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GOLDEN EAGLE GROUP REPORTS THIRD QUARTER LOSS

 MIAMI, Nov. 15 /PRNewswire/ -- Golden Eagle Group, Inc. (NASDAQ: GEGP) reported for the third quarter ended Sept. 30, 1993 a loss of $786,619 on revenues of $1,588,880. Net revenues of $498,294 were 14 percent lower than in the comparable quarter in 1992.
 The company took special charges in the quarter of $350,000 related to an increase in reserves for accounts receivable and for start-up costs related to its recently opened Laredo and Houston, Texas branches which increased overall operating expenses to $1,284,913 from $1,007,936 in the quarter ended June 30, 1993. The company is in negotiations to reduce overhead expenses and has reduced the number of employees at its Medley, Florida headquarters.
 Gary Goldfarb, chairman also announced that Golden Eagle Group, Inc. has entered into a confidentiality agreement with the U.S. subsidiary of an international freight forwarding and logistics company for the purpose of investigating the potential merger of the two companies. There can be no assurance that an agreement with respect to this transaction will be reached.
 Golden Eagle Group, Inc., through wholly owned subsidiaries, provides international ocean and air freight forwarding as well as transportation logistics and related services, principally for shipments from the U.S. to Central and South America and the Caribbean. The company is also a licensed customs broker.
 GOLDEN EAGLE GROUP, INC. AND SUBSIDIARIES
 Consolidated Statements of Income
 (Unaudited)
 Periods ended Sept. 30 Three months Nine months
 1993 1992 1993 1992
 Revenue $1,588,880 $2,040,713 $5,853,698 $6,420,458
 Freight consolidation
 costs 1,090,586 1,457,483 3,767,801 4,761,778
 Net revenue 498,294 583,230 2,085,897 1,658,680
 Operating expenses:
 Salaries and related
 costs 390,354 245,103 1,123,348 710,845
 General and
 administrative 894,559 240,020 1,879,607 734,950
 Total operating
 expenses 1,284,913 485,123 3,002,955 1,445,795
 Income before income
 taxes (786,619) 98,107 (917,058) 212,885
 Provision for income
 taxes -- 35,000 -- 35,000
 Net income/(loss) (786,619) 63,107 (917,058) 177,885
 Income/)loss) per
 common share:
 Primary ($0.56) ($0.09) ($0.66) $0.27
 Fully diluted (0.41) 0.05 0.48 0.15
 Weighted average number
 of shares used in
 computing income/(loss)
 per share:
 Primary 1,400,000 666,666 1,400,000 666,666
 Fully diluted 1,900,000 1,166,666 1,900,000 1,166,666
 -0- 11/15/93
 /CONTACT: Gary Goldfarb, CEO of Golden Eagle Group, Inc., 305-888-1600 or Rod O'Connor of Cameron Associates, 212-644-9560/
 (GEGP)


CO: Golden Eagle Group ST: Florida IN: TRN SU: ERN

TM-WB -- NY154 -- 4786 11/15/93 19:49 EST
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Publication:PR Newswire
Date:Nov 15, 1993
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