Liteglow Industries Inc. Strong Sales Increase
10 February 1999
Liteglow Industries Inc. Strong Sales Increase
POMPANO BEACH, Fla.--Feb. 9, 1999--Lou Wiener, COO of Liteglow Industries Inc. (BB:LTGL), announced that sales are off to a great start in 1999.
For the month of January 1999 Liteglow had the following increases:
Jan. '99 Sales vs. Jan. '98 Sales -------------- -------------- $416,200 $107,300 Jan. '99 Net Profit vs. Jan. '98 Net Loss ------------------- ----------------- $ 51,668 ($35,153)
The sales increase of 288% was led by a unit volume growth in the Liteglow and Low Glow (a wholly owned subsidiary) product lines, which together contributed about two-thirds of the $309,000 year-over-year gain. The balance of the increment was due to revenues from B & B Associates, also a recently acquired wholly owned subsidiary.
Wiener also stated: "We are very pleased with the nearly three-fold increase in Liteglow's January 1999 sales over the comparable month last year. It should also be noted that sales during January (and February) are historically the lowest among the 12 months of any given year. Accordingly, if the present strong demand for our products continues throughout this year, we believe Liteglow's consolidated sales for the full-year 1999 can be in the $5 million - $6 million range. In our opinion, sales of this magnitude could produce net income in the $500,000 - $600,000 range. This would result in earnings per share of approximately $0.15, based upon the 3.5 million common shares currently outstanding."
Liteglow is a manufacturer, designer and importer of products for the automotive and electronics specialty markets. The U.S. automotive and electronic after markets are expected to exceed $300 billion in combined revenues this year.
Requests for an investor information package should be made by calling Liteglow Industries Inc. at 800-801-GLOW (4569), or by e-mail at spencer@liteglow.com. Fax number is 954/971-5117. Don't forget to visit our website at www.liteglow.com.