HOUSTON and KEMAH, Texas, Aug. 14, 2009 (GLOBE NEWSWIRE) -- American International Industries, Inc. (Nasdaq:AMIN) reported revenues from continuing operations of $12,427,129 for the six months ended June 30, 2009, compared to $10,586,195 for the same period in the prior year, representing an increase of $1,840,934, or 17%. The increase in revenues was due to the inclusion of Shumate Energy Technologies, Inc. (SET) revenues of $3,994,317, increased revenues at NPI of $304,290, or 9%, partially offset by decreased revenues at Delta of $2,457,673, or 34%.
For the three months ended June 30, 2009, revenues from continuing operations were $6,232,115, compared to $7,075,290 for the three months ended June 30, 2008, representing a decrease of $843,175, or 12%. The decrease in revenues was due to decreased revenues at Delta of $2,838,635, partially offset by increased revenues due to the inclusion of SET of $1,907,496 and increased revenues at NPI of $87,964 for the three months ended June 30, 2009. The decrease in revenues at Delta is due to a decrease in pipe sales to the oil field service industry for the three and six months ended June 30, 2009 of $2,776,769 and $3,102,223, respectively. Pipe sales revenues have decreased due to a decline in drilling activity creating decreased demand for pipe. Rig service revenues for the three and six months ended June 30, 2009 increased by $319,096 and $263,588, respectively, due to the addition of a new rig.
Earnings from continuing operations before interest, taxes, depreciation and amortization (EBITDA) was $110,953, or $0.01 per share, for the six months ended June 30, 2009, compared to EBITDA from continuing operations, excluding special items, for the six months ended June 30, 2008, which reflected a loss of $2,988,246, or $0.42 per share. Our net loss from continuing operations improved by $1,078,523 to $988,041, or $0.11 per share, for the six months ended June 30, 2009, compared to a net loss of $2,066,564, or $0.29 per share, for the six months ended June 30, 2008. Our net loss from continuing operations for the six months ended June 30, 2009 included interest expense, taxes, and depreciation and amortization of $482,279, $25,230, and $591,485, respectively. Our net loss from continuing operations for the six months ended June 30, 2008 included interest expense, a tax benefit, and depreciation and amortization of $410,492, $74,440, and $237,399, respectively.
EBITDA for the three months ended June 30, 2009 reflected a loss of $70,987, or $0.01 per share, compared to EBITDA from continuing operations, excluding special items, for the three months ended June 30, 2008, reflected a loss of $600,635, or $0.08 per share. Our loss from continuing operations was $645,133, or $0.08 per share, for the three months ended June 30, 2009, compared to income of $563,931, or $0.08 per share, for the three months ended June 30, 2008. Our loss from continuing operations for the three months ended June 30, 2009 included interest expense, taxes, and depreciation and amortization of $263,672, $12,546, and $297,928, respectively. Our income from continuing operations for the three months ended June 30, 2008 included interest expense, a tax benefit, and depreciation and amortization of $297,462, $88,572, and $121,677, respectively. Special items included in our net income and loss from continuing operations for the three and six months ended June 30, 2008 were $1,450,000 from the Delta lawsuit settlement and a $2,945,133 gain on the Hammonds' property dividend distribution.
Effective December 31, 2008, the Company deconsolidated Hammonds Industries, Inc. from its continuing operations. Net loss from Hammonds' discontinued operations was $350,000, or $0.04 per share, for the three and six months ended June 30, 2009. Our net loss was $852,248, or $0.10 per share, for the three months ended June 30, 2009, compared to net income of $176,265, or $0.02 per share, for the three months ended June 30, 2008. Our net loss was $1,045,387, or $0.12 per share, for the six months ended June 30, 2009, compared to a net loss of $3,004,547, or $0.42 per share, for the six months ended June 30, 2008.
For more detailed information, please refer to our June 30, 2009 Form 10-Q filing with the SEC on August 14, 2009.
Update on 287 acres of waterfront property in Galveston County
Mr. Daniel Dror, Chairman and CEO, stated, "We have received an offer and entered into serious negotiations through our real estate agent, CBRE, for the sale of our 287 acres of waterfront property in Galveston County, Texas." As previously announced, the Company engaged CBRE on an exclusive basis to sell the property.
American International Industries, Inc. is a diversified holding company, with a business model similar to General Electric, Tyco International, and Berkshire Hathaway. The Company has holdings in Industry, Finance, and Real Estate in Houston Texas and surrounding areas, and Oil & Gas. The vision of the Company is to develop holdings in various industries through acquisition of existing companies, applying the financial resources and management expertise to foster the growth and profitability of the acquired businesses. The holding company serves as a financial and professional partner to the management of the subsidiaries. The role of the holding company is to improve each subsidiary's access to capital, achieve economies of scale by consolidating administrative functions, and utilize the financial and management expertise of corporate personnel across all units. The Company is continuing to work with management of the subsidiary companies to improve revenues, operations and profitability.
Private Securities Litigation Reform Act Safe Harbor Statement:
The matters discussed in this release contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended that involve risks and uncertainties. All statements other than statements of historical information provided herein may be deemed to be forward-looking statements. Without limiting the foregoing, the words "believes", "anticipates", "plans", "expects" and similar expressions are intended to identify forward-looking statements. Factors that could cause actual results to differ materially from those that we may anticipate in each of our segments reflected by our subsidiaries' operations include without limitations, continued acceptance of our products and services, continued growth in the energy sector, increased levels of competition, the dependence upon adequate financing, third party suppliers and the ability to hire and retain qualified management for its operating subsidiaries, and the regulatory environment in the segments in which we operate. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis, judgment, belief or expectation only as of the date hereof.