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GLOBAL DIV INDUSTRIES INC (U-GDVI) - News Release Global Diversified Industries, Inc. Announces Year-End Revenues at $14.9 Million; Up 62 Percent; Continued Profitability
2006-08-18 04:00 ET - News Release
CHOWCHILLA, Calif., Aug. 18 /PRNewswire-FirstCall/ -- Global Diversified Industries, Inc. , focused on the modular building industry with emphasis on the education market (http://www.gdvi.net), today reported that revenues for the year ended April 30, 2006 totaled $14.9 million, up 62 percent compared to revenues of $9.2 million in the previous fiscal year.
Net income for the fiscal year ended April 30, 2006 totaled $596,683 compared to net income of $501,956 for the previous fiscal year. The Company said working capital increased to $3.2 million at April 30, 2006, up 58 percent compared to the previous year, and Stockholders Equity increased 34 percent to $5.2 million compared to April 30, 2005. For the year ended April 30, 2006, the Company's gross profit margin was 28.5 percent.
"The Company has posted eight consecutive profitable quarters. We are winning larger projects with our Aurora Modular Industry designs, which allows us to compete for two-story modular school buildings," said Phil Hamilton, CEO.
Mr. Hamilton said there is increased bidding activity due to the need by California schools for portable classrooms. "Student enrollment has been up the last three years and the forecast over the next 10 years is continued growth," Global Diversified Industries CEO said.
About Global Diversified Industries, Inc.
Global Diversified Industries, Inc. is a holding company whose subsidiary Global Modular, Inc. is engaged in the modular construction marketplace with an emphasis on educational projects. It incorporates the latest in construction software, allowing it 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 planned 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
Global Diversified Industries, Inc.
CONTACT: Paul Knopick, +1-949-707-5365, pknopick*eandecommunications.com, for Global Diversified Industries, Inc.
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Stockholders' equity: Series A Preferred stock, par value $.001 per share; 10,000,000 shares authorized; 666,667 shares issued and outstanding (Note J) 667
Common stock, par value $ .001 per share; 400,000,000 shares authorized; 149,447,478 shares issued and outstanding (Note J) 149,446
Additional paid-in capital 5,323,334 Preferred stock subscription (Note J) 733,374 Common stock subscription (Note J) 1,596,939 Treasury stock (Note J) (50) Accumulated deficit (2,544,299) ----------- Total stockholders' equity 5,259,411
Total liabilities and stockholders' equity $ 9,715,959
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