TUSTIN, Calif., May 21, 2014 (GLOBE NEWSWIRE) -- M Line Holdings, Inc. (OTCQB:MLHC) ("M Line" or the "Company"), a leading provider of products, assemblies and services to the precision high tech segment of both the aerospace and medical industries as well as a seller of high end pre-owned Japanese Computer Numerically Controlled ("CNC") Equipment, today announced it's results for the nine month period ended March 31, 2014. Revenues increased to $8,453,085 almost $1.7 million more than the comparable period from last year. EBITDA improved by $2,030,957 an increase of over 200% compared to the prior period in 2013.
After a careful review, the derivative calculation has been changed from our original estimate and the stated loss for the nine month period was $598,781, although this loss all relates to the non cash derivative calculation. This is compared with a stated loss of $1,355,415 for the comparable period in 2013, an improvement of over $756,000.
Bruce Barren, CEO of M Line, commented: "We are pleased with the results. True operating profits continue to grow and we are confident we will meet our forecast for the year ended June 30, 2014. While we are concerned about the undervalued share price, we are confident that our market capitalization will rise substantially following the release of the 2014 results."
Tony Anish, COO of M Line, added: "We are now sprinting towards the year end attempting to close the year on a very positive note with revenues and EBITDA that our shareholders can be proud of. We are positioning your Company to reflect our substantial progress over the last nine months and in the near future. Next year we expect to see a totally different Company, since we anticipate that we will be able to close some of the acquisition targets with which we are negotiating."
About M Line Holdings, Inc.
M Line Holdings, Inc. (OTCQB:MLHC). M Line provides products and services to the precision high tech segment of both the aerospace and medical industries as well as selling high end pre-owned Japanese Computer Numerically Controlled ("CNC") Equipment. Key customers of our group include Panasonic Avionics, UTC Aerospace Systems, Beckman Coulter, BE Aerospace and SIE (Structural Integrity Engineering, Inc.). The Company is headquartered in Tustin, California. For more information see our website at http://www.mlineholdings.com/
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This press release may contain forward-looking information within the meaning of Section 21E of the Security Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statement of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial conditions or results of operations; (iii): the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends.
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Investor Relations: Howard Gostrand 305.918.7000