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Microcap & Penny Stocks : PESO--Northport Industries Inc.

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To: RBM who wrote (848)12/13/1999 4:12:00 PM
From: Major Tom  Read Replies (1) of 854
 
NEWS:
Monday December 13, 1:11 pm Eastern Time
Company Press Release
Northport Industries Inc. Announces Record Results
DEL RIO, Texas--(BUSINESS WIRE)--Dec. 13, 1999--Northport Industries Inc. (OTCBB:PESO - news) a Del Rio-based contract manufacturer, is proud to announce the financial results of its operations for the third quarter and first nine months of 1999.

Sales for the quarter ended September 30, 1999 were a record $1,236,450 up $572,090 or 86% from sales of $667,360 for the same quarter in 1998. Income from operations was $24,020 for the third quarter 1999, compared with $(79,559) loss for the same quarter in 1998. Income increased by $103,579 to $24,020 or 130% for the quarter ended September 30, 1999, compared to a loss of $(79,559) for the 1998 period.

For the first nine months of 1999, sales were a record $3,679,341, an increase of $886,326 or 31% from sales of $2,796,015 for the first nine months of 1998. Income from operations was $205,567 for the nine months ended September 30, 1999, compared to $105,272 for the same period for 1998. Net Income was $175,051 for the first nine months of 1999, compared to $105,272 for the 1998 period. Net Income increased by 66%.

Bob Michelini, Northport's president stated, ''We are very pleased with our record financial results year-to-date, but this is only the start. The Company in the next 12 months expects to grow from $3,366,892 to over $9,500,000 in revenues, based upon estimates given to the Company by its customers, based upon their 1999 needs.''

Northport Industries Inc. (''Northport'') is engaged through its wholly owned subsidiaries in Maquila (Mexico based) manufacturing for Fortune 500 clients. The Company is an Original Equipment Manufacturer (''OEM'') with two divisions: automotive and infant products.

The Company employs approximately 550 people, including site administration, engineering, materials, quality, prototype and maintenance personnel to complement an experienced work force. The Company's services range from assembly-only services to full materials procurement and assembly contracts referred to as ''turnkey'' contracts. They frequently work with customers from product design and prototype stages through ongoing production, and providing manufacturing services for successive product generations.

Except for historical information contained herein, certain matters set forth in this press release are forward-looking statements that are subject to risks and uncertainties, including government regulation and taxation, spending, competition, general economic conditions and other risk factors.

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