AMERICAN INTERNATIONAL INDUSTRIES,
INC. (OTCBB: "AMIN")
601 CIEN STREET, SUITE 235, KEMAH, TX 77565-3077
Tel: (281) 334-9479 Fax: (281) 334-9508
INTERNATIONAL INDUSTRIES, INC. REPORTS YEAR TO DATE AND THIRD QUARTER RESULTS
Kemah, Texas November 15, 2002 American International Industries, Inc. (OTCBB: AMIN) reports the nine months ended September 30, current year earnings of $4,763,281 compared to $2,365,710 earned last year. During the current year, the Company's Real Estate Division completed the sale of several properties in a single transaction, resulting in gross profit of $5,439,376. The net income for the comparable period ending September 30, 2001 was primarily attributable to the $1,682,000 gain on sale of our manufacturing subsidiary, Har-Whit/Pitts & Spitts.
The Company further reports a consolidated net loss of $107,349 for the three-month period ended September 30, 2002 which compares to net income of $866,384 for the comparable period of the prior year, as a result of the sale of our manufacturing subsidiary. The current quarter results reflect the non-cash expense of $188,500 associated with the issuance of shares for legal, securities compliance and consulting services. Revenues during the current quarter of $2,792,379, compare to $5,370,678 during the comparable quarter last year. The decline in revenues is attributable to the sale of an operating subsidiary.
John W. Stump, III, Chief Financial Officer, stated: we are pleased with our progress in preparing the Company for the transition to the American Stock Exchange. Our application has been submitted and we are looking forward to meeting with the representatives of AMEX soon. We believe the interests of our stockholders will best be served through listing on that exchange.
American International Industries, Inc. is a holding company. The company has holdings in Industry, Finance, 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 subsidiarys access to capital, achieve economies of scale by consolidating administrative functions, and utilize the financial and management expertise of corporate personnel across all units. EDII is continuing to work with management of the subsidiary companies to improve revenues, operations and profitability.
Investor Relations: Rebekah Ruthstrom Tel: 281-334-9479 email: firstname.lastname@example.org
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 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.