Pinnacle Business Management Posts Record Third Quarter Earnings
CLEARWATER, Fla. and PITTSBURGH, Nov 27, 2001 /PRNewswire via COMTEX/ -- Pinnacle Business Management (OTC: PCBM) announced today that it plans to file its third quarter report as soon as practically possible in which it will record an operating profit of more than $500,000.
For the same period ending September 30, 2000 Pinnacle Business Management reported an operating loss of $740,000, compared to the same period this year, in which it will report an operating profit of $532,000. The gain represents a more than $1.2 million turnaround.
Company officials cited multiple factors for the increase in earnings, including greater attentiveness to its All Pro business unit and the reduction of previous costs such as consulting fees.
In addition, eliminating a property mortgage and floor plan loan through strategic agreements including Vasbro, Vasko Dodge and Kings Automotive, has strengthened management's outlook for near and long-term growth.
"We are all very confident about continuing the future of the All Pro business unit," said Vincent Lo Castro, COO of PCBM. "In a troubled economy that has affected many companies, PCBM continues its steady growth by sticking to good business fundamentals, exploiting its strengths and minimizing its weaknesses."
"This quarter represents one of the most exciting in PCBM history, both in results and through the potential growth that has and continues to be unveiled with every deal we close," said PCBM CEO, Jeff Turino. "Our current focus is on the All Pro business unit because of its immediate impact to the bottom line. That said, we have not abandoned our other business units and are exploring strategic, cost-effective and efficient options for expanding the other business units. It is our understanding that Corbel Holdings, Inc. is in the process of completing plans to trade publicly. We have entered into an agreement to spin off the All Pro Group to position it to be traded on another exchange. We will also attempt to address the purported short in the PCBM stock. That said, we ask that patience be the guide."
AI
