Northport Industries, Inc. Announces Two-Month Sales Results
20 April 2000
Northport Industries, Inc. Announces Two-Month Sales Results; Sales Up 17 Percent and Net Income Up 27 Percent
DEL RIO, Texas--April 19, 2000--Northport Industries, Inc. (OTCBB:PESO), a Texas based contract manufacturer for the automotive, juvenile, golf, and luggage industry, is pleased to announce unaudited two month sales results for the period ended February 29, 2000. Sales totaled $959,527.00 as compared to $820,176.00 for the same two month period ended February 28, 1999; an increase of 17%. Net Income before taxes was $81,213.00 as compared to $64,149.00 in 1999; an increase of 27%.Commenting on the companies sales results so far this year, Northport's President and CEO Bob Michellini stated, "We are very pleased with our results thus far and expect more of the same in the months to come. We've come a long way these past few years for which we have a great deal to be proud of. Investors today are looking for a company that is profitable, with a real product, and one in which is experiencing accelerated earnings growth. Northport, I'm proud to say fits all of these criteria. In fact, we have many products in the pipeline to many customers and we expect an exponential increase in sales and earnings this year ending as compared to last."
The company also announced today that it has already commenced shipping its new camping line of products to K-Mart Stores (NYSE:KM) and expects to announce initial sales results shortly. The camping equipment is being produced at the Northport plant in Ciudad Acuna, Mexico.
Northport Industries, Inc. is engaged through its wholly owned subsidiaries in Maquilla, Mexico (Mexico based) manufacturing for Fortune 500 clients, employing over 600 people including site administration, engineering, materials, quality, prototype and maintenance personnel to compliment an experienced work force. The company has two subsidiaries: 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 (NYSE:DCX), Ford Motors, Inc. (NYSE:F), and General Motors (NYSE:GM). 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 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.