VALH-INCREASED REVENUE AND LOWER THE
STOCK GOES..in this market,guess that was
expected...
Value Holdings, Inc. Second Quarter Revenues Increase to $30.4 Million
MIAMI--(BUSINESS WIRE)--June 15, 2000--Value Holdings, Inc. (OTCBB:VALH) today announced revenues of $30,411,910 for the quarter ended April 30, 2000. Net income for the quarter was $775,112. This financial information was provided in the company(1)s filing on Form 10-QSB filed with the Securities and Exchange Commission.
Earnings before interest, taxes, depreciation and amortization were $1,834,007. Net income was $775,112 as compared to $630,006 for the same quarter in 1999. Revenues for the six months ended April 30, 2000 were $54,933,612 and net income for the six months ended April 30, 2000 was $2,724,903.
Lumber operations accounted for $30.2 million in revenues while licensing fees from Cami(1)s Seafood & Pasta restaurant operations accounted for $107,853. The company has announced that intends to sell the Cami(1)s Seafood and Pasta licenses by the end of June for approximately $1.33 million.
"Despite a significant drop in the price of lumber we were able to increase sales by 24% over last quarter and by 95% over last year's proforma sales for the same quarter," said Robert Ziner President and CEO of Value Holdings. "The acquisition of Harron Hardware and Building Supplies has already added to revenues and earnings and we look forward to continued growth there."
The decrease in net income as compared to the first quarter of the fiscal year, despite the significant increase in sales, is due to a nearly 15% drop in lumber prices which held down margins. However, the drop in lumber prices has allowed the company to replenish inventory at a lower price point going into the summer building season.
Mr. Ziner also said that the company intends to continue seeking out acquisitions. The company expects to close on its purchase of Cutler Forest Products and Seabright Wood Fabricators within 30 days.
The company's total assets rose to $40,072,898 from $34,019,788 in the last quarter.
Value Holdings, Inc. (OTCBB:VALH)
Results for the Quarter Ended April 30, 2000
With Comparative Data For The Quarter Ended April 30, 1999
For the Quarter Ended For the Quarter Ended
April 30, 2000 April 30, 1999
Revenues $30,411,910 $9,032,049
Earnings (loss)
before interest,
taxes, amortization
and depreciation 1,834,007 929,494
Net Income (Loss) 775,112 630,006
Earnings (Loss)
Per Share (Basic) .006 .007
Earnings (Loss)
Per Share (Diluted) .005 .006
Value Holdings, Inc. (OTCBB:VALH)
Results for the Six Months Ended April 30, 2000
With Comparative Data For The Six Months Ended April 30, 1999
For the Six Months Ended For the Six Months Ended
April 30, 2000 April 30, 1999
Revenues $54,933,612 $9,129,834
Earnings (loss)
before interest,
taxes, amortization
and depreciation 4,567,839 1,003,891
Net Income (Loss) 2,724,903 463,121
Earnings (Loss)
Per Share (Basic) .0226 .005
Earnings (Loss)
Per Share (Diluted) .0211 .004
CONTACT:
For Value Holdings, Inc.
Gemini Integrated Financial Services Corp.
Hollywood, Fla.
Jon Leinwand, 954/924-1567
KEYWORD: FLORIDA
BW2668 JUN 15,2000
13:53 PACIFIC
16:53 EASTERN |
