Westbury Metals Group, Inc. Reports Record Revenues and Operating Profits For the Six Months Ended December 31, 2000

Apr 19, 2001, 01:00 ET from Westbury Metals Group, Inc.

    WARWICK, R.I., April 19 /PRNewswire/ -- Westbury Metals Group, Inc.
 (WMETE) --
 
     Revenues were $79,478,363 for the six months ended December 31, 2000
 compared to $36,474,799 for the six months ended December 31, 1999. Of the
 total increase, $33,376,739 related to the Industrial Products and Industrial
 Commodities Management segments, while $9,626,825 related to the Metal
 Processing and Refining segment. The increased sales in the Industrial
 Products and Industrial Commodities Management segments are directly related
 to the financing arrangement with the bank, cross-selling products and
 services to the other segment's customers, and the acquisitions of Reliable
 and SPM.
     For the six months ended December 31, 2000, the Industrial Products
 segment recorded gross revenues of $18,082,134 compared to revenues of
 $10,525,737 for the six months ended December 31, 1999. The Industrial
 Commodities Management segment, which started business in July 1998, was
 responsible for an additional $46,372,894 in gross revenues for the six months
 ended December 31, 2000. The revenues relate to precious metal sales to
 industrial end users. Combined sales of the Industrial Products and Industrial
 Commodities Management segments were $64,455,029 for the six months ended
 December 31, 2000 compared to $31,078,290 for the six months ended
 December 31, 1999, resulting in an increase of $33,376,739 or 107.4%.
     The net loss for the six months ended December 31, 2000 and December 31,
 1999 was $294,203 and $1,714,321, respectively. The net loss per diluted share
 for the six months ended December 31, 2000 and December 31, 1999 was $.06 and
 $.51, respectively. These figures reflect inventory partially on a cost basis.
 On a market to market basis the Company would have reflected a profit of
 $1,037,327 for the six months ended December 31, 2000.
     Revenues were $44,270,025 for three months ended December 31, 2000
 compared to $16,763,050 for three months ended December 31, 1999. Of the total
 increase, $20,804,850 related to the Industrial Products and Industrial
 Commodities Management segments, while $6,702,125 was related to the Metal
 Processing and Refining segment. The increased sales in the Industrial
 Products and Industrial Commodities Management segments are directly related
 to the financing arrangement with the bank, cross-selling products and
 services to the other segment's customers, and the acquisitions of Reliable
 and SPM.
     The net loss for the three months ended December 31, 2000 and December 31,
 1999 was $726,505 and $1,437,095, respectively. The net loss per diluted share
 for the three months ended December 31, 2000 and December 31, 1999 was $.14
 and $.42, respectively. These figures reflect inventory partially on a cost
 basis. On a market to market basis the Company would have reflected a profit
 of $672,184 for the three months ended December 31, 2000.
     Westbury Metals Group, Inc. Chairman and Chief Executive Officer, Mandel
 Sherman, said, "Our growth is continuing on pace exceeding expectations. We
 are developing a niche in our market and becoming a recognized and respected
 operator in the precious metals products and services business providing our
 customers with reliable service. Our acquisitions have provided growth and
 opportunities and we expect that our progress will continue. Each segment of
 the Company's operations is growing and we look forward to further expansion
 and growth. The Company's Business Plan is now taking its anticipated effect."
 
     About Westbury Metals Group, Inc.
     Westbury, New York-based Westbury Metals Group, Inc., a rapidly growing
 consolidator in the precious metals industry, fabricates silver for industrial
 uses, reclaims platinum and palladium from automotive catalytic converters and
 refines precious metals, gold and silver from industrial users such as
 electronics, chemical, aerospace and jewelry companies as well as conducting
 trading and hedging operations.
 
     This press release contains "forward-looking statements" within the
 meaning of the Private Securities Litigation Reform Act of 1995, regarding the
 Company's business strategy and future plans of operations. Forward-looking
 statements involve known and unknown risks and uncertainties, both general and
 specific to the matters discussed in this press release. These and other
 important factors including those mentioned in various Securities and Exchange
 Commission filings made periodically by the Company, may cause the Company's
 actual results and performance to differ materially from the future results
 and performance expressed in or implied by such forward-looking statements.
 The forward-looking statements contained in this press release speak only as
 of the date hereof and the Company expressly disclaims any obligation to
 provide public updates, revisions or amendments to any forward-looking
 statements made herein to reflect changes in the Company's expectations of
 future events.
 
                   WESTBURY METALS GROUP, INC. & SUBSIDIARIES
              HIGHLIGHTS FROM CONSOLIDATED STATEMENT OF OPERATIONS
                      (Six Months Ended December 31, 2000)
 
                        Three Months  Three Months    Six months    Six Months
                         December 31,  December 31,  December 31,  December 31,
                            2000          1999           2000         1999
 
     Revenues           $44,270,025   $16,763,050  $79,478,363   $36,474,799
     Cost of Sales       42,895,403    15,810,255   75,861,964    34,520,884
     Gross Profit         1,374,622       952,795    3,616,399     1,953,915
 
     Expenses:
       SG & A             1,490,363       934,182    2,716,241     1,827,873
       Depreciation &
        Amortization        196,369       120,674      382,360       234,288
     Income (loss) from
     Operations           (312,110)     (102,061)      517,798     (108,246)
     Total Other Expenses   414,837     1,335,034      773,196     1,606,075
     Net Loss             (726,505)   (1,437,095)    (294,203)   (1,714,321)
     Net Loss Per Share      (0.14)        (0.42)       (0.06)        (0.51)
     Full Diluted Shares  5,316,695     3,415,885    5,316,695     3,335,525
 
 

SOURCE Westbury Metals Group, Inc.
    WARWICK, R.I., April 19 /PRNewswire/ -- Westbury Metals Group, Inc.
 (WMETE) --
 
     Revenues were $79,478,363 for the six months ended December 31, 2000
 compared to $36,474,799 for the six months ended December 31, 1999. Of the
 total increase, $33,376,739 related to the Industrial Products and Industrial
 Commodities Management segments, while $9,626,825 related to the Metal
 Processing and Refining segment. The increased sales in the Industrial
 Products and Industrial Commodities Management segments are directly related
 to the financing arrangement with the bank, cross-selling products and
 services to the other segment's customers, and the acquisitions of Reliable
 and SPM.
     For the six months ended December 31, 2000, the Industrial Products
 segment recorded gross revenues of $18,082,134 compared to revenues of
 $10,525,737 for the six months ended December 31, 1999. The Industrial
 Commodities Management segment, which started business in July 1998, was
 responsible for an additional $46,372,894 in gross revenues for the six months
 ended December 31, 2000. The revenues relate to precious metal sales to
 industrial end users. Combined sales of the Industrial Products and Industrial
 Commodities Management segments were $64,455,029 for the six months ended
 December 31, 2000 compared to $31,078,290 for the six months ended
 December 31, 1999, resulting in an increase of $33,376,739 or 107.4%.
     The net loss for the six months ended December 31, 2000 and December 31,
 1999 was $294,203 and $1,714,321, respectively. The net loss per diluted share
 for the six months ended December 31, 2000 and December 31, 1999 was $.06 and
 $.51, respectively. These figures reflect inventory partially on a cost basis.
 On a market to market basis the Company would have reflected a profit of
 $1,037,327 for the six months ended December 31, 2000.
     Revenues were $44,270,025 for three months ended December 31, 2000
 compared to $16,763,050 for three months ended December 31, 1999. Of the total
 increase, $20,804,850 related to the Industrial Products and Industrial
 Commodities Management segments, while $6,702,125 was related to the Metal
 Processing and Refining segment. The increased sales in the Industrial
 Products and Industrial Commodities Management segments are directly related
 to the financing arrangement with the bank, cross-selling products and
 services to the other segment's customers, and the acquisitions of Reliable
 and SPM.
     The net loss for the three months ended December 31, 2000 and December 31,
 1999 was $726,505 and $1,437,095, respectively. The net loss per diluted share
 for the three months ended December 31, 2000 and December 31, 1999 was $.14
 and $.42, respectively. These figures reflect inventory partially on a cost
 basis. On a market to market basis the Company would have reflected a profit
 of $672,184 for the three months ended December 31, 2000.
     Westbury Metals Group, Inc. Chairman and Chief Executive Officer, Mandel
 Sherman, said, "Our growth is continuing on pace exceeding expectations. We
 are developing a niche in our market and becoming a recognized and respected
 operator in the precious metals products and services business providing our
 customers with reliable service. Our acquisitions have provided growth and
 opportunities and we expect that our progress will continue. Each segment of
 the Company's operations is growing and we look forward to further expansion
 and growth. The Company's Business Plan is now taking its anticipated effect."
 
     About Westbury Metals Group, Inc.
     Westbury, New York-based Westbury Metals Group, Inc., a rapidly growing
 consolidator in the precious metals industry, fabricates silver for industrial
 uses, reclaims platinum and palladium from automotive catalytic converters and
 refines precious metals, gold and silver from industrial users such as
 electronics, chemical, aerospace and jewelry companies as well as conducting
 trading and hedging operations.
 
     This press release contains "forward-looking statements" within the
 meaning of the Private Securities Litigation Reform Act of 1995, regarding the
 Company's business strategy and future plans of operations. Forward-looking
 statements involve known and unknown risks and uncertainties, both general and
 specific to the matters discussed in this press release. These and other
 important factors including those mentioned in various Securities and Exchange
 Commission filings made periodically by the Company, may cause the Company's
 actual results and performance to differ materially from the future results
 and performance expressed in or implied by such forward-looking statements.
 The forward-looking statements contained in this press release speak only as
 of the date hereof and the Company expressly disclaims any obligation to
 provide public updates, revisions or amendments to any forward-looking
 statements made herein to reflect changes in the Company's expectations of
 future events.
 
                   WESTBURY METALS GROUP, INC. & SUBSIDIARIES
              HIGHLIGHTS FROM CONSOLIDATED STATEMENT OF OPERATIONS
                      (Six Months Ended December 31, 2000)
 
                        Three Months  Three Months    Six months    Six Months
                         December 31,  December 31,  December 31,  December 31,
                            2000          1999           2000         1999
 
     Revenues           $44,270,025   $16,763,050  $79,478,363   $36,474,799
     Cost of Sales       42,895,403    15,810,255   75,861,964    34,520,884
     Gross Profit         1,374,622       952,795    3,616,399     1,953,915
 
     Expenses:
       SG & A             1,490,363       934,182    2,716,241     1,827,873
       Depreciation &
        Amortization        196,369       120,674      382,360       234,288
     Income (loss) from
     Operations           (312,110)     (102,061)      517,798     (108,246)
     Total Other Expenses   414,837     1,335,034      773,196     1,606,075
     Net Loss             (726,505)   (1,437,095)    (294,203)   (1,714,321)
     Net Loss Per Share      (0.14)        (0.42)       (0.06)        (0.51)
     Full Diluted Shares  5,316,695     3,415,885    5,316,695     3,335,525
 
 SOURCE  Westbury Metals Group, Inc.