CORONA, Calif., Dec. 9, 2010 /PRNewswire-FirstCall/ -- Mr. Daniel Medina, President of the Company mentioned, "We have successfully delivered products to our customers during the first six months of this fiscal year, while focusing on process improvements. We have dedicated team players working towards the objective and mission of the Company and currently, our morale is high."
"We earned $418,791 in revenues for the second quarter and $907,051 in revenues for the first six months of this fiscal year. Our Income from operations was recognized in the positive territory for the second quarter. We decreased our net losses by 99% for the second quarter compared to that of the previous year and by 92% for year to date compared to that of the previous year," said Mr. Madhava Rao Mankal, CFO of the Company.
Harbor Guard Boats delivered five boats for the first six months of the Company's fiscal year and two boats for the second quarter. Mr. Tim Spooner commented, "Our second quarter results were a by-product of our commitment to manufacturing quality products for our customers, as well as improving customer support. Our boats are well received by our current customers as the most practical for their specific missions."
About Medina International Holdings, Inc.: Medina International Holdings, Inc. (OTC Bulletin Board: MIHI) through its wholly owned subsidiary, Harbor Guard Boats manufactures commercial fire, rescue, police and patrol boats, ranging from 15' to 37'. All products are manufactured in the USA.
Safe Harbor Statement
This press release contains forward looking statements that are not historical facts, including statements about our beliefs and expectations. These statements are based on beliefs and assumptions of Medina International Holdings' management, and on information currently available to management. These forward looking statements include, among other things: the growth, demand and interest for Company's products; the benefits and suitability of the Company's products; the Company's execution of its business strategy; and, the Company's expected financial and operating results, including its revenues, cash flow and gross margins, for future periods. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. Examples of these factors include, but are not limited to, risk factors and cautionary statements listed in the Company's periodic reports filed with the Securities and Exchange Commission, including the risks set forth in the Company's Annual Report on Form 10-K for the year ended April 30, 2010.
Contact: Daniel Medina, President, +1-909-522-4414
SOURCE Medina International Holdings, Inc.