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Microcap & Penny Stocks : ASK: "THE LAST DON" OF MOMENTUM TRADES -- Ignore unavailable to you. Want to Upgrade?

To: J. Nelson who wrote (6655)	2/18/1999 8:51:00 AM
From: Don Metzger	Respond to of 15987

PESO NEWS OUT!! Northport Industries Inc. Reports Revenue for Year Up 192% and Profitable; Summary of Historical Results of Operations Ended Dec. 31, 1998 --Unaudited-- and 1997 Business Wire - February 18, 1999 07:16 %TX-NORTHPORT-INDUSTRIES PESO %TEXAS %RETAIL %BANKING %AUTOMOTIVE %EARNINGS V%BW P%BW DEL RIO, Texas--(BUSINESS WIRE)--Feb. 18, 1999--Northport Industries Inc. (OTC BB:PESO) announced today results for the fiscal year ending Dec. 31, 1998 (Unaudited). Revenues increased by 192% from $1,740,902 to $3,366,892. As a result of increased revenue and more efficient operations, the company showed a profit of $122,963 compared to a loss of ($836,290) for 1997. Rabb, CFO, stated that we had a profit even though we had a loss in August due to the GM strike and the inventory adjustment by Toys 'R Us. YTD 1998 YTD 1997 (Audited) -------- -------- REVENUES $3,772,715 $1,740,902 Cost Of Sales $2,753,599 $2,115,787 Operating Expenses $ 896,153 $ 461,405 Net Income (Loss) $ 122,963 ($ 836,290) January 1999 (Unaudited) showed revenue up 144% and profits up 359%. Jan. 1999 Jan. 1998 --------- --------- REVENUES $ 401,962 $ 278,589 Cost Of Sales $ 314,431 $ 223,973 Operating Expenses $ 44,558 $ 42,664 Net Income (Loss) $ 42,973 $ 11,952 Northport Industries Inc. Announces Stock Buy-Back and Employee Profit Sharing Plan Northport Industries announced today that at the Company Board meeting held on Feb. 11, 1999, the Board authorized a buy-back of 1 million shares over the next three years. The Company has also adopted a profit sharing plan for its key employees -- 5% of pre-tax earnings will be paid. 50% will be paid by the 15th of the following month and the other 50% will be accrued until the end of the fiscal year. The remaining portion will be paid out based on the year-end financial audit results. The year-end bonus will be 70% stock (based on the closing price on Dec. 31, 1999) and 30% cash. There will be approximately 18 employees involved in this plan. Also announced was a stock option plan for the employees. The option price shall not be less than 100% of the fair market value of the stock on the date that such option is granted. The Board has designated 600,000 shares for this plan. Except for historical information contained herein, certain matters set forth in this press release are forward-looking statements that are subject to risks and uncertainties, including government regulation and taxation, spending, competition, general economic conditions and other risk factors. CONTACT: Northport Industries, Del Rio Linda Howard, 830/775-0734