SETO News: Record earnings:
(COMTEX) B: SETO Announces Record First Quarter Results With Revenue
B: SETO Announces Record First Quarter Results With Revenue of $ 5,289,422
Income From Operations of $ 341,604 Net Income of $ 272,871 and Shareholders
Equity Increased to $ 7,754,828
BRIARCLIFF MANOR, N.Y., Jun 14, 2000 (BUSINESS WIRE) -- SETO Holdings Inc.
(OTCBB-SETO) today announced that revenue for first quarter ended April 30, 2000
was $5,289,422 as compared to $900,787 for the comparable period ended April 30,
1999 an increase of 487 %. Income from operations for the quarter ended April
30, 2000 was $341,604 as compared to $11,864 a 2,779% increase and net profit of
$272,871 as compared to $ 4,052 income, a 6,634 % increase as compared to the
quarter ended April 30, 1999. Shareholders Equity increased 16.9% to $7,754,828
from $6,669,662 as compared to last quarter and an increase of 467% from
$1,367,485 as compared to quarter ended April 30, 1999.
This is the first quarter that includes the complete results of all the existing
subsidiaries. Revenue and profit are on target for the forecast and goals SETO
has set for this year and are expected to continue growing during the remainder
of 2000. The quarter ended April 30, 2000 was actually short of two weeks
production due to the Asian holidays in February and is historically the lowest
revenue producing quarter for the year especially for consumer products, which
generate SETO's largest revenue at this time. Even with the shorter 10 week
quarter, the results prove the success of SETO. The second and third quarters
are typically the strongest for consumer products and are expected to reflect
additional increases in revenue and profit as compared to the first quarter. The
expansion of the FIMAS Electronics facility and capacity during July and August
2000 and the increase in production at SUZHOU SETO Electronics in CHINA, will
support the additional orders received recently and help meet our forecast, said
Gene Pian, President and CEO of SETO Holdings Inc.
About: SETO Holdings, Inc.
Founded in 1975, SETO Holding, Inc. operates as a broad based technical
manufacturer in two major product groupings: technical Products to industry,
inclusive of diamond tools, wafer fab supplies and technical ceramics; and
Consumer products such as cellular phone batteries, rechargeable batteries for
uses, consumer electronics and telecommunication devices. Please visit the
Company's web sites: www.SETOHOLDINGS.com, www.stidiamond.com,
www.ecsceramics.com, www.fujifab.com, www.hk-batteries.com.hk
Included in this release are "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Although the company believes that
the expectations reflected in such forward-looking statements are reasonable, it
can give no assurance that such expectations reflected in such forward-looking
statements will prove to have been correct. The company's actual results could
differ materially from those anticipated in the forward-looking statements as a
result of certain factors including sales levels, distribution and competition
trends and other market factors.
CONTACT: Thomas Fisher
Public Relations Manager
SETO Holdings Inc.
Tel: 1 914 923 5000
Fax: 1 914 923 6225
email: stiandecs@aol.com
setofisher@aol.com |
