TBIN news.Profits.Company Records 102% Sequential Revenue Growth versus Fourth Quarter
LOUISVILLE, Ky, May 17, 2002 (BUSINESS WIRE) -- Thoroughbred Interests, Inc. (OTCBB: TBIN chart, msgs) announced today record financial results for its first quarter ended, March 31, 2002. The company reported revenue of $816,895, a 102% sequential increase versus the fourth quarter revenue of $402,845 and the company's 3rd consecutive quarter of increasing revenues. Thoroughbred Interests reported net income of $203,493, or $0.01 per share, compared to a net loss of $152,268,or ($0.01 per share) for the same period last year. The earnings also represented a 37% sequential increase versus the fourth quarter results, were the highest in the company's history and the 3rd consecutive quarter of increasing profits.
"This is our third consecutive quarter of increasing revenues and earnings," said Jim D. Tilton, Jr., Chairman and CEO of Thoroughbred Interests, Inc. "We believe that this is yet another validation of our ability to generate highly consistent revenue and earnings. Despite this, we feel we are highly undervalued, as we trade at a multiple that is approximately less than three times our current year's earnings forecast. We feel that our ability to select undervalued pinhook and racing prospects, as well as our relationships with leading trainers positions us solidly for future growth. For example, U S S Tinosa, a horse we acquired as a yearling and resold for a significant profit as a two-year old last year, is racing tomorrow in the Preakness Stakes, the second leg of the Triple Crown."
Mr. Tilton is featured in an interview with CEOcast, Inc., a leading on-line financial portal where he discusses the earnings and future prospects for the company. The interview is available at www.ceocast.com.
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