S.A. Advisory Corporate News
April 30, 2003SETO Announces Results for Year Ending January 31, 2003
Wednesday April 30, 3:01 pm ET
BRIARCLIFF MANOR, N.Y.--(BUSINESS WIRE)--April 30, 2003--SETO Holdings, Inc. (OTCBB: SETO - News) announces for the fiscal year ending January 31, 2003 net sales at $7,364,438, income from continuing operations at $1,475,952 and earnings per share EPS $.10 as compared to $.03 EPS as restated for year ending January 31, 2002.
Net sales for the fiscal year ending January 31, 2003 increased 104% and income from continuing operations increased 207% as compared to fiscal year ended January 31, 2002.
The gross profit for fiscal year ending January 31, 2003, increased 75.6% from $2,142,906 to $3,763,073 compared to fiscal year ending January 31, 2002 as restated, and the gross profit margin decreased 8% from 59% to 51% for the fiscal year ending January 31, 2003. These gross profit margins are expected to continue at this same level.
Due to the increased profits for the fiscal year ending January 31, 2003, the income tax benefit as related to our carried forward loss, has been reduced substantially thereby affecting the EPS for the year, as compared to the nine months ending October 31, 2002. The difference is $.02 EPS for the nine months ending October 31, 2002 reported as $.12 EPS, without the income tax benefit the EPS was $.10
The 10K for year ending January 31, 2003 will be available on Thursday, May 1, 2003 on our web site www.setoholdings.com and on EDGAR.
The new SETO Overview and Corporate Profile is being continually updated to reflect any changes and focus of SETO Holdings Inc. worldwide.
About SETO Holdings, Inc. Founded in 1975, SETO Holdings, Inc. operates as a broad based technical manufacturer, fabricator and distributor in three major product groupings: Technical Products to industry, inclusive of diamond tools, wafer fab supplies and technical ceramics and including sales and service contract manufacturing of consumer products for the medical training, safety and rescue industries.
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.
Copyright © 2010 S.A. Advisory