Message #32 From:
Stock News Bot Date: November 13, 2006 11:22:00 AM
AMIN News American International Industries, Inc. Reports Record Third Quarter Revenues
KEMAH, Texas--(BUSINESS WIRE)--American International Industries, Inc. (OTCBB:AMIN)
The Company reports record revenues for the three and nine-month periods
ended September 30, 2006, of $9,936,232 and $24,347,673, respectively,
representing an increase of 9.8% and 35%, respectively, compared to the
same periods of the prior year.
Our Delta oil and gas drilling services subsidiary reported revenues of
$10,541,530 for the nine months ended September 30, 2006, or an increase
of 25% from the same period of 2005. NPI, our automotive after-market
and consumer electronics subsidiary, reported nine-month revenues of
$9,117,451, or an increase of 15%, principally due to its Motortrend and
Good Housekeeping license agreements and sales to AutoZone. Nine-month
revenues of our IMTG subsidiary, which owns 100% of the Hammonds
Companies, reported revenues of $4,688,692 for the nine months ended
September 30, 2006 or an increase of 175% from the same period of 2005.
The Company reported net income for the three-month period ended
September 30, 2006 of $695,762 compared to $193,849 in the prior year.
During the nine-month period ended September 30, 2006, our net loss
decreased significantly to $156,214 from $1,821,042 the same period of
2005. During the three and nine-month periods ended September 30, 2006,
Delta reported a net loss of $323,509 and net income of $436,956
compared to $493,664 and $1,009,076 for the same periods of 2005. NPI
had net income of $534,855 and $435,347 during the three and nine-month
periods ended September 30, 2006 compared to $443,237 and $302,648 for
the same periods of the prior year. NPI’s
business is seasonal and historically a significant portion of NPI’s
revenues and net income have been generated in the third and fourth
quarters. Our IMTG subsidiary reported net losses of $925,489 and
$1,558,354 for the three and nine-month periods ended September 30, 2006
compared to net losses of $536,928 and $741,294 during the same periods
of 2005.
Gary D. Woerz, our chief financial officer, stated that “as
a result of the current $5,000,000 backlog at our Hammonds’
subsidiaries, we expect that IMTG will report significant revenue
increases and net income in 2007. Our operating subsidiaries expect
improved results during the 4th quarter and in 2007 because: (i) Delta
expects substantial pipe sales and a strong energy sector environment
which will add to Delta’s revenues and
profitability in the 4th quarter; (ii) NPI currently has a backlog of
over $4,500,000 and we expect NPI to have record shipments during the
4th quarter, 2006 revenues of $12,000,000 and a significant increase in
profits; and (iii) we estimate that 4th quarter revenues for our Hammonds’
subsidiaries, acquired by IMTG in April, 2005, shall exceed $2,200,000
and total 2006 revenues shall exceed $6,600,000, or an increase of 94%
compared to 2005.”
The Company at September 30, 2006 had working capital of $13,010,390
compared to $7,929,567 at December 31, 2005, or an increase of 64%.
Shareholders equity at September 30, 2006 was $20,274,735 compared to
$12,898,939 at December 31, 2005, or an increase of 57%.
American International Industries, Inc. is a holding company, with
subsidiaries and interests in Industry, Finance and Real Estate in the
Houston, TX and surrounding areas, and Oil & Gas operations in the Gulf
Coast area. The vision of the Company is to develop holdings in various
industries through acquisitions of existing companies, applying our
financial resources and management expertise in order to foster the
growth and profitability of the acquired businesses. The holding company
serves as a financial and professional partner to the management of its
subsidiaries, its role being to improve each subsidiary’s
access to capital while achieving economies of scale by consolidating
administrative functions and utilizing the financial and management
expertise of corporate personnel across all units. The Company is
continuing to work with management of each of the subsidiary companies
to improve revenues, operations and profitability.
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 value of our real
estate portfolio, the strength of the real estate market in Houston,
Texas as a whole, continued acceptance of the Company's products and
services, increased levels of competition, new products and technology
changes, the dependence upon financing, third party suppliers and
intellectual property rights, the rules of regulatory authorities and
risks associated with any potential acquisitions. 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.
