BRIARCLIFF MANOR, N.Y.--(BUSINESS WIRE)--Sept. 14, 2000--SETO
Holdings Inc. (OTCBB-SETO) today announced that revenue for six months
ended July 31, 2000 was $13,089,849 as compared to $1,761,845 for the
comparable period ended July 31, 1999, an increase of 642 %.
Income from operations for the six months ended July 31, 2000 was
$512,182 as compared to $128,287 for the six months ending July 31,
1999, a 299 % increase and net income of $ 295,277 as compared to $
89,413, a 230 % increase as compared to the six months ended July 31,
1999.
Shareholders Equity for the six months ended July 31, 2000
increased 1.5 % to $7,865,698 as compared to $ 7,754,828 first quarter
ending April 30, 2000 and an increase of 425% from $1,498,837 as
compared to the six months ended July 31, 1999.
As of July 31, 2000, both total assets at $16,615,443 and total
current assets at $ 8,965,362 increased over the previous quarter
ended April 30, 2000 by 10.2% and 10.4% respectively.
Gene Pian, President, CEO of SETO stated, " we are very pleased
with the results for the first half and for the second quarter, even
though the second quarter profits are lower then expected but
explainable. Due to the fact that we experienced 48% growth in revenue
from the second quarter ended July 31, 2000 over the first quarter
ended April 30, 2000 it resulted in some additional expenses for the
second quarter growth, such as, the additional interest payments for
growth capital required, more travel required for new product
development, the set up of the new SETO corporate office and staff in
Malaysia, new staff for accounting and public relations in SETO New
York, the expansion of the Fimas Electronics factory and the new SMT
facility with the new production lines for Fimas and the R&D costs for
the new telecommunication products now being introduced, all
accomplished during the second quarter ended July 31, 2000. Even with
all the additional expenses, we still had a gross profit of $847,013
and an income from operations of $169,615 with a net profit of $33,780
for the second quarter ended July 31, 2000."
"Since most of these additional costs are now behind us, going
forward without many of these expenses and continuing to grow, will
reflect in a higher bottom line. The future continues to look very
bright and overall growth is proceeding as per the Company plan" also
said by Gene Pian.
Complete financial statements are available from
www.setoholdings.com or EDGAR.
About: SETO Holdings, Inc |
