Multimedia Concepts Reports Record First Quarter Fiscal 2002 Earnings: Earnings
Per Share Increased 400% to $.05
Business Editors
NEW YORK--(BUSINESS WIRE)--Aug. 14, 2001--Multimedia Concepts International, Inc. (OTCBB: MMCI) today announced that the Company filed its 10-QSB with the Securities and Exchange Commission for the first quarter ended June 30, 2001. Net sales for the quarter ended June 30, 2001 were $ 1,282,076 versus $ 1,405,751 for the quarter ended June 30, 2000. Net income rose from $ 29,188 for the 2000 first quarter to $156,131 for the same period in 2001. Earnings per share increased 400% from $.01 for the quarter ended June 30, 2000 to $.05 for the quarter ended June 30, 2001. "I am very pleased with our performance this quarter which reflects tremendous progress in our development and I am confident that we are on track to excel in today's marketplace and that, with shareholder value at the forefront of our strategies and decisions, will witness a significant and eventful year", stated Ilan Arbel, President.
About Multimedia Concepts International, Inc.
Multimedia Concepts International, Inc. is a holding company for its wholly owned operating subsidiary, U.S. Apparel Corp. (USAC) The Company's other subsidiary, United Textiles & Toys Corp. ceased all operating activities in 1998. USAC designs and manufactures a line of private-label knit cotton tops (such as T-shirts and polo shirts) for boys and men. USAC's garments consist of original designs and modifications and copies of existing designs.
This press release contains forward-looking statements, which involve numerous risks and uncertainties. Actual results, performance and achievements could differ materially from those anticipated in such forward looking statements as a result of certain risk factors, including those set forth in the Company's filings with the Securities and Exchange Commission.
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