Global Diversified Industries, Inc. Announces Nine Month Revenues Up 99.8 Percent; Backlog Increased to $8 Million
Thursday March 17, 5:00 am ET
CHOWCHILLA, Calif., March 17 /PRNewswire-FirstCall/ -- Global Diversified Industries, Inc. (OTC Bulletin Board: GDVI - News), focused on the modular building industry with emphasis on the education market, reported in its Form 10Q that revenues for the nine months ended January 31, 2005 totaled $6.4 million, up 99.8 percent compared to revenues of $3.2 million for the previous nine months ended January 31, 2004.
Net income for the first nine months of the current fiscal year totaled $167,510 compared to a loss of $(111,160) in the previous nine months, a 278 percent increase. The Company reported that working capital increased by more than $1.8 million and that total assets increased 79 percent to $6.1 million for the nine months ended January 31, 2005. Stockholders' equity was up 154 percent to $3.4 million.
"We are especially pleased to report a third consecutive quarter of positive earnings and that our backlog increased to $8 million at January 31, 2005 compared to $350,000 at January 31, 2004," said Phil Hamilton, CEO. "Our 100,000 square foot manufacturing facility in Chowchilla has the capacity to provide us $50 million in revenues annually and we are pleased to be growing toward that goal."
About Global Diversified Industries, Inc.
Global Diversified Industries, Inc. is a holding company with two wholly owned subsidiaries, Global Modular, Inc. and MBS Construction, Inc. Both are engaged in the modular construction marketplace with an emphasis on educational projects. They incorporate the latest in construction software, allowing them to better manage projects incorporating cost vs. profit ratios, construction and manufacturing schedules, purchasing, receiving and other facets of industrial management. The company's work is found in Northern and Southern California, with numerous projects on budget for school systems throughout the state.
This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements involve risk and uncertainties that could cause actual results to differ materially from any future results described within the forward-looking statements. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the Securities and Exchange Commission. The forward-looking information provided herein represents the Company's estimates as of the date of the press release, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release. For investor information contact:
Paul Knopick
949-707-5365
pknopick@eandecommunications.com
