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(COMTEX) Tigershark Reports Record First Quarter Results
Tigershark Reports Record First Quarter Results
WACO, TEXAS (April 22) BUSINESS WIRE -April 22, 1998--Tigershark
Enterprises, Inc. (OTC BB:TGSK) announces record earnings and financial
results for the first quarter ending March 31, 1998. Total sales for
the quarter were a record $5,348,765, an increase of more than 40% over
$3,815,944 for the same period a year ago. Net earnings grew 40% to a
record $720,078 for the quarter compared to $514,423 for the same
period a year ago. Earnings per share increased a penny to $0.10 a
share on 21% more shares. Tigershark attributes the improvements in
its first quarter results to increases in shipments of its Mercury(tm)
and Cruisers Yachts(tm) product lines. Colin Smith, Tigershark's
President and Chief Executive Officer, stated, "It pleases me to be
able to report such strong first quarter results. Although
historically the first quarter is one of our slower quarters, we are
highly encouraged by our continued growth -- compared to both the same
quarter last year as well as the preceding quarter -- in both revenues
and earnings." Smith continued, "Tigershark's strong financial
performance has enabled us to ensure a robust future for the Company
and its shareholders. Our ability to manage Tigershark's growth and
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continued success has allowed us to recently secure an $8 million line
of credit on very favorable terms, which will enable us to fulfill both
our near and long-term expansion plans without worrying about further
dilution to existing shareholders. In closing, and based on the
current state of Tigershark, I can confidently say that we are well on
our way to meeting, if not exceeding, our 1998 financial projections."
Tigershark Enterprises, Inc.
Consolidated Statement of Operations
(In Thousands of U.S. Dollars)
Audited
- Three Months Ended -
3/31/98 3/31/97(a)
Total Sales $5,349 $3,816
Cost of Sales 4,313 3,139
Gross Profit $1,036 $677
Operating Expenses 316 163
=== === Net Earnings
$720 $514
==== ==== Earnings Per Share
(EPS) $0.10 $0.09
Shares used in calculations 7,136 5,899
(a) Pro forma figures of Tigershark of Texas, Inc., a privately
held corporation which was acquired in a reverse-merger transaction by
Tigershark Enterprises, Inc. in October 1997.
Tigershark Enterprises, Inc. is a distributor of Mercury(tm) outboard
boat motors and lubricants to retail marine and auto parts suppliers in
Mexico with expanded distribution of its popular Mercury
QuickSilver(tm) two-cycle engine oil into the Southwestern U.S. and
Central America. In conjunction with its Mercury(tm) product line,
Tigershark markets and distributes an extensive offering of yachts,
boats, trailers, jet skis and all terrain vehicles (ATVs). Tigershark
is headquartered in Waco, Texas and has sales, servicing and
warehousing facilities in Monterey, Mexico. The Private Securities
Litigation Reform Act of 1995 provides a "safe harbor" for
forward-looking statements. Certain information included in this press
release (as well as information included in oral statements or other
written statements made or to be made by Tigershark Enterprises, Inc.)
contains statements that are forward-looking, such as statements
relating to the future anticipated direction of the marine and
recreation industry, plans for future expansion, various business
development activities, planned capital expenditures, future funding
sources, anticipated sales growth and potential contracts. Such
forward-looking information involves important risks and uncertainties
that could significantly affect anticipated results in the future and,
accordingly, such results may differ from those expressed in any
forward-looking statements made by or on behalf of Tigershark
Enterprises, Inc. These risks and uncertainties include, but are not
limited to, those relating to development and expansion activities,
dependence on existing management, financing activities, domestic and
global economic conditions, changes in federal or state tax laws, and
market competition factors. -0- bf/se* CONTACT: Sitra Enterprises,
Inc. |
