Providential Holdings Maintained at 'Speculative Buy / 4' By Investrend Analyst Sharifzadeh, CFA
TUESDAY , JANUARY 04, 2005 12:24 AM
Jan 4, 2005 (financialwire.net via COMTEX) --(FinancialWire) (Investrend Research Syndicate) Providential Holdings (OTCBB: PRVH) has been reiterated at a "Speculative Buy / 4" by Investrend Research Analyst Mohammad Sharifzadeh, CFA, in an Institutional Research update, who noted the company's "risk-reward potentials for investors remain the same."
Although the company had been going through some hard times with their recent agreements and acquisitions, and despite their lack of profitability, they did succeed in arranging to distribute some values to their shareholders in the form of stock dividends, Sharifzadeh stated.
The analyst outlined some of the distributions:
Providential declared and distributed 20% share dividends of ATC Technology Corp to PRVH shareholders of record as of June 30, 2004, and ATC is in the process of filing with regulatory agencies to become a fully-reporting public company, and agreed to acquire 96% of LifeTech Scientific, Inc.
Providential has declared a 15% stock dividend of Provimex, Inc. to shareholders of record as of September 15, 2004. For the fiscal year ending June 30, 2004, which generated $132,856 in sales.
Providential Holdings has declared a 15% stock dividend of Touchlink Communications, Inc. to shareholders of record as of September 15, 2004.
Providential has declared 15% stock dividends of Irvine College of Medical Sciences, Inc., which generated $167,049 in tuititions, to shareholders of record as of August 31, 2004.
On June 16, 2004, Providential agreed to acquire a 20% ownership of E-Check Recovery, Inc., which is currently in the process of filing the necessary documents with the appropriate regulatory agencies to become a fully-reporting publicly-traded company.
The company also acquired interests in Tulon Pacific, LLC, which provides precision cutting tools and drilling solutions, and has a joint venture via its Provimex unit to provide equipment and liquid gas to high rise buildings and premium residential housings in Vietnam. It also assisted Mirae Tech Company, a Korean corporation, in its business combination plan with Rapid Bio Tests Corp, a fully reporting publicly traded company. Management expects that the $1.1 million fees due from this advisory service will result in PRVH return to profitability for the quarter ended Dec 31, 2004 when they file the 10Q.
For the twelve months ended June 30, 2004 total revenues were $9.27 million, an increase of 540% as compared to $1.45 million revenues for the comparable period in 2003. Revenues for the fiscal year 2004 consisted of $4.71 million in consulting fees, $4.39 million of sales, and 0.17 million in tuitions.
Operating loss and net loss for the quarter ended September 30, 2004 were $409,290 and $515,274 respectively, as compared to operating income of $3,268,826 and net income of $3,179,062 for the same period in 2003. In spite of the net loss for the last quarter, management outlook for the Company remains positive, both for the near term and for the long term. Management expects the Company to return to profitability for the quarter ending December 2004, according to Sharifzadeh.
The full report, including important disclosures and disclaimers, is at http://www.investrendresearch.com
An InvestorPower" page has been created regarding the company at http://www.investrend.com/company/list.asp?sPathParam=yes .
Credentials for analyst Mohammad Sharifzadeh, MBA, CFA, is at http://www.investrend.com/articles/secondlevel.asp?level=238
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