Kirlin Holding Corp. Reports Loss for 2000

Apr 02, 2001, 01:00 ET from Kirlin Holding Corp.

    SYOSSET, N.Y., April 2 /PRNewswire/ -- Kirlin Holding Corp. (Nasdaq:   KILN)
 today announced financial results for the fiscal year ending December 31,
 2000.  The Company reported revenue of $31,030,364 for the year ending
 December 31, 2000, a decrease of 27.3% from last year.  The Company reported a
 net loss of $11,296,166 or ($0.89) per share for the year compared to net
 income of $7,455,086 or $0.60 per share for the prior year.
     David O. Lindner, CEO of Kirlin Holding Corp., commented, "2000 was a
 difficult year as market conditions deteriorated almost on a continuous basis.
 The investments we made in 1999 and 2000 in our non-core businesses took a
 wild ride up and down the valuation flagpole.  Our goal as the year closed was
 to re-examine our business objective and to focus our attention on the most
 attractive business opportunities available to us today."
     Anthony J. Kirincic, President of Kirlin Holding Corp., concurred: "The
 bursting of the Nasdaq Internet bubble directly affected our firm because
 certain investments made outside our normal broker-dealer business lost all of
 their substantial gains recorded in 1999. The investments outside of our
 broker-dealer network have been drastically reduced by the end of 2000 as the
 Company focuses on leveraging its resources in building up our retail broker-
 dealer business through our primary subsidiary, Kirlin Securities Inc. Our
 financial results continue to be affected by the poor market conditions that
 has plagued the entire brokerage industry.  Management has been aggressively
 reducing our breakeven point and feels that current market conditions can
 create consolidation opportunities that can enable Kirlin to position
 ourselves for cost effective growth.  At year end the Company maintained cash
 positions held at banks and clearing brokers in excess of $5 million dollars
 and had a net worth in excess of $10 million dollars."
 
                                                    Year Ended December 31,
                                                      2000          1999
 
 
     Revenues:                                    $31,030,364    $42,673,096
 
     Expenses:                                    $46,887,580    $30,671,874
 
     Loss on disposition
      of ParentNet, Inc.                          $(3,815,860)            $0
 
     (Loss) Income:                              $(19,673,076)   $12,001,222
 
     Taxes Benefit
      (Provision):                                 $5,572,667    $(4,808,508)
 
     Minority Interest                             $2,804,243       $262,372
 
     Net (Loss)
      Income:                                    $(11,296,166)    $7,455,086
 
     Diluted EPS                                       $(0.89)         $0.60
 
 
     Kirlin Holding Corp. is a holding company engaged in securities brokerage
 and trading, investment and merchant banking, and money management through its
 subsidiaries, Kirlin Securities, Inc., GMST World Markets, Inc. (majority
 owned), Greenleaf Management Corporation, VentureHighway.com Inc. (majority
 owned) and Princeton Securities Corporation.  Kirlin Securities is a retail
 brokerage firm and is a member of NASD and SIPC.  GMST World Markets is a
 trading firm and is a member of NASD and SIPC.  VentureHighway.com is the sole
 stockholder of Princeton Securities Corporation, a retail brokerage firm and
 member of NASD and SIPC.
 
     Certain information contained in this release includes Forward-Looking
 Statements within the meaning of the Private Securities Litigation Reform Act
 of 1995 and is subject to certain risks and uncertainties, including those set
 forth in the company's current Annual Report on Form 10-KSB for the year ended
 December 31, 2000.  Readers are cautioned not to place undue reliance on these
 forward-looking statements, which speak only as of the date hereof.  The
 Company undertakes no obligation to release publicly any revisions to these
 forward-looking statements to reflect events or circumstances after the date
 hereof or to reflect unanticipated events or development.
 
 

SOURCE Kirlin Holding Corp.
    SYOSSET, N.Y., April 2 /PRNewswire/ -- Kirlin Holding Corp. (Nasdaq:   KILN)
 today announced financial results for the fiscal year ending December 31,
 2000.  The Company reported revenue of $31,030,364 for the year ending
 December 31, 2000, a decrease of 27.3% from last year.  The Company reported a
 net loss of $11,296,166 or ($0.89) per share for the year compared to net
 income of $7,455,086 or $0.60 per share for the prior year.
     David O. Lindner, CEO of Kirlin Holding Corp., commented, "2000 was a
 difficult year as market conditions deteriorated almost on a continuous basis.
 The investments we made in 1999 and 2000 in our non-core businesses took a
 wild ride up and down the valuation flagpole.  Our goal as the year closed was
 to re-examine our business objective and to focus our attention on the most
 attractive business opportunities available to us today."
     Anthony J. Kirincic, President of Kirlin Holding Corp., concurred: "The
 bursting of the Nasdaq Internet bubble directly affected our firm because
 certain investments made outside our normal broker-dealer business lost all of
 their substantial gains recorded in 1999. The investments outside of our
 broker-dealer network have been drastically reduced by the end of 2000 as the
 Company focuses on leveraging its resources in building up our retail broker-
 dealer business through our primary subsidiary, Kirlin Securities Inc. Our
 financial results continue to be affected by the poor market conditions that
 has plagued the entire brokerage industry.  Management has been aggressively
 reducing our breakeven point and feels that current market conditions can
 create consolidation opportunities that can enable Kirlin to position
 ourselves for cost effective growth.  At year end the Company maintained cash
 positions held at banks and clearing brokers in excess of $5 million dollars
 and had a net worth in excess of $10 million dollars."
 
                                                    Year Ended December 31,
                                                      2000          1999
 
 
     Revenues:                                    $31,030,364    $42,673,096
 
     Expenses:                                    $46,887,580    $30,671,874
 
     Loss on disposition
      of ParentNet, Inc.                          $(3,815,860)            $0
 
     (Loss) Income:                              $(19,673,076)   $12,001,222
 
     Taxes Benefit
      (Provision):                                 $5,572,667    $(4,808,508)
 
     Minority Interest                             $2,804,243       $262,372
 
     Net (Loss)
      Income:                                    $(11,296,166)    $7,455,086
 
     Diluted EPS                                       $(0.89)         $0.60
 
 
     Kirlin Holding Corp. is a holding company engaged in securities brokerage
 and trading, investment and merchant banking, and money management through its
 subsidiaries, Kirlin Securities, Inc., GMST World Markets, Inc. (majority
 owned), Greenleaf Management Corporation, VentureHighway.com Inc. (majority
 owned) and Princeton Securities Corporation.  Kirlin Securities is a retail
 brokerage firm and is a member of NASD and SIPC.  GMST World Markets is a
 trading firm and is a member of NASD and SIPC.  VentureHighway.com is the sole
 stockholder of Princeton Securities Corporation, a retail brokerage firm and
 member of NASD and SIPC.
 
     Certain information contained in this release includes Forward-Looking
 Statements within the meaning of the Private Securities Litigation Reform Act
 of 1995 and is subject to certain risks and uncertainties, including those set
 forth in the company's current Annual Report on Form 10-KSB for the year ended
 December 31, 2000.  Readers are cautioned not to place undue reliance on these
 forward-looking statements, which speak only as of the date hereof.  The
 Company undertakes no obligation to release publicly any revisions to these
 forward-looking statements to reflect events or circumstances after the date
 hereof or to reflect unanticipated events or development.
 
 SOURCE  Kirlin Holding Corp.