AMERICAN INTERNATIONAL INDUSTRIES, INC.
(NasdaqCM: "AMIN")
601 CIEN STREET, SUITE 235, KEMAH, TX 77565-3077
Tel: (281) 334-9479 Fax: (281) 334-9508
www.americanii.com email: amin@americanii.com
FOR IMMEDIATE RELEASE
AMERICAN INTERNATIONAL INDUSTRIES, INC.
REPORTS 76% INCREASE IN QUARTERLY REVENUES
AND PROFITABLE EBITDA
FOR THE THREE MONTHS ENDED MARCH 31, 2009
Houston / Kemah, Texas – May 11, 2009 American International Industries, Inc. (NasdaqCM: AMIN) reported revenues from continuing operations of $6,195,014 for the three months ended March 31, 2009, compared to $3,510,905 for the same period in the prior year, representing an increase of $2,684,109, or 76%. The increase in revenues was due to the inclusion of Shumate Energy Technologies, Inc. (SET) revenues of $2,086,821, increased revenues at Delta of $380,962, or 18%, and increased revenues at NPI of $216,326, or 15%.
Earnings from continuing operations before interest, taxes, depreciation and amortization (EBITDA) was $331,710, or $0.04 per share, for the three months ended March 31, 2009, compared to EBITDA from continuing operations for the three months ended March 31, 2008, which reflected a net loss of $2,139,369, or $0.30 per share. Our net loss from continuing operations was $193,139, or $0.02 per share, for the three months ended March 31, 2009, compared to a net loss of $2,382,253, or $0.33 per share, for the three months ended March 31, 2008. Our net loss from continuing operations for the three months ended March 31, 2009 included interest expense, taxes, and depreciation and amortization of $218,608, $12,684, and $293,557, respectively. Our net loss from continuing operations for the three months ended March 31, 2008 included interest expense, taxes, and depreciation and amortization of $113,030, $14,132, and $115,722, respectively.
Effective December 31, 2008, the Company deconsolidated Hammonds Industries, Inc. from its continuing operations. Net loss from Hammonds’ discontinued operations was $798,559, or $0.11 per share, for the three months ended March 31, 2008. Our net loss was $193,139, or $0.02 per share, for the three months ended March 31, 2009, compared to a net loss of $3,180,812, or $0.45 per share, for the three months ended March 31, 2008.
We had other income of $121,850 for the three months ended March 31, 2009, compared to other expense of $1,189,519 for the three months ended March 31, 2008, representing an improvement of $1,311,369. Net realized/unrealized gains on trading securities were $13,874 for the three months ended March 31, 2009, compared to losses of $1,331,966 for the three months ended March 31, 2008. The net unrealized losses on trading securities from marking-to-market the value of our stock portfolio of $1,376,539 for the three months ended March 31, 2008, were due primarily to declines in the market values of our investments in OI Corporation and Rubicon Financial Incorporated of $1,191,080. For the three months ended March 31, 2009, American recognized other income in the amount of $175,000 for providing a narrow right-of-way access (approximately 3 acres) on the 287 acres in Galveston County.
For more detailed information, please refer to our March 31, 2009 Form 10-Q filing with the SEC on May 11, 2009.
American International Industries, Inc. is a diversified holding company, with a business model similar to General Electric, Tyco International, and Berkshire Hathaway. The Company has holdings in Industry, Finance, and Real Estate in Houston Texas and surrounding areas, and Oil & Gas. The vision of the Company 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 Company is continuing to work with management of the subsidiary companies to improve revenues, operations and profitability.
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 our products and services, continued growth in the energy sector, increased levels of competition, the dependence upon adequate financing, third party suppliers and the ability to hire and retain qualified management for its operating subsidiaries, and the regulatory environment in the segments in which we operate. 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: amin@americanii.com