WILMINGTON, Del., March 21, 2007 (PRIME NEWSWIRE) -- Universal Capital Management, Inc. (OTCBB:UCMT), a specialty finance company, which provides emerging growth companies with management and strategic resources for successful growth, reported its financial results for the quarter and nine months ending January 31, 2007.
Financial Highlights for the Period
* Revenue from Management Services for the third quarter of '07
was $897,055 vs. $329,517 in the third quarter of '06, an
increase of approximately 272%.
* For the nine months ending January 31, 2007 revenue from
Management Services was $2,390,010 vs. $572,817 for the
nine months ending January 31, 2006, a more than 400% increase.
* Income from Operations in the third quarter of '07 was $572,095
vs. $107,611 in the third quarter of '06, an increase of over
500%.
* Total Assets at January 31, 2007 were $6,272,825 vs. $3,546,337
at April 30, 2006, an increase of more than 175 %.
* Net Assets at January 31, 2007 were $3,873,969 vs. $2,243,790 at
April 30, 2006, reflecting a 173% increase.
* Net Assets per share at January 31, 2007 was $0.71 vs. $0.46 at
April 30, 2006.
Mike Queen, the CEO of Universal Capital Management ("UCM"), said, "I am pleased and excited by the results of our operations in the 2nd and 3rd quarters as well as our year to date numbers. This progress is a testament to our business model and we will continue to strive toward successful growth in the quarter that follows and into our next fiscal year beginning May 1st. We expect our Net Asset Value, or NAV, to continue to grow as our current holdings mature and we implement our business model and continue to add new quality companies to our portfolio."
Universal Capital Management, Inc. is a publicly traded business development company created under the Investment Act of 1940. Its purpose is to provide an opportunity for its shareholders to diversify risk by investing in a fund that assists its portfolio companies to grow and increase in value.
The entire financial report can be accessed at http://www.sec.gov.
Please visit the company's web site for additional information at http://www.unicapman.com
Forward-Looking Statements
The information contained in this press release may contain "forward-looking statements." You can identify these statements by use of the words "may," "will," "should," "plans," "explores," "expects," "anticipates," "continue," "estimate," "project," "intend," "believe," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to the following which could affect Universal Capital Management, Inc. or one or more portfolio companies: general economic and business conditions, effects of continued geopolitical unrest, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, and various other factors beyond the Company's control.