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Northport Announces 1999 Year Ending Financials

1 March 2000

Northport Industries, Inc. Announces 1999 Year Ending Financials/ Record Results In All Sectors

    DEL RIO, Texas--Feb. 29, 2000--Northport Industries, Inc. (OTCBB: PESO), a Texas based contract manufacturer for the automotive, juvenile, golf, and luggage industry, announced today the unaudited financial results for the year ending 1999. Form 10-Q and 10-K are expected to be submitted to the SEC in the next week.
    Consolidated sales for the 12 month period ended December 31, 1999 increased $1,326,743 or 35% to $5,093,673 as compared to $3,766,930 for the same 12 month period ending in 1998. Profits for the 12 month period ended December 31, 1999 increased $197,987 or 51% to $300,182 from $102,195 for the same period ending in 1998. Management is also pleased to report that general and administrative expenses were $722,049 or 14% as a percentage of consolidated sales as compared to $705,379 or 18.5% in the year ending 1998. The percentage of cost decreased by 4.5% of consolidated sales.
    Sales of child transportation and safety products accounted for 80% of the growth during 1999. This amounted to $1,061,394 for the 12 month period ended December 31, 1999. This was all due to an expanding of the business relationship with EvenFlo Corporation. The automotive segment experienced a 20% growth rate or $265,345.
    Commenting on these record setting results, Northport's president, Bob Michelini stated, "To say we are growing at an exponential rate right now is an understatement. Our prospects for 2000 and 2001 are looking great as we look to continue to achieve rapidly escalating sales and profits figures in all of our manufacturing sectors. We'll have much to say this year and its time the investment community is made aware of our growth. My thanks to our customers, employees, and our shareholders for making 1999 such a great year."
    Northport Industries, Inc. is engaged through its wholly owned subsidiaries in Maquilla, Mexico (Mexico based) manufacturing for Fortune 500 clients. The subsidiaries are VMI, Inc. and Joh Rubber. The company is an Original Equipment Manufacturer (OEM) with two divisions: Automotive and Cut & Sew Products. Its product offerings include wrapped steering wheels, gear shift handles, stick shift boots, and consoles for automakers including Daimler-Chrysler , Ford Motors, Inc. , and General Motors . Additionally, the company manufacturers golf bags, luggage, hunting equipment, and child safety seats. Northport Industries, Inc. trades on the OTC Bulletin Board under the ticker symbol "PESO". For more information on Northport, contact Larry Rabb at Northport (830) 775-1705 or Jeff Brommer, Investor Relations (630) 761-8062.
    This news release contains forward looking statements that involve risks and uncertainties. The forward looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reformed Act of 1995. Actual results may differ materially, due to a variety of factors including, without limitation, the Company's ability to produce and market products and/or services and other risks detailed from time to time in the Company's reports filed with the Securities and Exchange Commission.