RR, TAKE A LOOK ON NEWS AFTER CLOSE TODAY EDII.WOW.LOOK THE PROFITS.UNBELIEVABLE, AND THE STOCK AT .025, ON A .02 PER SHARE PROFITS THROUGH THIRD Q SEPTEMBER.
(BSNS WIRE) American International Industries Inc. Reports Third Quarter Re
American International Industries Inc. Reports Third Quarter Results
Business/Energy Editors
KEMAH, Texas--(BUSINESS WIRE)--Nov. 13, 2001--American
International Industries Inc. (OTCBB:EDII) reports net income of
$866,384 for the quarter ended Sept. 30, 2001 compared to net income
of $64,473 for the same period in the previous year. For the nine
months ended Sept. 30, 2001 the company reported net income of
$2,365,710 or $0.02 per share, which compares to a year-to-date loss
last year of $478,357.
John W. Stump, III, chief financial officer, explained that during
the current quarter, the sale by the Company's Real Estate Division of
Houston property, having a cost basis of $54,000, yielded proceeds of
$427,500. Northeastern Plastics reported operating income of $376,445
and Unlimited Coatings posted profits of $28,624. Also contributing to
the current quarter results, the Company recorded a $150,000
adjustment related to the cancellation of shares of Company stock
which had been issued during the first calendar quarter as consulting
expense. Efforts to reduce property tax assessments resulted in the
significant reduction of the reserves necessary to satisfy those
obligations. This resulted in a $140,000 reduction in tax expenses.
American International Industries Inc. is a growing holding
company. The Company has holdings in industry, finance, real estate in
Houston and surrounding areas, and oil and gas. The vision of the
Company is to develop holdings in various industries through
acquisition of existing companies, applying the financial resources
and management expertise to foster the growth and profitability of the
acquired businesses. The holding company serves as a financial and
professional partner to the management of the subsidiaries. The role
of the holding company is to improve each subsidiary's access to
capital, achieve economics of scale by consolidating administrative
functions, and utilize the financial and management expertise of
corporate personnel across all units. The Company is continuing to
work with management of the subsidiary companies to improve revenues,
operations and profitability.
Private Securities Litigation Reform Act Safe Harbor Statement:
The matters discussed in this release contain forward-looking
statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended, and Section 27A of the Securities
Act of 1933, as amended, that involve risks and uncertainties. All
statements other than statements of historical information provided
herein may be deemed to be forward-looking statements. Without
limiting the foregoing, the words "believes," "anticipates," "plans,"
"expects" and similar expressions are intended to identify
forward-looking statements. Factors that could cause actual results to
differ materially from those that we may anticipate in each of our
segments reflected by our subsidiaries' operations include without
limitations, continued value of our real estate portfolio, the
strength of the real estate market in Houston as a whole, continued
acceptance of the Company's products and services, increased levels of
competition, new products and technology changes, the dependence upon
financing, third party suppliers and intellectual property rights, the
rules of regulatory authorities and risks associated with any
potential acquisitions. Readers are cautioned not to place undue
reliance on these forward-looking statements, which reflect
management's analysis, judgment, belief or expectation only as of the
date hereof.
--30--AA/ho*
CONTACT: American International Industries Inc., Kemah
Investor Relations:
Rebekah Ruthstrom, 281/334-9479
aiii@wt.net
www.americanii.com
KEYWORD: TEXAS
INDUSTRY KEYWORD: BANKING CHEMICALS/PLASTICS ENERGY OIL/GAS
REAL ESTATE EARNINGS
SOURCE: American International Industries Inc.
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