TUSTIN, Calif., Oct. 24, 2012 (GLOBE NEWSWIRE) -- M Line Holdings, Inc. (OTCQB:MLHC) announces results for the fiscal year ended June 30, 2012. Revenues were $10.177 Million as compared to revenues of $9.9 Million for the prior year.
The results reflect a net loss of $768,242; however, if the one-time research and development expense of $967,976 in fiscal 2012 was excluded, the Company achieved a net profit of $199,734, a slight improvement over the prior year.
"Present management continues to improve the finances and operations of the business, while investing for the future in the form of research and development," said George Colin, Chief Executive Officer of the Company. Colin continued, "despite showing a net loss for the year, we are pleased with the Company's year over year results, especially considering that we do not anticipate a similarly sized R&D expense in 2013."
With the anticipated early completion of its refinancing, the company continues to focus on growing shareholder value both by increasing investor awareness and improving earnings per share by acquiring new customers and developing new markets.
About M Line Holdings, Inc.
M Line Holdings, Inc. (OTCQB:MLHC) acquires fundamentally-sound companies that are market accepted, scalable and demonstrate a quantifiable value proposition when properly managed. Currently our focus is in the aerospace and medical manufacturing and precision equipment businesses that, with the addition of some new products and markets, can exhibit strong growth in both revenue and profits. MLHC lends its operational support, management approach, strategic partnerships, relationships and financial resources to these companies to reduce costs and expand sales, which allows these companies to achieve exceptional performance over time. MLHC currently operates two wholly owned subsidiaries that are positioned for growth: ERAN Engineering, Inc. ("Eran") and E.M. Tool Company, Inc. dba Elite Machine Tool Company ("Elite"). Eran is AS9100 REV C certified and engineers/manufactures precision metal products and services to such major customers as Panasonic, Rockwell Collins, Driessen, UTC Aerospace Systems and Iris Medical. Elite sells pre-owned machine tool equipment that has been refurbished in Elite's facility to manufacturers' specifications. As previously announced, MLHC is in the process of acquiring a significant minority position in Mediatronics Corp., a private company that benefits from synergies with Eran and is a designer of media infotainment platforms including cloud connected applications for the auto and specialty vehicle markets which includes: marine, RV, truck, sports performance and off-road vehicles. Customers include both OEM (including one of the "Big 3 Automakers") and tier 1 and 2 suppliers to each of these selected markets.
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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 STATEMENTS OF OPERATIONS|
|FOR THE TWELVE MONTHS ENDED JUNE 30, 2012 AND 2011|
|Year (s) ended June 30,|
|Net sales||$ 10,177,449||$ 9,900,700|
|Cost of sales||7,330,725||7.150,711|
|Selling, general and administrative||2,629,232||2,687,213|
|Amortization of intangible assets||31,952||104,458|
|Total operating expense||2,661,184||2,791,671|
|Operating Profit (Loss)||185,540||(41,682)|
|Other income (expense):|
Research and Development
|Change in derivative liability||--||93,488|
|Gain on debt settlement||86,097||142,956|
|Gain (Loss) on sale of assets||138,642||--|
|Total other income (expenses)||(951,382)||274,011|
|Income (loss) before income tax||(756,842)||232,329|
|Income tax provision||(2,400)||(2,400)|
|Net income (loss)||$ (768,242)||$ 229,929|
Net income (loss) per share:
|Basic and dilutive income (loss) per share:||$ (0.01)||$ (0.01)|
|Weighted average number of common shares under in per share calculations (basic and diluted)||45,296,196||32,603,326|
Source:M Line Holdings, Inc.