S.A. Advisory Corporate News
December 13, 2002SETO announced today nine months results, revenue of $5,816,794 and income from continuing operations of $1,708,693 with $.12 earnings per share
Friday December 13, 8:30 am ET
BRIARCLIFF MANOR, N.Y.--(BUSINESS WIRE)--Dec. 13, 2002--SETO Holdings Inc. (OTCBB-SETO) today announced the first nine months results of fiscal 2003, revenue was $5,816,794 an increase of 132% compared to the first nine months of fiscal 2002, with net profits from continuing operations of $1,708,780, an increase of $930,711 compared to fiscal 2002 and Q3 results for fiscal 2003, net revenue of $2,434,711 an increase of 137% compared to Q3 fiscal 2002 and net profit of $777,982 for Q3 fiscal 2003 as compared to $123,029 for Q3 fiscal 2002.
Earnings per share for the nine months ended October 31, 2002 is $ .012 as compared to $.02 for the nines months ending 2001. Earnings per share for Q3 fiscal 2003 is $ .06 as compared to $ .01 EPS for Q3 fiscal 2002.
Selling, general and administration expenses decreased to 28% of net revenues for the first nine months of fiscal 2003, as compared to 44% of net revenues for fiscal 2002.
Our financial position remains strong. Our current ration for Q3 fiscal 2003 was 2.9 compared to 1.38 for Q3 fiscal 2002.
Order bookings continue to be strong to support the continuing growth in profits and revenue.
On October 31, 2002 due to increased competition from China and a significant decrease in profitability, we decided to discontinue our industrial battery subsidiary, Hong Kong Batteries Industries, LTD.
The results reported are after the elimination and restated figures of the disposal of Fuji Fab and Hong Kong Batteries Industries Ltd
See financial statement 10Q for additional information.
Two new Safety and Rescue products designed, developed and patented by SETO Holdings will be manufactured in Malaysia by SETO Technology's contract manufacturing, marketing and service subsidiary. Prototypes are now in production and soon to be introduced during the first few months of 2003. Details will be on our web site soon.
About SETO Holdings, Inc.
Founded in 1975, SETO Holdings, Inc. operates as a broad based technical manufacturer and distributor in three major product groupings: Technical Products to industry, inclusive of diamond tools, wafer fab supplies and technical ceramics; and Contract manufacturing services. Please visit the Company's web sites: www.SETOHOLDINGS.com, www.stidiamond.com, www.ecsceramics.com .
Included in this release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations reflected in such forward-looking statements will prove to have been correct. The company's actual results could differ materially from those anticipated in the forward-looking statements as a result of certain factors including sales levels, distribution and competition trends and other market factors.
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