Dépêches

M Line Holdings, Inc. Announces 2011 Fiscal Year Results

Dépèche transmise le 14 octobre 2011 par Business Wire

TUSTIN, Calif.--(BUSINESS WIRE)--M Line Holdings, Inc. (OTCBB: MLHC):

Profit

M Line Holdings, Inc. (OTCBB: MLHC) (“M Line Holdings” or “the Company”) is pleased to announce that the Company has achieved its first full year profit since its fiscal year ended June 30, 2008. Revenues of $9,900,700 for the 2011 fiscal year are 60% higher than revenues for the 2010 fiscal year and were slightly short of our forecasted revenue figure of $10,000,000. The Net Profit after taxes for the 2011 fiscal year was $229,929. This massive achievement, in a still very unstable economy, has seen a positive profit improvement over fiscal 2010 of $1,939,015.

Turn Around

EBITDA for the 2011 fiscal year is $722,551, which is better than the forecasted amount of $500,000. This is an improvement of $1,784,421 over the 2010 fiscal year. We anticipate increased revenues and profit for our current fiscal year.

Business Information

Eran Engineering’s primary business is airplane interior work. This is a huge global market at approximately $2.0 Billion in interior retrofit business in addition to the market for interior business for new aircraft. Eran is currently targeting a very small portion of that business and its orders are increasing.

Elite Machine Tool buys, refurbishes and sells pre-owned CNC manufacturing equipment. With the increase in aerospace business there has been an increase in demand for equipment and Elite expects this trend to continue. Elite is also expecting larger than usual revenues for the remainder of this year due to the cancellation of the 100% tax write-off benefit effective December 31, 2011.

Trends Affecting our Business

The aerospace business in general is experiencing a growth period. Both Boeing and Airbus have seen a spike in demand and expect increased deliveries of planes next year to meet demand from the airlines. Both the Paris Airshow and orders since the show from the airlines have far exceeded expectations and signify a much improved recovery in the aerospace business. Furthermore, due to limited refurbishment of the current airline fleet interiors over the last few years, this segment of the aerospace business is expected to experience considerable growth that should hopefully continue at least until 2014. Eran Engineering, our precision metal manufacturer, is gearing up to meet the anticipated demand.

George Colin, CEO of M Line Holdings, Inc., stated: “I am delighted to announce our first fiscal year profit since joining the Board of the Company. This has been a tremendous achievement by all of the dedicated personnel at Eran Engineering and Elite Machine Tool that make up the M Line family. We are confident that we can not only continue this upward trend but exceed expectations over the next few years.”

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 the 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 STATEMENTS OF OPERATIONS

FOR THE YEARS ENDED JUNE 30, 2011 AND 2010

 
2,011 2,010
Net sales $ 9,900,700 $ 6,213,800
Cost of sales 7,150,711   4,848,755  
Gross Profit 2,749,989 1,365,045
 
Operating expenses:
Selling, general and administrative 2,687,213 2,739,523
Amortization of intangible assets 104,458   41,783  
Total operating expense 2,791,671   2,781,306  
Operating loss (41,682 ) (1,416,261 )
 
Other income (expense):
Interest expense (103,889 ) (187,788 )
Interest income 21,756 18,925
Rental income 119,700 0
Change in derivative liability 93,488 0
Loss on debt settlement 142,956 0
Gain on sale of assets 0   2,497  
Total other income (expenses) 274,011   (166,366 )
Income (loss) before income tax 232,329 (1,582,627 )
 
Income tax provision 2,400   126,459  
NET PROFIT (LOSS) $ 229,929   $

(1,709,086

)

 

NET LOSS PER SHARE:

   
Basic and dilutive income (loss) per share: $ 0.01   $ (0.06 )
Weighted average number of common shares under in per share calculations (basic and diluted) 32,603,326   30,861,956  

Business Wire

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