Providential Files Form 10Q-SB and Reports $0.05 per Share Net Profit for the Quarter Ended Sept. 30, 2003
FOUNTAIN VALLEY, Calif.--(BUSINESS WIRE)--Nov. 13, 2003--Providential Holdings, Inc.(NASDAQ-OTCBB:PRVH) (OTCBB:PRVH) (Berlin Stock Exchange and Frankfurt Stock Exchange:PR7; WKN 935160) (www.phiglobal.com) today announced the filing of Form 10Q-SB with the Securities and Exchange Commission and the Company's final operating results for the quarter ended Sept. 30, 2003.
Net profit for the quarter was $3,165,562 or $0.05 per share, based on the weighted average number of basic and fully diluted shares, as compared to a net loss of $393,259 or ($0.01) per share for the same quarter in 2002. Net revenues for the quarter were $4,440,000, as compared to $42,509 for the same period ended Sept. 30, 2002, an increase of 10,344%. The increase is due primarily in the completion of a merger agreement the Company facilitated.
Total general and administrative expenses were $94,227 and $39,035 for the quarter ended Sept. 30, 2003 and 2002, respectively. The increase is primarily due to the increased activity of the Company. Professional services were $995,212 and $221,856 for the comparable periods. Included in this amount is $646,320 for past services paid with common stock.
Interest expense was $168,272 and $198,556 for the quarter ended Sept. 30, 2003, and 2002, respectively. This is primarily due to the conversion of $165,000 of notes during the quarter.
During the quarter ended Sept. 30, 2003 the Company recorded a gain of conversion of notes of $77,472 compared to a loss of $5,206 for the quarter ended Sept. 30, 2002.
The Company's management is pleased with the improved operating results for the most recent quarter and believes this profitable trend should continue into the coming periods as well. Other subsidiaries of Providential Holdings are expected to report potential increases in revenues and profitability which should add to the common bottom line of the Company in the near future.
About Providential
Providential Holdings, Inc.(NASDAQ-OTCBB:PRVH) (PHI) is a diversified holding company committed to creating shareholder value through growth. The company focuses on selective technologies, capital and financial services, international markets and special situations.
Products and services include mobile entertainment systems, information technology, identification technology, infrastructure development, telecommunications, trade commerce, and mergers and acquisitions, especially in the U.S. and emerging overseas markets with high potential for growth.
URL: www.phiglobal.com
Safe Harbor
Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's actual results in the future to differ materially from forecasted results. These risks and uncertainties include, among other things, the company's ability to attract qualified management, raise sufficient capital, and effectively compete against similar companies.
These and other risks are identified in the company's SEC filings and should be considered in evaluating the forward-looking statements made herein.
CONTACT: Providential Holdings, Inc.(NASDAQ-OTCBB:PRVH)
§ Henry D. Fahman, 714-849-1577 www.phiglobal.com
SOURCE: Providential Holdings, Inc.(NASDAQ-OTCBB:PRVH)
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