I'll make it easy on ya...here it is...
Great White Marine and Recreation, Inc. Reports 75% Increase in
Revenues; 81% Increase in Net Income in Audited Second Quarter
Results
WACO, Texas, July 21 /PRNewswire/ -- Great White Marine and Recreation, Inc. (OTC Bulletin Board: TGSK - news)
announced today its audited second quarter results. Sales for the period ending June 30, 1998 were $9,674,565.23 as
compared to $5,524,617 for the same period in 1997 ... a 75% increase. Gross profit for the period was $1,612,427.54, as
compared to $864,492 ... an increase of 99%, and net income was $1,230,088.20, which is an increase of 81% from second
quarter of 1997. Earnings per share for the quarter, based on 8.3 million shares outstanding, are $0.148 as compared to
$0.10 for the same period last year. The Company earned $0.10 a share in the first quarter of 1998, bringing mid-year
earnings per share to $0.248. Six month sales figures for January through June 1998 are $15.023 million with net income
totaling $1.95 million.
Commenting on the second quarter report, Great White President/CEO Colin Smith said, ''We are very pleased and proud
with our record breaking performance thus far this year. At the same time, we fully expect our business to continue its
growth through opportunities in Mexico and Central and South America.''
In other Company news, Great White is in the process of filing its registration statement electronically with the SEC to
become a fully reporting company under the Securities and Exchange Act of 1934, as well as distributing the $0.10 a share
dividend to shareholders of record June 19, 1998.
Great White Marine & Recreation, Inc.
(formerly named TigerShark Enterprises, Inc.)
Consolidated Statement of Operations
(In Thousands of U.S. Dollars)
Audited
- Three Months Ended -
6/30/98 6/30/97*
Total Sales $9,674 $5,524
Cost of Sales 8,062 4,660
Gross Profit $1,612 $864
Operating Expenses 382 186
Net Earnings $1,230 $678
Earnings Per Share (EPS) $0.148 $0.10
Shares Used in Calculations 8,300 5,899
* Pro forma figures of TigerShark of Texas, Inc., a privately held corporation which was acquired in a reverse merger
transaction by Great White Marine & Recreation, Inc. in October 1997.
Great White Marine and Recreation, Inc. is an international distribution company of marine watercraft and recreational
vehicles and related products through its network of dealers extending from the southwestern United States into Central
America, Mexico, and South America. Brand name products distributed by Great White include Polaris(TM) personal
watercrafts and all- terrain vehicles, Mercury(TM) outboard boat motors, Mercury QuickSilver(TM) two-cycle engine oil, and
an extensive line of Fisher(TM) fiberglass and aluminum boats as well as Cruisers Yachts. Great White's corporate
headquarters are in Waco, Texas with sales, servicing and warehousing facilities in Monterrey, Mexico.
For more information: Call Investments 101 Ltd. at 800-749-0114 or Carlisle Communications at 800-785-9345, or E-mail at
tgsk@sitra.com, or Internet: www.great-white.com.
The Company intends that such statements about the Company's future expectations, including future revenues and
earnings, and all other forward looking statements be subject to the ''safe harbors'' provision of The Private Securities
Litigation Reform Act of 1995.
SOURCE: Great White Marine and Recreation, Inc. |
