Dyna Group International Announces Earnings for Second Quarter 1999
19 July 1999
Dyna Group International Announces Earnings for Second Quarter 1999
NEW BRAUNFELS, Texas--July 16, 1999--Dyna Group International (OTC BB:DGIX) announced today earnings from operations for the second quarter ended June 30, 1999.
2nd quarter ended 6 months ended
June 30 June 30
1999 1998 1999 1998
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Revenues 2,358,508 2,183,443 4,055,081 3,672,564
Operating income
(loss) 43,006 (89,967) 92,436 (46,313)
Gain on sale, net -0- 288,819 -0- 288,819
Net earnings 43,006 198,852 92,436 242,506
Earnings per share .01 .03 .01 .03
Total revenues increased for the 2nd quarter 8% as compared to the 2nd quarter of 1998. For the quarter, operating income increased from a loss of $(89,967), (.01) per share, to a gain of $43,006, .01 per share. During the 2nd quarter of 1998 the Broadview facility was sold creating a one-time gain on sale after expenses of $227,717, .03 per share.
For the year to date, revenues increased 10.4% from $3,672,564 to $4,055,081 as compared to the same period in 1998. Operating earnings increased in 1999 $92,436 to .01 per share as compared to $(46,313), (.01) per share. The sale of the Broadview facility increased the net earnings for 1998 $288,819, .04 per share.
Gross profit margins will increase in 3rd & 4th quarters as modest price increase takes effect and higher-cost inventory is being replaced with lower-cost components. We are confident that increase in gross profit will directly increase the operating income.
The company recently presented 10 new product lines for approval to its major licensors. We are happy to report that with few exceptions, virtually all of these products were approved. These products should significantly increase revenues and earnings as they are introduced.
Great American Products, a wholly owned subsidiary of Dyna Group International (DGIX) is recognized as the leader in the manufacturing and distribution of pewter sports licensed collectibles. The company holds licenses with the NFL, MLB, NBA, NHL, NASCAR and 15 top drivers, ISC, WCW and others. In addition to the licensed products, Great American Products also produces a broad line of non-licensed collectible products that are sold through a variety of retail channels. The products are prized by collectors due to their design excellence, craftsmanship and the lasting value of pewter.