ANAHEIM, Calif., Aug. 25, 2004 (PRIMEZONE) -- Gateway International Holdings, Inc. (Pink Sheets:GWIH) today released its financial results for the month of July. Results are reported on both a consolidated and divisional basis. The Company currently has two operating divisions: Elite Machine Tool and Eran Engineering. Both divisions are included in the reported financial results.
On a consolidated basis, in the month of July, the Company had total sales of $744,998. Net income for the month totaled $111,691, a net margin of 15%. Elite Machine Tool posted total sales for the month of $445,878, with net profit of $55,122, a net margin of 12%. At Eran Engineering, new sales remained strong and totaled $299,120. Net profit is beginning to show the benefits from achieving economies of scale. For the month, Eran Engineering earned $56,569 in net profit, a net margin of 19%.
Consolidated year-to-date sales totaled $5,865,028, with a net profit of $505,223, a net profit margin of approximately 9%. Earnings per share for the first 10 months totaled 3.2 cents per share, based on 15,983,000 shares outstanding.
The Company is preparing to audit their financials. Once the audits are completed, financial results will be available to all interested parties on the company's website at www.gwih.com.
CEO Larry Consalvi commented on the financial results. "I am pleased with the results year-to-date. I believe that we will achieve our minimum EPS targets of 5 cents per share for this year, which ends September 30. As we continue to book new orders, achieve additional economies of scale and maintain -- or expand -- operating margins, I am growing increasingly confident that we will meet next years' goal of a minimum EPS of 14 cents per share. Also, upon the 2-for-1 split of our common stock, our numbers will adjust for the split as well."
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