AMERICAN INTERNATIONAL INDUSTRIES,
INC. (OTCBB: "AMIN")
601 CIEN STREET, SUITE 235, KEMAH, TX 77565-3077
Tel: (281) 334-9479 Fax: (281) 334-9508
www.americanii.com email: aiii@wt.net
For
immediate release
AMERICAN INTERNATIONAL INDUSTRIES, INC. ANNOUNCES NET INCOME OF $2.1 MILLION FOR 2002 $1.30 PER SHARE
Kemah, Texas March 13, 2003 American International Industries, Inc. (OTCBB: AMIN) reports net income of $ 2,102,024 for the year ended December 31, 2002 compared to a net income of $1,480,981 in the previous year. Revenues for 2002 were $13,378,040 compared to $10,828,490 for the prior year.
Chief Financial Officer, John W. Stump, III stated that “our real estate division reported very profitable operations during the year 2002. Also, NPI improved profitability through reduced operating costs and reported operating income of $222,422. Working capital has increased from $3,356,475 to $8,008,868. For additional details of the financials of AMIN please refer to our Form 10-KSB, which is being filed with the SEC.”
AMIN is a holding company. AMIN has holdings in Industry, Finance, Real Estate, and Oil & Gas. The vision of AMIN is to develop holdings in various industries through acquisition of existing companies, applying the financial resources and management expertise to foster the growth and profitability of the acquired businesses. The holding company serves as a financial and professional partner to the management of the subsidiaries. The role of the holding company is to improve each subsidiary’s access to capital, achieve economies of scale by consolidating administrative functions, and utilize the financial and management expertise of corporate personnel across all units. The holding company is continuing to work with management of the subsidiary companies to improve revenues, operations and profitability. AMIN’s business strategy also includes the sale, from time to time, of subsidiaries or assets in order to increase shareholder value.
Cautionary Statement as to forward-looking information:
The matters discussed in this release
contain forward-looking statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933,
as amended, that involve risks and uncertainties. All statements other than statements
of historical information provided herein may be deemed to be forward-looking
statements. Without limiting the foregoing, the words "believes", "anticipates",
"plans", "expects" and similar expressions are intended to
identify forward-looking statements. Factors that could cause actual results to
differ materially from those that we may anticipate in each of our segments reflected
by our subsidiaries' operations include without limitations, continued value of
our real estate portfolio, the strength of the real estate market in Houston,
Texas as a whole, continued acceptance of the Company's products and services,
increased levels of competition, new products and technology changes, the dependence
upon financing, third party suppliers and intellectual property rights, the rules
of regulatory authorities and risks associated with any potential acquisitions.
Readers are cautioned not to place undue reliance on these forward-looking statements,
which reflect management's analysis, judgment, belief or expectation only as of
the date hereof.
Investor Relations: Rebekah Ruthstrom Tel: 281-334-9479 email: aiii@wt.net