BW1536 OCT 05,1998 14:29 PACIFIC 17:29 EASTERN
( BW)(EUTRO-GROUP-HOLDING)(EUTO) Eutro Announces 274% Increase in EPS
Business Editors
JUPITER, Fla.--(BUSINESS WIRE)--Oct. 5, 1998--Eutro Group Holding Inc. (OTC BB:EUTO) is pleased to announce preliminary financial results for its fiscal year ended July 31, 1998.
Net income increased 274% to $799,060 as compared to a loss of ($560,559) in 1997.
The net income figure translates (with the current shares issued) to a positive earnings per share EPS of $.008, which is a 274% increase over 1997 loss of (.006). Management feels that the EPS will increase considerably in the near future as business grows and issued shares are reduced.
In addition, management is proud to announce that it has been able to reduce its long term liabilities from $1,357,712 to $50,000.
Eutro's CEO stated: "We are pleased with these reports. Management has worked hard to bring this company back to a profitable operation."
Consolidated financial summary follows. For additional information visit Eutro's web site at www.eutro.com or call the company's Investor Relations Department.
EUTRO GROUP HOLDING INC.
BALANCE SHEET
(UNAUDITED)
July 31, 1998 July 31, 1997
CURRENT ASSETS
OPERATING ACCOUNT $ 2,626.87 $ (1,669.60)
CONSULTING RECEIVABLES 270,000.00 125,000.00
STOCK RECEIVABLES 200,000.00 300,000.00
RECEIVABLE BIO-ANALYTIC 4,384.00
RECEIVABLE FROM MKT MAKS 168,597.75 1,688,467.72
RECEIVABLE FROM J. O'KEEFE 653,165.00 325,353.51
RENTAL SECURITY DEPOSIT 4,490.00 14,500.00
ESCROW - TREASURY STOCK 26,000.00
FL POWER & LIGHT DEPOSIT 395.00 395.00
TOTAL CURRENT ASSETS 1,303,568.62 2,478,046.63
PROPERTY & EQUIPMENT
OFFICE MACH. & EQUIPMENT 35,575.00 58,858.65
FURNITURE & FIXTURE 28,908.00 25,256.25
LEASEHOLD IMPROVEMENTS 11,689.09 11,689.09
ACCUM - DEPR - OFFICE MAC/EQ (10,220.80) (5,938.16)
ACCUM - DEPR - FURN. & FIX. (7,853.32) (3,300.17)
ACCUM - DEPR - LEASEHOLD IMP. (4,678.40)
TOTAL PROPERTY & EQUIPMENT 53,419.57 86,565.66
NON-CURRENT ASSETS
WHOLLY OWNED SUBSIDIARY 185,495.31
COMMON STOCK HOLDINGS 825,000.00 24,833.30
TOTAL NON-CURRENT ASSETS 825,000.00 210,328.61
TOTAL ASSETS $ 2,182,078.19 $ 2,864,705.36
CURRENT LIABILITIES
STOCK DIST. PAYABLE - FMHG $ 150,000.00
PREFERRED DIVIDENDS PAY. $ 58,124.00
LOAN PAYABLE 95,971.53
ACCOUNTS PAYABLE 28,430.99 56,256.40
TOTAL CURRENT LIABILITIES 86,554.99 302,227.93
LONG TERM LIABILITIES NOTES
PAYABLE 50,000.00 1,357,712.63
TOTAL LONG TERM LIABILITIES 50,000.00 1,357,712.63
TOTAL LIABILITIES 136,554.99 1,659,940.56
CAPITAL
COMMON STOCK 9,783,297.70 9,847,904.50
PREFERRED STOCK CLASS A 69,513.80
PREFERRED STOCK CLASS B 705,479.19
PAID IN ADD CAPITAL (1,440,272.44) (668,151.20)
STOCK RESERVE ACCOUNT (103,432.50)
RETAINED EARNINGS (7,871,555.93) (7,310,996.89)
NET INCOME 799,060.88 (560,559.04)
TOTAL CAPITAL 2,045,523.20 1,204,764.80
TOTAL LIABILITIES & CAPITAL $ 2,182,078.19 $ 2,864,705.36
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CONTACT: Eutro Group Holding Inc.
Investor Relations Department, 561/575-3520
KEYWORD: FLORIDA UTAH
INDUSTRY KEYWORD: ENMED ENVIRONMENT BANKING EARNINGS
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