5/16/2005 4:48:01 AM
Providential Holdings Reports Improved Operating Results for the Third Quarter Ended March 31, 2005
LOS ANGELES, May 16, 2005 (BUSINESS WIRE) -- Providential Holdings, Inc. (PRVH) (Berlin and Frankfurt Stock Exchanges: PR7, WKN 935160), a provider of international advisory services specializing in mergers and acquisitions, announced today its operating results for the third fiscal quarter ending March 31, 2005.
Total revenues were $92,088 and $2,119,246 for the quarter ended March 31, 2005 and 2004, respectively. The main decrease in sales is due to the discontinuation of PHI Digital in fiscal year 2004 and the change in ATC Technology's business focus. In addition, the Company did not recognize any revenues in connection with the merger and acquisition advisory contracts that were initiated during the quarter.
Gross profits were $59,773 and $314,139 for the comparable quarters, respectively.
Total general and administrative expenses were $386,394 and $1,767,763 for the three months ended March 31, 2005 and 2004, respectively. The decrease is primarily due to lower professional services.
Net loss for the three months ended March 31, 2005 was $191,252, compared to $2,811,209 for the same period in 2004, which is equivalent to a net loss per share of $0.00 and $0.03, respectively, based on the weighted average number of basic and diluted shares outstanding. The difference is primarily attributed to the impairment of assets and decreased revenues.
Henry Fahman, chief executive officer of Providential Holdings, stated, "Although we did not recognize any revenues from our M&A advisory contracts and other new business activities for the last quarter, we expect to report them for the current quarter. As the growth potential of the Company remains very strong, we are confident that the operational platform that has been built will provide a solid base for us to execute our comprehensive business plan both in the short term and the long term."
Fahman added: "We look forward to closing several important transactions and implementing certain strategic initiatives within the next few weeks, which should result in significant revenues and profitability for the current quarter and beyond."
About Providential Holdings, Inc.
Providential Holdings and its subsidiaries engage in a number of diverse business activities, the most important of which are M&A advisory services, cutting tools, and international markets. The Company acquires and consolidates special opportunities in selective high-growth industries to create additional value, acts as an incubator for emerging companies and technologies, and provides financial consultancy and M&A advisory services to U.S. and foreign companies. For more information on Providential Holdings and its subsidiaries, visit http://www.phiglobal.com.
This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. Such forward-looking statements are made based upon management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995.
SOURCE: Providential Holdings, Inc.
Providential Holdings, Inc.
Henry Fahman, 714-843-5450 ext. 5455
info@phiglobal.com
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