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Global Diversified Industries, Inc. Announces Nine Month Revenues Up 99.8 Percent; Backlog Increased to $8 Million
March 17, 2005 05:00:32 (ET)
CHOWCHILLA, Calif., March 17, 2005 /PRNewswire-FirstCall via COMTEX/ -- Global Diversified Industries, Inc. (GDVI, Trade), focused on the modular building industry with emphasis on the education market, reported in its Form 10Q that revenues for the nine months ended January 31, 2005 totaled $6.4 million, up 99.8 percent compared to revenues of $3.2 million for the previous nine months ended January 31, 2004.
Net income for the first nine months of the current fiscal year totaled $167,510 compared to a loss of $(111,160) in the previous nine months, a 278 percent increase. The Company reported that working capital increased by more than $1.8 million and that total assets increased 79 percent to $6.1 million for the nine months ended January 31, 2005. Stockholders' equity was up 154 percent to $3.4 million.
"We are especially pleased to report a third consecutive quarter of positive earnings and that our backlog increased to $8 million at January 31, 2005 compared to $350,000 at January 31, 2004," said Phil Hamilton, CEO. "Our 100,000 square foot manufacturing facility in Chowchilla has the capacity to provide us $50 million in revenues annually and we are pleased to be growing toward that goal."