Projected 2007 was suppose to be 3.1 million.
November 30, 2007 - 9:04 AM EST
Eternal Image Releases Third Quarter and Year-to-Date Financials
Eternal Image, Inc. (OTC:ETIM.PK), a public company engaged in the design, manufacturing and marketing of licensed image brand name funerary products including caskets, urns, monuments and vaults, today released its third quarter and year-to-date financial statements. These documents may be found on its website (www.eternalimage.net), and PinkSheets.com (www.pinksheets.com).
Reports show that losses have narrowed considerably when comparing FY2006 to the first three quarters of FY2007. The net operating loss for the first three quarters of this fiscal year is $1,978,599, compared with $4,987,272 for the full 2006 fiscal year. Revenues for the first three quarters of 2007 were $250,894. Eternal Image is projecting an additional $250,000 in sales for fourth quarter of 2007. Additionally, the company reports that the SB-2 registration statement has been drafted and is currently under review by the EI management team.
“Our goal was and continues to be to narrow the losses significantly during the first year of product sales. Comparing the current figures to FY2006, we have reached a milestone by reducing the gap by 60%,” said Jim Parliament, CFO, Eternal Image. “This tracks with our plans to become profitable in late 2008.”
“Releasing the third quarter financial statements along with the audited financials that will be included in our upcoming Registration Statement on Form SB2 will give our shareholders current full disclosure of our financial picture,” he added.
Parliament also noted that once the draft of the Form SB2 Registration Statement has been reviewed and edited by the company’s auditors, management, principal shareholders and SEC attorney, it will be ready for filing with the SEC. Once the Registration Statement has been declared effective by the SEC, the company will have a broker-dealer make application to have its common stock approved for trading on the OTC Bulletin Board.
The company will continue to post financial reports to its website and PinkSheets.com as they become available.
About Eternal Image
Eternal Image, founded in 2002, is headquartered in Farmington Hills, MI. The company is the first and leading manufacturer and marketer of licensed image funerary products. Currently, the company offers urns and caskets that feature licensed images from Major League Baseball™, STAR TREK™, Precious Moments® and the Vatican Library Collection™, as well as pet urns featuring the American Kennel Club™ and the Cat Fanciers’ Association™. For more information about EI, visit www.eternalimage.net or call 1-888-6-CASKET.
SAFE HARBOR STATEMENT
Statements in this news release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1993 and Section 21E of the Securities Exchange Act of 1934.
Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include but are not limited to risk factors inherent in doing business. Forward-looking statements may be identified by terms such as “may”, “will,” “should,” “could,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,” “forecasts,” “potential” or “continue” or similar terms or the negative of these terms.
Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.
Investor Relations:
Cambridge Investor Relations
Tony Fazio, 781-214-9038
or
Media Relations:
a.s.a.p.r.
Robbie Tarpley Raffish, 410-883-2000
Source: Business Wire (November 30, 2007 - 9:04 AM EST)
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