ANAHEIM, Calif., Sept. 20, 2004 (PRIMEZONE) -- Gateway International Holdings, Inc. (Pink Sheets:GWYI) today released its financial results for the month of August. Results are reported on both a consolidated and divisional basis. The Company currently has two operating divisions: Elite Machine Tool Company and Eran Engineering. Both divisions are included in the reported financial results.
On a consolidated basis for the month of August the Company had total sales of $761,259. Net income for the month totaled $102,357, a net margin of 13.4%. Elite Machine Tool posted total sales for the month of $282,169. Net profit was $9,794, a net margin of 3.5%. At Eran Engineering, sales continue to remain strong with revenues coming in at $479,090, a 60% increase over July. Net profit continues to show the benefits of achieving economies of scale. For the month, Eran Engineering earned $92,563 in net profit, a net margin of 19.3%. Both revenue and profit figures at Eran Engineering represent records monthly financial results for the Company.
Consolidated year-to-date (11 months) sales totaled $6,626,287, with a net profit of $607,580, a net profit margin of approximately 9%. Earnings per share for the first 11 months totaled a split adjusted 1.9 cents per share, based on 31,966,000 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.gwyi.com.
CEO Larry Consalvi commented on the financial results. "Our revenues growth has remained strong and we are beginning to see some cost benefits from our growth. Eran Engineering continues to grow on both the revenues and earnings side with record results at that division."
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