Providential Holdings Reports Further Improvement in Net Operating Results for Quarter Ended December 31, 2005
Friday February 24, 11:08 am ET
LOS ANGELES, CA--(MARKET WIRE)--Feb 24, 2006 -- Providential Holdings, Inc. (OTC BB:PRVHE.OB - News) (Berlin Stock Exchange and Frankfurt Stock Exchange:PR7 - WKN 935160) (www.phiglobal.com), a diversified holding company primarily engaged in the oil and gas business and mergers and acquisitions, today commented on financial results for the quarter ended December 31, 2005.
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Total revenues were $347,500 and $638,942 for the three months ended December 31, 2005, and 2004, respectively. Revenues for the current period consist entirely of advisory and consulting fees while those for the same period ended December 31, 2004 consist of $646,424 in advisory and consulting fees and $13,284 in sales. The Company had not completed the transactions that were contemplated in consulting agreements during the current period which resulted in the decrease in the advisory fees.
Total general and administrative expenses were $78,472 and $117,136 for the three months ended December 31, 2005, and 2004, respectively. The decrease is primarily due to the decreased activity of certain subsidiaries of the Company. Interest expense was $90,397 and $300,185 for the three months ended December 31, 2005, and 2004, respectively. During the three months ended December 31, 2005, the Company recorded a loss on the sale of marketable securities of $6,593, as compared a loss on the sale of marketable securities of $68,579 for the three months ended December 31, 2004. Other expense for the three months ended December 31, 2005 was $29,763, as compared to other income of $52 for the same period last year.
Net loss for the three months ended December 31, 2005 was $13,164, compared to a net loss of $4,796,525 for the same period in 2004, which is equivalent to ($0.00) and ($0.04) per share in the respective periods, based on the weighted average number of basic and diluted shares outstanding. The difference is due to a $4,708,159 impairment of assets in the corresponding period of 2004, which was not present in 2005. The remaining difference is primarily attributed to decreased operations of certain subsidiaries of Company and a $105,797 loss from discontinued operations in the three months ended December 31, 2004, which was not present in the corresponding period in 2005.
The Company has been informed by NASDAQ that the letter " E" will be removed from the stock symbol next Monday, following the filing of its Form 10QSB with the SEC.
Henry Fahman, Chairman and CEO of Providential Holdings, commented: " While the company has shown a significant improvement in net operating results during the latest quarter compared with those in the same period last year, we are more pleased with the foundation and network that have been built to help accelerate value-generating growth in the near future." Fahman added: " As we continue to focus our attention on the oil and gas business and the M&A activities in the US, China, and Vietnam, we believe the company will be able achieve significant financial objectives in the next twelve months."
About Providential Holdings, Inc.
Providential Holdings is a diversified holding company primarily engaged in the oil and gas business and mergers and acquisitions. The Company acquires and consolidates special opportunities in selective 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.
Safe Harbor: 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.
Contact:
Contact:
Providential Holdings, Inc.
Timothy Pham
714-843-5456
tdpham@phiglobal.com
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