ANAHEIM, Calif., Aug. 6, 2004 (PRIMEZONE) -- Gateway International Holdings, Inc. (Pink Sheets:GWIH) announced today the unaudited financial results for the first three quarters ending June 30th. The Company's fiscal year begins on October 1 and ends September 30.
On a consolidated basis, from October 1, 2003 through June 30, 2004, the Company reported $5,120,030 in Gross Sales, with Net Income of $392,732 or over 2.4 cents in net earnings.
Results are being reported by operating division. Through June 30, 2004, Elite Machine Tool Company, Inc. had Gross Sales of $2,913,017. Net Income YTD was $189,645. Eran Engineering, Inc. reported Gross Sales of $2,207,013 through the end of June. Net Income YTD totaled $203,087.
According to Gateway International Holdings' CEO Larry Consalvi, "We are achieving our financial targets for the year and are on track to have a record 4th quarter. As we have completed approximately 10 months of our fiscal year, I am anticipating that our EPS will be in the range of $0.05-$0.07 per share for this fiscal year. Additionally, if we are able to continue to book sales at the present rate, I am anticipating that we can achieve our financial goals for 2004 which call for a minimum of $0.14 per share."
Mr. Consalvi added, "Revenues at both Elite and Eran are currently signaling strengthening trends in our industry. I believe that we will be able to achieve higher margins by the end of this year as we continue to achieve additional economies of scale. In the year to come I look forward to continued growth through increased sales, expanding margins and further strategic acquisitions."
"SAFE HARBOR" NOTE:
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about the Company's industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Since such statements involve risks and uncertainties, the actual results and performance of the Company may turn out to be materially different from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made herein; however, readers should carefully review reports or documents the Company files from time to time with the Securities and Exchange Commission.