VALH news:
(PR Wires) PRW: Value Holdings, Inc. Posts Revenues of More Than $15.8
PRW: Value Holdings, Inc. Posts Revenues of More Than $15.8 Million In The
Third Quarter
MIAMI--(BUSINESS WIRE)--Sept. 15, 1999--Value Holdings, Inc. (OTC BB:VALH)
today announced that it had revenues of more than US$15.8 million
($23,779,538 Canadian Dollars) and net income of US$937,783 ($1,405,737
Canadian Dollars) for the third quarter ended July 31, 1999.
Income before depreciation amortization and other charges was US$1,456,091
($2,182,680 Canadian Dollars) for the quarter and US$2,459,982 ($3,687,513
Canadian Dollars) for the fiscal year-to-date.
Network Forest Products Ltd., a wholly-owned subsidiary of Value Holdings
based in Toronto, Canada, accounted for most of the revenues and earnings
with sales of $15,780,478 ($23,686,170 Canadian Dollars) for the period.
This brings year-to-date lumber sales to more than $24,000,000 ($37,000,000
Canadian Dollars). Monthly average sales increased 18% over the previous
quarter.
Income from the company's Cami's Seafood and Pasta Restaurants was US$82,183
for the third quarter and US$276,444 for the nine months ended July 31,
1999.
"Our sales have steadily grown month by month due to our increased sales
efforts and the relative strength of the housing market," said Robert Ziner,
president and CEO of Value Holdings. "We have added sales people with
experience in various areas of lumber sales, which has broadened our market
base. The company is continually evolving with the implementation of new
technology and the pending acquisitions of new businesses we have already
announced. We plan to continue our growth through expanded sales efforts and
through the acquisition of other profitable companies."
In addition to the increase in revenues, Value Holdings' assets rose to
US$21,888,253 ($32,810,491 Canadian Dollars). Current liabilities were
US$13,515,330 ($20,259,480 Canadian Dollars).
VALUE HOLDINGS, INC.
FINANCIAL RESULTS FOR THE THIRD QUARTER,
ENDED JULY 31, 1999
(Unaudited)
In US Dollars
For the Quarter Ended For the Quarter Ended
July 31, 1999 July 31, 1998
Revenues: $15,863,183 ($ 249,010)
Income (Loss) Before
Interest, Taxes,
Depreciation and
Amortization 1,456,091 (326,556)
Net Income (Loss): 971,783 (395,322)
Net Income (Loss) Per Share: 0.0090 (0.0069)
Weighted Average Shares
Outstanding: 108,204,865 57,126,720
VALUE HOLDINGS, INC.
FINANCIAL RESULTS FOR THE NINE MONTHS,
ENDED JULY 31, 1999
(Unaudited)
In US Dollars
For the Nine Months For the Nine Months
Ended July 31, 1999(a) Ended July 31, 1998
Revenues: $24,993,435 $67,741
Income (Loss) Before
Interest, Taxes,
Depreciation and
Amortization 2,459,982 (171,897)
Net Income (Loss): 1,434,904 (371,592)
Net Income (Loss) Per Share: 0.0049 (0.0004)
Average Shares Outstanding: 98,497,058 56,914,127
(a) Revenues and earnings from lumber sales were only generated
during 5 months of the nine month period noted above, as the company
acquired the lumber operations on February 26, 1999.
This release contains forward-looking statements that are made pursuant to
the safe harbor provisions of the Securities Litigation Reform Act of 1995.
The use of words such as "plan" and "expect" denote forward-looking
statements. 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.
CONTACT: Gemini Integrated Financial Services Corp.
Hollywood, Fla.
Jon Leinwand, 954/924-1567
11:14 EDT SEPTEMBER 15, 1999
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