Friday March 5, 9:31 am Eastern Time
Company Press Release
Liteglow Industries Inc. Strong Sales and Profits
POMPANO BEACH, Fla.--(BUSINESS WIRE)--March 5, 1999--Lou Wiener, COO of Liteglow Industries Inc. (BB:LTGL) announced strong sales and profits for the first two months of 1999, which represented a 130% increase in sales and a continuation of our planned month to month profitability in 1999.
For the two months ended Feb. 28, 1999, Liteglow had the following increases:
Feb. '98 Sales Feb. '98 Net Loss Feb. '99 Sales Feb. '99 Profit
-------------- ----------------- -------------- ---------------
$270,649 $(22,544) $452,245 $43,519
(increase 67%)
For the two months, the cumulative numbers are as follows:
1999 Sales y.t.d. 1998 Sales y.t.d. 1999 Net y.t.d. 1998 Loss y.t.d.
----------------- ----------------- --------------- ----------------
$868,451 $377,928 $ 94,515 $(57,697)
(increase 130%)
Weiner stated: ''We are very extremely pleased with the tremendous increases in Liteglow's sales and profits over the comparable months last year. It should also be noted that sales during January and February) are historically the lowest among the 12 months of any given year. Accordingly, if the present strong demand for our products continues throughout this year, we believe Liteglow's consolidated sales for the full-year 1999 can be well over the $5 million - $6 million range. In our opinion, sales of this magnitude will produce net income in the $500,000 - $600,000 range. This would result in earnings per share of approximately $0.15, based upon the 3.5 million common shares currently outstanding, as the earnings are already approaching 3 cents per share for the first two months of 1999!
Liteglow is a manufacturer, designer, and importer of products for the automotive and electronics specialty markets. The U.S. Automotive and electronic after markets are expected to exceed $300 billion in combined revenues this year.
Requests for an investor information package should be made by calling Liteglow Industries Inc. at 800/801-GLOW (4569), or e-mail at spencer@liteglow.com. Fax number is 954/971-5117. Don't forget to visit our website at: www.liteglow.com
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Contact:
Liteglow Industries Inc., Pompano Beach
Spencer Krumholz, 800/801-GLOW (4569)
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