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EEGI - news > Eline Entertainment Reports Fiscal 2004 Second Quarter Results
6/22/2004 10:40:00 AM


KNOXVILLE, Tenn., Jun 22, 2004 /PRNewswire-FirstCall via COMTEX/ -- Eline Entertainment Group, Inc. (EEGI) (Frankfurt Stock Exchange: EO9) recently reported its unaudited results for the second quarter of fiscal 2004 ended April 30, 2004.


Eline Entertainment reported revenues of $1,021,084 for the three months ended January 31, 2004, as compared to revenues of $0 for the second quarter of fiscal 2003. Included in the company's revenues for the first quarter of fiscal 2004 are revenues $991,377, or approximately 97% of its consolidated revenues, from its Industrial Holding division and $29,007 of revenues, or approximately 3% of its consolidated revenues, from its other operations, which includes the parent company and its 24/7 MRI division. By comparison, Eline Entertainment reported revenues of $934,046 for the first quarter of fiscal 2004 ended January 31, 2004, including revenues of $917,895 from its Industrial Holding division. Eline Entertainment did not have comparable revenues from either the Industrial Holding division or its other operations during the comparable period in fiscal 2003 as the formation of the Industrial Holding division and subsequent acquisition of Industrial Fabrication & Repair, Inc. occurred in May 2003, and its 24/7 MRI division was formed in June 2003.

Eline reported net income for the second quarter of fiscal 2004 of $8,143, as compared to a net loss of $36,000 during the second quarter of fiscal 2003. Included in the net loss reported for the second quarter of fiscal 2004 was a one-time, non-cash stock compensation expense totaling $57,850. Absent this one-time, non-cash expense, the company's net income for the second quarter of fiscal 2004 would have amounted to $65,993. By comparison, Eline reported a net loss for the first quarter of fiscal 2004 of $586,082, which included one- time, non-cash expenses totaling $525,250. Absent these one-time, non-cash expenses, the company's net loss for the first quarter of fiscal 2004 would have amounted to $60,832.

The complete text of the company's 10-QSB for the quarter ended April 30, 2004, can be found online at: http://www.sec.gov/Archives/edgar/data/1043150/000116169704000506/0001161697- 04-000506.txt

About Eline Entertainment

Eline Entertainment Group, Inc. is seeking to acquire undervalued opportunities in traditional industries. Eline Entertainment currently has two divisions, Industrial Holding Group and 24/7 MRI. Its Industrial Holding Group division owns Industrial Fabrication and Repair, Inc., an established company with over 20 years of experience in component sales, machining, specialty design and fabrication for conveyor systems used in the movement of raw materials, finished goods and supplies in its customers' manufacturing processes. Its customers are engaged in various industries in the manufacturing sector, including mining operations, paper, steel mills, rock quarry operations and bottling facilities located in the southeastern United States. Its customers include Coca-Cola, PepsiCo, Tennessee Valley Authority, Kimberly-Clarke Corp., American Limestone, Gerdau-AmeriSteel, Vulcan Materials Co., Harrison Construction, Blue Diamond Coal, Carlex Glass, HBD Industries and Hartco Flooring.

This press release contains forward-looking statements, some of which may relate to Eline Entertainment Group, Inc., and which involve numerous risks and uncertainties. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including those set forth in Eline Entertainment Group, Inc.'s filings with the Securities and Exchange Commission.

For more information, please contact:
Barry A. Rothman
561-483-7743