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. FILES 10-KSB FOR 2002
AND RELEASES FINANCIAL HIGHLIGHTS
Kemah,
Texas March 24, 2003 American International Industries, Inc.
(OTCBB: AMIN) released the following selected information regarding its consolidated financial position and operating results, including significant percentage changes for the year ended December 31, 2002 compared to the prior year:
Income Statement
Year-Ended
Dec. 31, 2002Year-Ended
Dec. 31, 2001% Change
Net Sales
$13,378,040
$10,828,490
23.54%
Cost of Sales
6,817,904
8,630,198
-21.00%
Operating Expenses
1,955,133
2,537,839
-22.96%
Net Income
2,102,024
1,480,981
41.93%
Net Income Per Share
$1.30
$0.97
34.00%
Financial Position
Dec. 31, 2002
Dec. 31, 2001
% Change
Total Current Assets
$ 9,100,056
$4,425,467
105.63%
Total Assets
11,167,149
7,928,541
40.85%
Stockholders’ Equity
8,123,727
5,519,495
47.18%
John W. Stump III, Chief Financial Officer commented: We are pleased to announce our results and financial position and the progress we have made during 2002. We believe our results have positioned AMIN well for growth during 2003 and that we meet the financial requirements to support our listing application with the American Stock Exchange. For complete details, please refer to our Form 10-KSB, recently filed with the Securities Exchange Commission.
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