TGSK @$1, .10 earnings for qtr, low float, stock buy back in place, and plenty of financing...
Brett
Wednesday April 22, 9:01 am Eastern Time
Company Press Release
Tigershark Reports Record First Quarter Results
WACO, Texas--(BUSINESS WIRE)--April 22, 1998--Tigershark Enterprises, Inc. (OTC BB:TGSK
- news) 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 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. |
