FYI - PR of Feb 23, 1999 (Relates to Acquisition & Earnings)...
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Feb 23 1999 5:31PM ET
KENWICK'S AUTOMAX DIVISION REPORTS PRE-TAX EARNINGS OF $.50 PER SHARE FOR 1998; Automax' Earnings Exceed Company Estimates
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Feb. 23, 1999--Kenwick Industries, Inc. (OTC BB:KWIN) today reported 1998 revenues for their Automax Automobile Division (includes Automax Finance Unit).
Kenwick's Automax Division's consolidated income (unaudited) for the year ending December 31, 1998.
Income: $4,509,303
Cost of Sales: $2,294,730
Gross Profit: $2,214,573
Operating Expenses: $379,818
Net Earnings Before Taxes: $1,834,755
Pre-tax Earnings Per Share on 3,650,000 weighted shares: $.50 EPS
The 1998 pre-tax earnings of $.50 per share reflect a 10% increase over the Company's estimates released last year.
Kenwick's Automax Automobile sales and finance units are the primary revenue-producing divisions of Kenwick Industries. Kenwick is actively seeking to acquire additional locations for their Automax Division.
About Kenwick Industries
Kenwick Industries is a multi-industry corporation whose core business is automobile sales and financing. Kenwick also manages a language program distribution system which distributes Philips Electronics N.V. (NYSE: PHG) language programs.
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. |
