Mile Marker International, Inc. (Pink Sheets:MMRK), a specialty vehicle parts manufacturer and distributor, today announced its second quarter 2008 financial results.
Mile Marker International, Inc. today reported a net loss of $113,219, or $0.01 per common share, for the second quarter ended June 30, 2008, based on sales revenues of $3,784,551, compared to a net loss of $146,383, or $0.01 per common share based on sales revenues of $4,665,446 for the second quarter of 2007. During the first quarter of 2008, the Company reported a net loss of $426,718, or $0.04 per common share based on sales revenues of $3,044,682.
Alvin A. Hirsch, President and Chief Executive Officer, stated: “While we are disappointed to report another quarterly loss, we are pleased that we have reduced our net loss and have achieved a profit of $25,340 before income taxes in the second quarter of 2008 following quarterly losses since mid-2006. We also achieved an EBITDA of $324,226 and cash flow from operations of $950,364 in the second quarter of 2008. This improved performance is due to the sale of our products at higher margins on lower sales volumes as well as significant reductions in expenses. Our China subsidiary contributed significantly to these results. The Company also saw increased sales of military orders. With continuing expense reductions and increased sales at better margins, I expect our profitability trend to continue despite the economic challenges faced by our industry and all the other challenges faced by the Company’s management.”
Included in this release are certain “forward-looking” statements, involving risks and uncertainties, which are covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s financial performance. Such statements are based on management’s current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements.In addition, actual future results may differ materially from those anticipated, depending on a variety of factors, sales and earnings growth, ability to attract and retain key personnel and general economic conditions, including uncertainties relating to global political conditions, such as terrorism. Information with respect to important risk factors that should be considered is contained in the Company’s previous filings with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.
Contacts:
Al Hirsch, President
and Chief Executive Officer,
954-782-0604
