TUSTIN, Calif., Feb. 13, 2014 (GLOBE NEWSWIRE) -- M Line Holdings, Inc. (OTCQB:MLHC) ("M Line" or the "Company"), a leading provider of products, assemblies and services to the precision high tech segment of both the aerospace and medical industries as well as a seller of high end pre-owned Japanese Computer Numerically Controlled ("CNC") Equipment, today announced its results for its second quarter and six months ended December 31, 2013.
U.S. aerospace sales will rise 2.8 percent to $223.6 billion next year, led by demand for commercial aircraft, an industry trade group predicted (http://www.bloomberg.com/news/2012-12-05/aerospace-sales-to-rise-2-8-in-2013-industry-group-says.html).
In the first six months of fiscal 2014, M Line increased revenue by $1,612,101 or 36% to $6,033,574 from $4,421,473 in the first six months of fiscal 2013. The Company achieved a positive net income of $374,932 in the first six months of fiscal 2014 versus a comparable loss in fiscal 2013 of ($742,089), a profit improvement of $1,117,021 over the comparable period.
Bruce Barren, CEO of M Line Holdings, Inc. stated "Revenues and profits continue to grow. New customers are being added and our relationship with Structural Integrity Engineering, Inc. continues to thrive. We are confident we will achieve our profit forecast target of $1.5 million for fiscal 2014, which will then reflect a $5.8 million earnings turnaround from the prior year. Our objective is to continue this upward momentum and achieve continued capital appreciation for our shareholders. M Line's current market cap of $1.1 million is less than 2014's forecasted earnings of $1.5 million. This valuation, compared to an industry, which sells at between 15 and 20 times earnings, offers a significant investment opportunity."
Barren continued, "As part of our policy to provide better information to our shareholders we will shortly be coming out with a shareholder letter to continue to explain our efforts to date and future plans. We also intend to start a quarterly shareholder conference call as soon as possible. This will afford shareholders with an opportunity to talk with and address any concerns with management-myself and Tony Anish. Please stay tuned, we have even more exciting news just around the corner!"
Tony Anish, COO of M Line Holdings, Inc., stated, "Achieving these results so soon into our turnaround strategy is significant. We believe that with added working capital we will continue to achieve or beat our forecasts. We are very proud of our team of employees. Without them M Line would not have achieved these impressive results. Our policy continues to be to balance our operating cost with our overhead in order to achieve maximum profitability."
About M Line Holdings, Inc.
M Line Holdings, Inc. (OTCQB:MLHC). M Line provides products and services to the precision high tech segment of both the aerospace and medical industries as well as selling high end pre-owned Japanese Computer Numerically Controlled ("CNC") Equipment. Key customers of our group include Panasonic Avionics, UTC Aerospace Systems, Beckman Coulter and BE Aerospace as well as our exciting new relationship with SIE (Structural Integrity Engineering, Inc.). The Company is headquartered in Tustin, California. For more information see our website at http://www.mlineholdings.com/
Forward Looking Statements
This news release contains certain "forward- looking statements." Forward-looking statements are based on current expectations and assumptions and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, and many of which are beyond the Company's control. The forward-looking statements are also identified through the use of words "believe," enable," "may," "will," "could," "intends," "estimate," "anticipate," "plan," "predict" "probable," "potential," "possible," "should," "continue," and other words of similar meaning. Actual results could differ materially from these forward-looking statements as a result of a number of risk factors detailed in the Company's periodic reports filed with the SEC. Given these risks and uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements and no assurances can be given that such statements will be achieved.