M Line Holdings, Inc. Announces First Quarter Fiscal 2014 Results Revenue Up 37% to $2.7 Million and Earnings Reflect $447,725 Improvement Year-Over-Year; Company on Track to Achieve Fiscal 2014 Profit Objective of $1.5 +M
TUSTIN, Calif., Jan. 13, 2014 /PRNewswire/ -- M Line Holdings, Inc. (OTCQB: MLHC) ("M Line"), a provider of products and services to the precision high tech segment of both the aerospace and medical industries as well as seller of high end pre-owned Japanese Computer Numerically Controlled ("CNC") Equipment, today announced its results for its first quarter Fiscal 2014 ended September 30, 2013.
In the first quarter of Fiscal 2014, the Company increased revenue by $746,604 or 37% to $2,727,194 from $1,980,590 in the first quarter of Fiscal 2013, and improved net income by $447,725, achieving a positive net income of $105,761 versus ($341,964) the same period in Fiscal 2013.
Bruce Barren, CEO of M Line, stated, "We are extremely pleased with our fiscal first quarter 2014 results. Since becoming CEO, we have added new customers and relationships, and in the last few months alone, we have seen impressive improvements in revenue and profitability. Given the state of our business today, we are confident of our ability to continue to execute successfully, and to ultimately achieve our forecasted results of $1,500,000 profit for Fiscal 2014."
He continued, "Now and moving forward, shareholder capital appreciation is of utmost importance. The focus of our turnaround continues to be on increasing shareholder value through definable results - net earnings – which improved significantly in the last quarter. It is our belief that this trend will continue in the second quarter and beyond. Our low valuation today represents a significant investment opportunity for those looking to achieve sound capital appreciation, and we will continue to communicate this opportunity to the investment community as more milestones are achieved."
Tony Anish, M Line's COO, stated, "Despite having worked with a shortage of working capital, we have been able to use our limited resources to benefit the growth and profitability of the Company as seen in our first quarter results. We are looking forward to an exciting 2014, benefitting from the strong outlook in the aerospace industry for the ensuing 10 year period."
About M Line Holdings, Inc.
M Line Holdings, Inc. (OTCQB: MLHC). M Line provides products and services to the precision high tech segment of both the aerospace and medical industries as well as selling high end pre-owned Japanese Computer Numerically Controlled ("CNC") Equipment. Key customers of our group include Panasonic Avionics, UTC Aerospace Systems, Beckman Coulter and BE Aerospace as well as our exciting new relationship with SIE (Structural Integrity Engineering). The Company is headquartered in Tustin, California. For more information see our website at http://www.mlineholdings.com/
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.
For Further Information
Contact: Tony Anish
SOURCE M Line Holdings, Inc.