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Global Realty Development Corp. Announces Third Quarter EarningsCompany Reports Net Income Of $624,832 11/21/2006
CORAL SPRINGS, UK, Nov 21, 2006 (MARKET WIRE via COMTEX News Network) -- CORAL SPRINGS, Fla. -- November 22, 2006 -- Global Realty Development Corp. (OTCBB: GRLY), announced today unaudited net income determined in accordance with Generally Accepted Accounting Principles (GAAP) for the three months ended September 30, 2006, of $624,832 compared to net income of $48,011 for the same period last year.
Revenues for the quarter increased to $1,445,513 for the three months ended September 30, 2006, compared to revenues of $58,716 for the same period last year. An operating loss for the nine months ended September 30, 2006 of ($1,432,741) compared to an operating loss of ($2,618,589) for the nine months ended September 30, 2005. Revenues increased to $6,054,252 for the nine months ended September 30, 2006, compared to revenues of $102,251 for the same period last year.
Robert Kohn, CEO of Global stated, "We are very pleased to see the net earnings and positive results reported for the quarter. As recently announced, we are now accelerating our entertainment business through Global's TFM Group and MJD Films. Management hopes that our text messaging campaigns will provide significant revenues for both TFM and MJD."
Roy A. Sciacca, President of TFM said, "We are focused in all forms of Latin entertainment for the 45 Million Latino consumers in North America, 370 Million in South America and 150 Million in Central America and Puerto Rico. TFM is preparing to stand at the forefront of the Latino consumer market, specializing in all aspects of entertainment, including Television, Film, Music, World Tours, Major Events and Home Video/DVD. The strength of TFM is the result of its highly reputable and continuously growing team. TFM's seasoned management team has had relationships with some of the world's leading entertainment companies and top distribution channels worldwide."
About Global Realty Development Corp.
Global Realty Development Corp. is an international land development company operating through various real estate development subsidiaries. The Company is primarily engaged in the acquisition and development of real estate in Australia. Global recently acquired MJD Films and the majority interest in the TFM Group and is now focused on pursuing opportunities in the entertainment and gaming industry.
Investors are cautioned that certain statements contained in this document as well as some statements in periodic press releases and some oral statements of GLOBAL officials are "Forward-Looking Statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "believes," "anticipates," "intends," "plans," "expects," and similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future GLOBAL actions, which may be provided by management, are also forward-looking statements as defined by the Act. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements and to vary significantly from reporting period to reporting period. Although management believes that the assumptions made and expectations reflected in the forward-looking statements are reasonable, there is no assurance that the underlying assumptions will, in fact, prove to be correct or that actual future results will not be different from the expectations expressed in this report. These statements are not guarantees of future performance and GLOBAL has no specific intention to update these statements.
For further information please contact: Redwood Consultants, LLC 415-884-0348
Copyright Copyright Hugin ASA 2006. All rights reserved.
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