CONTACT: | | BARRY BORODKIN | | Exhibit 99.1 |
TELEPHONE: | | 212-242-5444 | | |
FAX: | | 212-206-0011 | | |
RE: | | EXX INC | | |
EXX INC
Suite 689
1350 East Flamingo Road
Las Vegas, NV 89119
EXX INC ANNOUNCES SUBSTANTIAL INCREASE IN 3RD QUARTER PERIOD TO PERIOD SALES
AND NET INCOME
Las Vegas, NV. November 13, 2003 - EXX INC (Amex: EXX-A and EXX-B) today announced its consolidated sales and net income for the quarter and nine months ended September 30, 2003. The increase in sales and profits was due primarily to the inclusion of the results of our Newcor, Inc. subsidiary, which was acquired January 31, 2003.
| | | 2003 (A)
| | | | 2002
|
| | | (unaudited) | | | | (unaudited) |
Quarter Ended September 30 | | | | | | | | |
Sales | | $ | 34,360,000 | | | | $ | 4,208,000 |
Income from continuing operations | | | 1,497,000 | | | | | 257,000 |
Income from discontinued operations | | | 306,000 | | | | | — |
| | |
|
| | | |
|
|
Net income | | $ | 1,803,000 | | | | $ | 207,000 |
Per EXX-A & B Shares: | | | | | | | | |
Basic | | | | | | | | |
Income from continuing operations | | | .13 | | | | | .02 |
Income from discontinued operations | | | .03 | | | | | — |
| | |
|
| | | |
|
|
Net Income | | | .16 | | | | | .02 |
Assuming dilution | | | | | | | | |
Income from continuing operations | | | .12 | | | | | .02 |
Income from discontinued operations | | | .02 | | | | | — |
| | |
|
| | | |
|
|
Net Income | | | .14 | | | | | .02 |
Average Shares Outstanding | | | | | | | | |
Basic | | | 11,270,400 | | | | | 11,131,359 |
Assuming dilution | | | 12,769,441 | | | | | 11,157,073 |
| | | |
Nine Months Ended September 30 | | | | | | | | |
Sales | | $ | 101,557,000 | | | | $ | 12,203,000 |
Income from continuing operations | | | 4,769,000 | | | | | 505,000 |
Income from discontinued operations | | | 576,000 | | | | | — |
| | |
|
| | | |
|
|
Net Income | | $ | 5,345,000 | | | | $ | 505,000 |
Per EXX-A & B Shares: | | | | | | | | |
Basic | | | | | | | | |
Income from continuing operations | | | .43 | | | | | .04 |
Income from discontinued operations | | | .05 | | | | | — |
| | |
|
| | | |
|
|
Net Income | | | .48 | | | | | .04 |
Assuming dilution | | | | | | | | |
Income from continuing operations | | | .40 | | | | | .04 |
Income from discontinued operations | | | .04 | | | | | — |
| | |
|
| | | |
|
|
Net Income | | | .44 | | | | | .04 |
Average Shares Outstanding | | | | | | | | |
Basic | | | 11,166,004 | | | | | 11,297,563 |
Assuming dilution | | | 12,052,779 | | | | | 11,348,417 |
| (A) | | Includes results of Newcor, Inc. acquisition as of January 31, 2003. |
The above results of operations contain certain forward-looking statements which are covered under the safe harbor provisions of the Private Securities Legislation Reform Act of 1995 with respect to the Company’s future financial performance. Although EXX INC believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be realized. Forward-looking statements involve known and unknown risks which may cause EXX INC’s actual results and corporate developments to differ materially from those expected. Factors that could cause results and developments to differ materially from EXX INC’s expectations include, without limitation, changes in manufacturing and shipment schedules, delays in completing plant construction and acquisitions, new product and technology developments, competition within each business segment, cyclicality of the markets for the products of a major segment, litigation, significant cost variances, the effects of acquisitions and divestitures, and other risks.
