Nutek Reports Results for First Quarter 2002
HENDERSON, Nev., Apr 30, 2002 (BUSINESS WIRE) -- Nutek, Inc., (OTCBB: NUTK chart, msgs), a publicly traded holding company, today submitted with the SEC its first quarter results. The entire document can be viewed on freeedgar.com.
Highlights for the three-month period include:
-- Revenue of $1,461,142
-- EBITDA earnings of $218,720
-- Working Capital increased to $1,170,191
"We are pleased that Nutek has completed the restructuring of the company and attained our goal of returning to profitability in the first quarter of 2002," said Murray Conradie, President and CEO of Nutek, Inc. "The benefits of our restructuring and our focus on operational efficiency are starting to take hold. In the first quarter, we delivered growth in both revenue and earnings. By all counts, we view this quarter as a great success and are entering the second quarter with momentum."
Revenue for the first quarter ended March 31, 2002 totaled $1,461,142, compared with revenue of $315,856 for the first quarter ended March 31, 2001, and revenue of $2,915,548 for the year ended Dec. 31, 2001.
Earnings before interest, taxes, depreciation and amortization (EBITDA) for the first quarter of 2002 were $218,720.
The company reported a net profit for the first quarter ended March 31, 2002 of $147,777. This compares with a net loss for the first quarter ended March 31, 2001 of ($66,511), and a net loss for the year ended Dec. 31, 2001 of ($270,803).
As of March 31, 2002, currents assets had increased to $1,672,616 resulting in an increase of working capital of $494,465 to $1,170,191.
In commenting about Nutek's current business outlook, Conradie explained, "By focusing rigorously on our core businesses, we are very pleased to be seeing this growth and fundamental improvement in the company, and management expects to have additional announcements in this regard, in the near future."
Nutek is a holding company, with a concentrated focus on three primary operating divisions, diversified in very different industries. Nutek is devoted to the acquisition, development and marketing of proprietary consumer/commercial products. In addition to this division, Nutek Oil Inc., based in San Antonio, Texas, and Datascension Inc., based in Riverside, California, round out the current operating units of Nutek.
Company Websites: www.nutk.com www.datascension.com www.tekplate.com
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements contained in this document which are not historical fact are forward-looking statements based upon management's current expectations that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. The Company is not required to update its forward-looking statements.
Contact:
Stock Enterprises
James Stock, 702/614-0003
E-mail: stockenter@aol.com
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