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
AMERICAN
INTERNATIONAL INDUSTRIES, INC.
REPORTS 2003
YEAR-END RESULTS
Kemah, Texas – April 2, 2004 American International Industries, Inc. (OTCBB: AMIN) today announced the results of operations for its fiscal year 2003. During the year our total assets increased from $11,067,149 to $21,418,605, an increase of over 94%. The Company reported shareholder’s equity increased from $8,123,727 to $13,848,614 an increase of over 70% and working capital increased to $13,752,773 compared to $8,008,868 at year-end 2002, or an increase of 70%. Due to our improved balance sheet, we believe that we have the financial resources to improve the revenues of our operating subsidiaries for the 2004 fiscal year and in the future. Our subsidiary, Northeastern Plastics, Inc. reported revenues of $6,361,776 in 2003 compared to $5,787,968 in 2002. Our oil and gas subsidiary, Delta Seaboard Well Service, Inc., acquired on September 30, 2003, reported revenues for the fourth quarter of $2,962,167. On an annualized basis we project that Delta’s full year revenues would be approximately $12,000,000 and profitable. Our decrease in revenues from 2002 to 2003 was the result of sale of one of our subsidiaries. Our non-reoccurring net loss of $480,718 in 2003 was the result of costs associated with the acquisition of Delta, the relocation of NPI from Nicholls, GA to Company owned facilities in Houston, and the disposition of securities held for sale.
The Company is currently offering for sale its wet work rigs from its discontinued Louisiana subsidiary operation for $13,000,000. Due to the surge in natural gas prices and energy exploration, the number of active rigs has increased from 131 to 214 just in a small region in Texas. The total number of rigs statewide has increased to 497. The increase in rigs allowed operators to complete 680 new wells in February, the highest number in more than 30 years according to the Texas Railroad Commission.
The Company this week in Houston
met with the representatives of the American Stock Exchange and plan to complete
its listing on the American Stock Exchange in the near future.
American International Industries, Inc. is a growing diversified holding company. Our business model is to expand through strategic acquisitions in a manner similar to major public holding companies, with interest in Industry, Finance, Real Estate and Oil & Gas. AMIN intends to pursue potential acquisitions using its financial resources and management to grow acquired businesses, improve access to capital and achieve economies of scale, in order to improve revenues, operations and profitability. Periodically as opportunities present themselves, we may sell or merge the subsidiaries in order to bring value to the holding company and our shareholders.
Private
Securities Litigation Reform Act Safe Harbor Statement:
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 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 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