Message #11 From:
NewsBot Date: November 16, 2006 08:34:00 AM
TLYH News Tally-Ho Ventures Reports Third Quarter Results and Guidance on Earnings for 2006 and 2007
LUXEMBOURG--(BUSINESS WIRE)--Tally-Ho Ventures, Inc., (OTCBB: TLYH), an international wealth
management firm, today announced results for its third quarter and nine
months ended Sept. 30, 2006.
Revenues for the third quarter were $5,244,441 compared with $1,095,540
for the same period in 2005, an increase of 478%. Net income for the
quarter was $499,531, or $0.04 per basic and diluted share, compared
with a net income of $173,205, or $0.02 per basic and diluted share for
the third quarter of 2005.
Through the first nine months of 2006, revenues were $8,978,501 compared
with $3,055,152 for the same period in 2005. Net income for the first
nine months of 2006 was $1,253,122, or $0.09 per basic and diluted
share, compared with a $480,282, or $0.06 per basic and diluted share,
for the same period of 2005.
Basic and diluted average shares outstanding for the third quarter and
nine months of 2006 and 2005 were 13,937,985 and 8,000,750,
respectively. Tally-Ho had cash and equivalents on hand as of Sept. 30,
2006 of $1.4 million.
“The increase in combined revenues shows that
our roll-up strategy is succeeding,” stated
Tally-Ho CEO Nigel Gregg. “The combined
revenues from our acquisitions of MasterTrust and Protrust have become
substantial, and the offset from the costs of acquiring them is
manageable. The Company will soon achieve economies of scale, especially
in back office operations, as MasterTrust and Protrust are fully
integrated.”
Mr. Gregg also said that, following a slow start to sales in the final
quarter of 2006, the Company expected net income to be in the range of
$2.1 million or $0.13 per share on current shares outstanding for the
fiscal year ending December 31, 2006, but current guidance to December
2007 remains the same at net income of in the range of $8.5 million or
approximately $0.47 per share on current shares outstanding.
“Following a meeting with the auditors, it was
agreed to keep our year-end at December rather than March, as previously
communicated,” Mr. Gregg said.
About Tally-Ho Ventures, Inc.
Tally-Ho Ventures is an independent international private wealth
management organization focused on serving the needs of small
institutions and high net-worth individuals around the world.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Act of 1934 that are based upon current expectations or
beliefs, as well as a number of assumptions about future events.
Although the Company believes that the expectations reflected in the
forward-looking statements and the assumptions upon which they are based
are reasonable, it can give no assurance that such expectations and
assumptions will prove to have been correct. The reader is cautioned not
to put undue reliance on these forward-looking statements, as these
statements are subject to numerous factors and uncertainties, including
without limitation, the independent authority of the special committee
to act on the matters discussed, the successful negotiation of the
potential acquisition and disposal of transactions described above,
successful implementation of the company's business strategy and
competition, any of which may cause actual results to differ materially
from those described in the statements. In addition, other factors that
could cause actual results to differ materially are discussed in the
Company's most recent Form 10-QSB and Form 10-KSB filings with the
Securities and Exchange Commission.
