Wednesday April 22, 9:01 am Eastern Time
Company Press Release
Tigershark Reports Record First Quarter Results
WACO, Texas--(BUSINESS WIRE)--April 22, 1998--Tigershark Enterprises,
Inc. (OTC BB:TGSK - news) announces record earnings and financial
results for the first quarter ending March 31, 1998.
Total sales for the quarter were a record $5,348,765, an increase of
more than 40% over $3,815,944 for the same period a year ago. Net
earnings grew 40% to a record $720,078 for the quarter compared to
$514,423 for the same period a year ago. Earnings per share increased a
penny to $0.10 a share on 21% more shares. Tigershark attributes the
improvements in its first quarter results to increases in shipments of
its Mercury(tm) and Cruisers Yachts(tm) product lines.
Colin Smith, Tigershark's President and Chief Executive Officer, stated,
''It pleases me to be able to report such strong first quarter results.
Although historically the first quarter is one of our slower quarters,
we are highly encouraged by our continued growth -- compared to both the
same quarter last year as well as the preceding quarter -- in both
revenues and earnings.''
Smith continued, ''Tigershark's strong financial performance has enabled
us to ensure a robust future for the Company and its shareholders. Our
ability to manage Tigershark's growth and continued success has allowed
us to recently secure an $8 million line of credit on very favorable
terms, which will enable us to fulfill both our near and long-term
expansion plans without worrying about further dilution to existing
shareholders. In closing, and based on the current state of Tigershark,
I can confidently say that we are well on our way to meeting, if not
exceeding, our 1998 financial projections.''
Tigershark Enterprises, Inc.
Consolidated Statement of Operations
(In Thousands of U.S. Dollars)
Audited
- Three Months Ended -
3/31/98 3/31/97(a)
Total Sales $5,349 $3,816
Cost of Sales 4,313 3,139
Gross Profit $1,036 $677
Operating Expenses 316 163
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Net Earnings $720 $514
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Earnings Per Share (EPS) $0.10 $0.09
Shares used in calculations 7,136 5,899
(a) Pro forma figures of Tigershark of Texas, Inc., a privately
held corporation which was acquired in a reverse-merger transaction by
Tigershark Enterprises, Inc. in October 1997.
Tigershark Enterprises, Inc. is a distributor of Mercury(tm) outboard
boat motors and lubricants to retail marine and auto parts suppliers in
Mexico with expanded distribution of its popular Mercury QuickSilver(tm)
two-cycle engine oil into the Southwestern U.S. and Central America. In
conjunction with its Mercury(tm) product line, Tigershark markets and
distributes an extensive offering of yachts, boats, trailers, jet skis
and all terrain vehicles (ATVs). Tigershark is headquartered in Waco,
Texas and has sales, servicing and warehousing facilities in Monterey,
Mexico.
The Private Securities Litigation Reform Act of 1995 provides a ''safe
harbor'' for forward-looking statements. Certain information included in
this press release (as well as information included in oral statements
or other written statements made or to be made by Tigershark
Enterprises, Inc.) contains statements that are forward-looking, such as
statements relating to the future anticipated direction of the marine
and recreation industry, plans for future expansion, various business
development activities, planned capital expenditures, future funding
sources, anticipated sales growth and potential contracts. Such
forward-looking information involves important risks and uncertainties
that could significantly affect anticipated results in the future and,
accordingly, such results may differ from those expressed in any
forward-looking statements made by or on behalf of Tigershark
Enterprises, Inc. These risks and uncertainties include, but are not
limited to, those relating to development and expansion activities,
dependence on existing management, financing activities, domestic and
global economic conditions, changes in federal or state tax laws, and
market competition factors.
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Contact:
Sitra Enterprises, Inc.
Investor Relations, 512/453-3817
Fax: 512/453-7553
E-Mail: tgsk@sitra.com |
