Gateway International Holdings, Inc. (OTC.PK: GWYI) has filed numbers for the quarter and for the 6-month period ending March 31, 2005 via an 8-K filing with the Securities and Exchange Commission.
It should be noted that these figures are different from the financials that were released on May 6, 2005. Due to accounting procedures, certain adjustments were required prior to the financial statements being submitted to the SEC in an 8-K filing.
For the 3-month period ending March 31, 2005 the Company reported Total Sales totaling $6,112,312. Pre-tax profit came in at $1,309,218, a pre-tax margin of 21.4%. Allowance for tax liability of $526,153 was taken resulting in a net income totaling $783,065, a profit margin of 12.8%. The profit figure resulted in a $0.0194 EPS for the quarter.
For the 6-month period covering October 1, 2004 thru March 31, 2005 the Company reported Total Sales of $8,241,683. Pre-tax profit totaled $1,562,704, a pre-tax margin of 19.0%. Allowance for tax liability of $627,547 was taken for the six-month period, resulting in net income of $935,157, a profit margin of 11.3%. The reported profits result in $0.0232 EPS for the first six months of operations.
Gateway International's CEO, Larry Consalvi, commented on the financial results: "Due to the manner in which we are required to recognize earned revenue, we were required to adjust the period in which certain revenues were booked. Adjusted revenues will be picked back up in subsequent quarters. We remain pleased with our progress and believe that the second half of the year will result in additional improvements." He continued, "We continue to add revenues at record levels throughout the organization. We are now cross selling a multitude of products and services throughout our subsidiary client bases. The results of these new relationships are beginning to be seen in incremental revenue growth above our historical growth patterns." Mr. Consalvi concluded, "We are working on several new relationships that we believe will reinforce our position as an industry leader and establish our operating subsidiaries as primary manufacturing components to a number of current and potential customers."
This press release may contain forward-looking statements. The words 'estimate,' 'possible' and 'seeking' and similar expressions identify forward-looking statements, which speak only as to the date the statement was made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted, or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition and other material risks.
Source: Gateway International Holdings, Inc.