MLHC .0009 annual report. $$$millions in annual revenues.
M Line Holdings, Inc. Files Its 10-K for the Year Ended June 30, 2014
M Line Expects Positive EBITDA for Fiscal Year Ended June 30, 2015
ANAHEIM, CA / ACCESSWIRE / June 24, 2015 / M Line Holdings, Inc. (OTC: MLHC "M Line" or the "Company"), is a leading provider of products, assemblies and services to the precision high tech segment of both the aerospace and medical industries as well as selling high end pre-owned Computer Numerically Controlled ("CNC") Machine Tool Equipment.
M Line today announced its audited results for the year ended June 30, 2014. The results show revenues of $8,701,122 for Fiscal 2014, compared to $9,324,685 for Fiscal 2013-a reduction of 6.8%. This drop in sales was due to the fact that revenue of $2,100,000 was reflected in the financial statements at $1,000. The reason for this was the payment for this work was in public company stock, the listing for which was deferred pending an independent appraisal or a new upgraded European Stock Exchange listing. As a result your Board felt it appropriate to value this revenue at a nominal value of $1,000 at this time. The shares will be listed again very shortly on the new exchange and the value will then be added back to the financial statements for Fiscal 2015. However, even with lower revenues, the EBITDA for Fiscal 2014 was $1,385,344 as compared to EBITDA of ($3,611,109) in Fiscal 2013. This was a massive improvement of $4,996,453. Both revenue and EBITDA were lower than forecasted for the reasons described above.
