KENWICK INDUSTRIES REPORTS BETTER THAN EXPECTED REVENUES
FOR AUTOMAX DIVISON
Business Wire
Nov 4 1998 9:45AM ET
Business Editors
FT. LAUDERDALE, Fla.--(BUSINESS WIRE)--Nov. 4, 1998--Kenwick Industries, Inc. (OTC BB:KWIN) today reported higher than expected 9-month revenues for their Automax Division.
Automax' consolidated income (unaudited) for the 9 months ending September 30, 1998:
- Income: $3,225,000
- Cost of Sales: $1,592,351
- Gross Profit: $1,632,649
- Operating Expenses: $299,527
- Net Earnings Before Taxes: $1,333,122
- Pre-tax Earnings Per Share on 3,900,000 shares (Automax Division only): $.34
Kenwick President Ken Wulwick explained the significance of the Automax report saying, "These figures exceeded our early expectations for the Automax Division. It should be noted that the $.34 EPS is before taxes. We are pleased to see the dramatic rise in revenues and expect this trend to continue as we intend to increase our number of car dealerships and the advertising supporting them."
Wulwick concluded with comments on Kenwick's Language Learning Division, saying, "We are currently running a major advertising campaign on UniVision, a nation-wide channel targeting the Spanish-speaking market. We expect the tremendous exposure our language learning programs are receiving will help considerably as we seek to become a household name for foreign language speaking citizens wishing to learn English.
"Additionally, we will soon begin our ad campaign for the new Blip and Blab Children's Series, from the acclaimed language programs of Philips Electronics N.V. (NYSE:PHG). With the Mexican-American population expected to become the largest minority in America by the year 2005, these programs will greatly assist our new friends and neighbors in much needed language integration."
About Kenwick Industries
Kenwick Industries is a developing multi-industry corporation with an increasing scope of business interests. Kenwick seeks existing profitable acquisition targets with efficient management systems already in place. Kenwick manages profitable distribution systems nationally and internationally and presently has agreements to distribute language learning systems, including exclusive agreements to distribute acclaimed language programs from Philips Electronics N.V. (NYSE:PHG). Kenwick Industries currently owns automotive retailing and financing businesses. The company's primary focus is on building profits and share value.
This press release contains forward-looking statements with respect to the results of operations, expectations and business of the Company that involves risk and uncertainties. The Company's actual future results could materially differ from those discussed. Risks and uncertainties of the Company will be detailed from time to time in the Company's periodic reports to be filed with the Securities and Exchange Commission.
--30--DS/se*
CONTACT: Kenwick Industries, Inc.
Ken Wulwick, 800/822-4122
KEYWORD: FLORIDA NEW YORK
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