THIS JUST OUT ...................
GIFS POSTS RECORD PROFITS FOR 1996:
EARNS 15.75 CENTS PER SHARE, UP 500 PERCENT
Genesis International Financial Services, Inc., (GIFS-NASDAQ-BB) announced today 4th quarter profits of $965,582 or 4.75 cents per share for the 4th quarter period ending December 31. The company reported this income was largely the result of strong consulting revenue from its International Financial Services Division and investment income - trends which the company expects to continue.
For all of 1996, GIFS profits rose to $3.2 million or 15.75 cents per share from $301,200 or 3 cents per share in 1995, an increase of 500 percent. Revenues rose nearly ten-fold to $6,153,000 from $681,964. GIFS President and CEO, Mohamed Khairy Mohamed Zayed, II stated that "1996 was a year of record profits, strong earnings, growth and diversification for GIFS. We plan to continue to expand on this base through further growth and diversification in a controlled and accountable environment, as we move forward into 1997."
In a related matter, the company said it had entered the final phase of its selection process of a "Big 6" accounting firm to audit the year ending 1996. Additionally the company noted the on-going accretive earnings effect of its 1996 acquisitions and expansion of services has it on target to post earnings of 15 cents per share for the first quarter of 1997, based on average weighted shares outstanding of 20,328,042
Genesis International Financial Services, Inc., (GIFS-NASDAQ-BB) is a diversified holding company maintaining ........... |
