EDII .032x.035.News today net income $1.48 million or .01 per share for the year, and stock trades at .03s.
I bought 10k today at .04.
American International Industries Inc. Files Annual Report Announcing Net Income of $1.5 Million for 2001 and Appoints Two New Directors
KEMAH, Texas--(BUSINESS WIRE)--March 26, 2002--American International Industries Inc. (OTCBB:EDII - news) reported net income of $1,480,981 for the year ended Dec. 31, 2001 compared to a net loss of $1,553,595 in the previous year. Revenues for 2001 were $10,828,490 compared to $14,567,820 for the prior year, which reflected the sale of our wholly owned operating subsidiary, Har-Whit/Pitt's & Spitt's Inc. The Company also announced the appointment of two new directors.
Chief Financial Officer John W. Stump, III stated that, ``Northeastern Plastics reported operating income of $211,160 and Unlimited Coatings reported operating income of $147,795. Our real estate subsidiary, Texas Real Estate Enterprises Inc., reported a gain of $373,500 on a sale of one of its properties. Also, gain on the sale of a subsidiary accounted for most of the improvement in earnings. We have improved our financial position throughout the year and believe we are well positioned to continue our growth plans. Working capital has increased from $1,483,613 to $3,356,475. For additional details of the financials of American International please refer to our Form 10-KSB, which was filed with the SEC.''
The board of directors have appointed two new directors. The new directors are Mr. John W. Stump, III, vice president and chief financial officer of the Company, and an independent director, Mr. Herbert Shapiro, Jr. Mr. Shapiro is an experienced businessman and investor. He has been a commercial real estate broker in Texas for over 25 years and has had dealings and ownership of large commercial properties, including office buildings, shopping centers, apartment complexes, warehouses and undeveloped land. The new board consists of 5 directors. The Company also announced the establishment of an audit committee to be chaired by Mr. Shapiro.
American International Industries Inc. is a growing holding company. The company has holdings in industry, finance, real estate in Houston and surrounding areas, and oil and gas. The vision of the Company is to develop holdings in various industries through acquisition of existing companies, applying the financial resources and management expertise to foster the growth and profitability of the acquired businesses. The holding company serves as a financial and professional partner to the management of the subsidiaries. The role of the holding company is to improve each subsidiary's access to capital, achieve economies of scale by consolidating administrative functions, and utilize the financial and management expertise of corporate personnel across all units. EDII is continuing to work with management of the subsidiary companies to improve revenues, operations and profitability.
Cautionary Statement as to forward-looking information:
The matters discussed in this release contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, that involve risks and uncertainties. All statements other than statements of historical information provided herein may be deemed to be forward-looking statements. Without limiting the foregoing, the words ``believes,'' ``anticipates,'' ``plans,'' ``expects'' and similar expressions are intended to identify forward-looking statements. Factors that could cause actual results to differ materially from those that we may anticipate in each of our segments reflected by our subsidiaries' operations include without limitations, continued value of our real estate portfolio, the strength of the real estate market in Houston as a whole, continued acceptance of the Company's products and services, increased levels of competition, new products and technology changes, the dependence upon financing, third party suppliers and intellectual property rights, the rules of regulatory authorities and risks associated with any potential acquisitions. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis, judgment, belief or expectation only as of the date hereof. |
