Havana Republic Reports Record Third Quarter and
Nine Month Results
WESTON, Fla.--(BUSINESS WIRE)--May 18, 1999--Havana Republic (OTCBB: HVAR - news) announced today record
results for the third quarter and nine months for the period ended March 31, 1999.
Total revenues for the third quarter ended March 31, 1999 was $318,000, an increase of 154%, as compared to sales of
$125,104 for the three months ended March 31, 1999. Net income for the quarter was ($20,000) or ($0.00) per share versus
($160,000) or ($0.09) per share for the same period in 1998.
Total revenues for the nine months ended March 31, 1999 was $901,000, an increase of 93%, compared to $466,000 in
1998. Net income for the nine months was ($215,861) or ($0.01) per share versus ($592,983) or ($0.13) per share for the
comparable period in 1998.
Commenting on the announcement, Stephen Schatzman, President of Havana Republic said, ''We are extremely encouraged
with the results of our third quarter. While experiencing a significant increase in revenues, coupled with a 52% reduction in
general and administrative expenses, our losses have been reduced 87% to $20,089 compared with $159,772 for the same
quarter in 1998.
We look forward with healthy optimism to our fourth quarter and beyond. With the addition of our third and largest emporium /
club scheduled to open June 1st, we believe we have positioned ourselves as a force in the South Florida market. In addition,
our e-commerce site is also scheduled to become fully operational in June. With the vertical integration of manufacturing,
wholesale, retail and e-commerce we believe we are poised to significantly grow our market share.''
Havana Republic is a vertically integrated company which operates cigar plantations and factories in Jalapa, Nicaragua as well
as upscale cigar emporiums and clubs.
Forward-looking statements in this release are made pursuant to the ''safe harbor'' provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are based on current management expectations that involve risks
and uncertainties that may result in such expectations not being realized. Potential risks and uncertainties include, but are not
limited to, the risks described in filings with the Securities and Exchange Commission.
Contact:
Havana Republic
Stephen Schatzman
President
954/384-6333
or
The Pinnacle Group
Mark Cohen
516/773-2477 |
