New Bridge Products Inc. Reports Q1 Results
20 July 1998
New Bridge Products Inc., Reports First Quarter 1998 Loss of $0.002 Per Common Share;
PHOENIX--(BW HealthWire)--July 20, 1998--
Management Estimates a Return to Profitability in the Fourth Quarter and Break-even Results for the Total Year.
New Bridge Products, Inc., (OTC BB:NBPI) Monday reported a net loss for the first quarter ending March 31, 1998, of $31,000 or $(0.002) per common share on revenues of $324,000. Comparative quarterly results are not available, however, previous full year calendar results for the company were reported at a loss of $204,000 or $(0.02) per common share on revenues of $2.083 million.
Approximate weighted average common shares outstanding for the quarter were recorded at 13 million vs. 12.989 million at year end.
Jack D. Kelley, the company's chief executive officer and chairman commented, "In review of the company's first quarter results, we continued to show improvement in both lowering operating costs and strengthening the company's balance sheet. Given the company's current market positioning, and subject to the timing of securing additional capital, we feel that we have a strong possibility of returning to profitability by as early as the fourth quarter of 1998 and reporting break-even earnings for the year at this point in time."
Management at New Bridge Product has been designing and re-manufacturing wheelchair accessible minivans for over fifteen years. The company's product lines incorporate both roof extension and floor lowering capabilities in addition to fully automated, remote controlled doors and ramps.
Company contact: Reovest Financial Inc. 303/642-0073
Corporate web sight at: www.new-bridgeproducts.com
All financial projections and future contract award opinions by management, which are not historical are management's and are subject to changes based upon future operational results.
Projections are furthermore "forward-looking" as defined by federal law, and are subject to the Safe Harbors created by them, within the meaning of such statements as defined in Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995.
The company intends that these projections specifically concerning the timing of securing funds, a return to profitability in the fourth quarter, and a break-even earnings performance for the total 1998 year to be "forward-looking" and subject to the "Safe Harbors" thereby created by them.
Management further specifies that these projections and opinions are estimates, based upon current information available by management. They are furthermore subject to revisions, and management is under no obligation to update this information.
