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EIF HOLDINGS FINANCIAL UPDATE

 LOS ANGELES, Jan. 14 /PRNewswire/ -- EIF Holdings Inc. (EIFH), an environmental health safety and construction company, has recently been awarded a new $232,000 contract with the Hawaii Housing Authority for asbestos abatement and PCB removal on the island of Kauai. This adds to a number of significant contracts already in place for the Hawaii Branch of the company. Management expects continued growth in the Hawaii abatement and contracting market in 1994.
 Still affected by the recessionary West Coast construction industry, the company experienced a loss of $215,000 for the third quarter ended Sept. 30, 1993, on revenues of $4,794,882. Included is an extraordinary expense of $50,000 to explore the possibility of forming a captive insurance company.
 For the nine-month period, the company lost $39,997 on revenues of $15,855,499, a slight improvement over the loss of $79,039 for the corresponding period in FY92.
 The company has also taken appropriate steps to improve efficiency. It has integrated operations and sales forces of its previously separate commercial and residential branches in California. In this reorganization, the company is consolidating into seven California branches its previously four commercial and seven residential branches. All seven branches will offer the full range of the company's services. Management believes that this will allow the company to meet the needs of its clients more efficiently while lowering costs through the closing of branches that overlap geographically. The restructuring is expected to increase profitability.
 The company has canceled its previously announced agreement with a European group to sell under Regulation "S" adopted under the Securities Act of 1933, as amended, on a "best effort" basis up to $2,000,000 worth of its common stock at a discount to the market price. The company presently is in negotiations to arrange equity financing on more favorable terms.
 -0- 1/14/94
 /CONTACT: Financial Telesis Inc., EIFH Investor Relations, 808-595-0721/


CO: EIF Holdings Inc.; Hawaii Housing Authority ST: California, Hawaii IN: CST SU: CON ERN

JP-LS -- LA004 -- 2058 01/14/94 09:10 EST
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Publication:PR Newswire
Date:Jan 14, 1994
Words:342
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