No gambling on this one check it out!Value Holdings, Inc. Reports 2nd Quarter Revenues of $9,032,049 and Net Income of $630,006
June 15, 1999--Miami--Value Holdings, Inc. (OTC BB: VALH) today announced that it has reported net income of $630,006 on revenues of $9,032,049 for its second fiscal quarter ended April 30, 1999. The financial information for the second quarter was disclosed in the company's 10-QSB filed with the Securities and Exchange Commission.
For the same quarter of 1998, the company posted revenues of $153,709 and a net loss of $12,615. The dramatic turnaround is the result of the company's acquisition of the assets of John Ziner Lumber Limited on February 25, 1999. Lumber operations accounted for $8,923,505 in revenues. However, lumber sales were only generated for two of the three months during the second quarter, as the company did not acquire the assets until the end of February. Income before depreciation, amortization and other charges was $929,494. Value Holdings does not expect to have any income tax exposure as the company has more than $12 million in carry forward losses to offset any income tax liability.
"We are very pleased with our results for the second quarter," said Robert Ziner, president and CEO of Value Holdings, Inc. "Network Forest Products Limited, our lumber subsidiary, had very strong sales for the quarter, which we expect will continue throughout the summer building season. Additionally, our Cami's Seafood and Pasta restaurant group posted quarter to quarter and year to year gains in licensing revenue."
Value Holdings has a license agreement with a restaurant management company which operates six Cami's Seafood and Pasta Restaurants in South Florida. Value Holdings receives a license fee equal to a percentage of gross restaurant revenue.
In addition to the increase in revenues, Value Holdings' assets rose to $18,458,668 from $664,635 at the end of the previous fiscal year. Liabilities increased to approximately $12.6 million from $1.7 million due to the acquisition of the Ziner Lumber assets.
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VALUE HOLDINGS, INC.
FINANCIAL RESULTS FOR THE SECOND QUARTER,
ENDED APRIL 30, 1999
(Unaudited)
For the Quarter Ended April 30, 1999 For the Quarter Ended April 30, 1998
Revenues: $9,032,049 $153,709
Earnings Before Income Taxes, Depreciation and Amortization
929,494
57,150
Net Income (Loss): 630,006 (12,615)
Net Income (Loss) Per Share: 0.0067 (0.0002)
Average Shares Outstanding: 93,760,573 56,806,068
VALUE HOLDINGS, INC.
FINANCIAL RESULTS FOR THE SIX MONTHS,
ENDED APRIL 30, 1999
(Unaudited)
For the Six Months Ended April 30, 1999 For the Six Months Ended April 30, 1998
Revenues: $9,129,834 $316,751
Earnings Before Income Taxes, Depreciation and Amortization
1,003,891
154,659
Net Income (Loss): 463,121 23,730
Net Income (Loss) Per Share: 0.0049 (0.0004)
Average Shares Outstanding: 93,760,573 56,806,068
This release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Forward-looking statements involve the known and unknown risks and uncertainties which may cause the company's actual results
in future periods to differ materially from what is anticipated.
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For more information contact:
Gemini Integrated Financial Services Corp.
Call Jonathan Leinwand (954) 924-1567 or e-mail at jleinwand@geminicorp.com
You can also visit us at www.geminicorp.com
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