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M Line Holdings, Inc. Announces Results for Third Quarter of 2011 Fiscal Year

Dépèche transmise le 2 juin 2011 par Business Wire

M Line Holdings, Inc. Announces Results for Third Quarter of 2011 Fiscal Year

M Line Holdings, Inc. Announces Results for Third Quarter of 2011 Fiscal Year

TUSTIN, Calif.--(BUSINESS WIRE)--M Line Holdings, Inc. (OTC Bulletin Board: MLHC):

Financial Results

M Line Holdings, Inc. (OTC Bulletin Board: MLHC) (“M Line Holdings” or “the Company”), is pleased to announce that the Company greatly improved its results for the three quarters of the 2011 fiscal year as compared with the three quarters of 2010. The financial results for the quarter ending 3/31/2011 of fiscal year ended 6/30/2011 show a net loss of ($248,915) while having positive EBITDA of $149,637 as compared with losses of ($1,238,356) and negative EBITDA of ($859,506) for the three quarters of the 2010 fiscal year.

Turn Around

This represents an EBITDA improvement of $1,009,143 from the comparable three quarters last year and is the result of significant improvements the company has made in operations by reducing overhead, increasing margins and an improvement in gross revenues. The Company expects these favorable trends to continue.

Trends Affecting our Business

The trends in the aerospace and medical industries continue to be positive and we are confident that new orders from current and new customers will continue to increase in both size and quantity. Furthermore we have significant back orders for the Boeing 787 “Dreamliner”. This long delayed program will result in significant revenues in the future.

Forecast

The forecast for the Company for the year ended 6/30/2011 is positive with EBITDA for the year anticipated to be lower than our original estimate, but in excess of $500,000, with positive net income, compared to negative EBITDA of ($998,000) and a net loss of ($1,709,000) for the year ended 6/30/2010.

George Colin, CEO of M Line Holdings, Inc. stated, “It is with great pleasure that I announce these results. The Companies continue to improve and with back orders now up substantially we are certain the improving trend will continue. We are expecting excellent results for our full fiscal year and expect next year to show a significant improvement over this year.”

About M Line Holdings, Inc.

M Line Holdings, Inc. (formerly Gateway International Holdings, Inc.) is currently a reporting company under the Securities and Exchange Act of 1934, as amended, with approximately 600 shareholders and two operating subsidiaries, Eran Engineering, Inc. and E. M. Tool Co., Inc. dba Elite Machine Tool.

M Line Holdings, Inc. is headquartered at 2672 Dow Avenue, Tustin, CA 92780.

Forward Looking Statements

This news release contains certain “forward- looking statements.” Forward-looking statements are based on current expectations and assumptions and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, and many of which are beyond the Company's control. The forward-looking statements are also identified through the use of words “believe,” enable,” “may,” “will,” “could,” “intends,” “estimate,” “anticipate,” “plan,” “predict” “probable,” “potential,” “possible,” “should,” “continue,” and other words of similar meaning. Actual results could differ materially from these forward-looking statements as a result of a number of risk factors detailed in the Company's periodic reports filed with the SEC. Given these risks and uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements and no assurances can be given that such statements will be achieved.

M LINE HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE THREE AND NINE MONTH PERIODS ENDED MARCH 31, 2011 AND 2010

(UNAUDITED)
                               
Three Month Periods Ended March 31, Nine Month Period Ended March 31,
  2011             2010     2011             2010  
 
Net sales $ 2,139,371 $ 1,166,970 $ 6,324,765 $ 4,134,052
Cost of sales   1,484,619     594,868     4,232,254     2,921,925  
Gross Profit   654,752     572,102     2,092,511     1,212,127  
 
Operating expenses:
Selling, general and administrative 823,718 706,188 2,363,506 2,317,142
Amortization of intangible assets   18,188     10,447     54,564     31,337  
Total operating income 841,906 716,635 2,418,070 2,348,479
       
Operating loss 187,154 (144,533 ) (325,559 ) (1,136,352 )
 
Other income (expense):
Interest Expense (27,455 ) (18,241 ) (65,409 ) (46,356 )
Rental Income 1,001 - 74,700 -
Interest Income 4,801 - 15,620 -
Change in derivative liability 52,370 - 98,289 -
Compensation Expense (45,556 ) - (45,556 ) -
Gain on sale of assets   -     -     -     2,497  
Total other income (expense)   (4,839 )   (18,241 )   77,644     (43,859 )
Loss from continuing operations before income tax (191,993 ) (162,774 ) (247,915 ) (1,180,211 )
 
Income tax provision   -     -     800     -  
Income from continuing operations after income tax (191,993 ) (162,774 ) (248,915 ) (1,180,211 )
Loss from discontinued operations, net of income taxes   -     (1,922 )   -     (58,145 )
NET LOSS   (191,993 )   (164,696 )   (248,915 )   (1,238,356 )
 

NET INCOME PER SHARE:

Basic and diluted net loss per share:
Continuing operations $ (0.01 ) $ (0.01 ) $ (0.01 ) $ (0.04 )
Discontinued Operations   -     -     -     -  
Total net loss per share $ (0.01 ) $ (0.01 ) $ (0.01 ) $ (0.04 )
 
Weighted average number of common shares under in per share calculations (basic and diluted)
Basic   33,047,635     30,861,956     31,590,391     30,861,956  
Dilutive   33,047,635     30,861,956     31,590,391     30,861,956  

Business Wire

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