordingly, such results may differ materially from those
expressed in any forward-looking statements made by or on behalf of Whitehall
Enterprises. For a description of additional risks and uncertainties, please
refer to Whitehall Enterprises, Inc.'s filings with the Securities and Exchange
Commission, including Forms 10K and 10-Q.
CONTACT: Investor Relations Services Inc., New Smyrna Beach, FL
Tom Biggs, 386/409-0200
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KEYWORD: FLORIDA
INDUSTRY KEYWORD: MEDICAL
SOFTWARE
ADVERTISING/MARKETING
BANKING
INSURANCE
EARNINGS
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