American International Industries Inc (AMIN, Financial) filed Quarterly Report for the period ended 2009-03-31.
AMERICAN INTERNATIONAL INDUSTRIES INC. is a diversified holding company with a business model similar to General Electric Tyco International and Berkshire Hathaway. The Company has holdings in Industry Finance and Real Estate in Houston Texas and surrounding areas and Oil & Gas. The vision of the Company is to develop holdings in various industries through acquisition of existing companies applying the financial resources and management expertise to foster the growth and profitability of the acquired businesses. The holding company serves as a financial and professional partner to the management of the subsidiaries. The role of the holding company is to improve each subsidiary?s access to capital achieve economies of scale by consolidating administrative functions and utilize the financial and management expertise of corporate personnel across all units. The Company is continuing to work with management of the subsidiary companies to improve revenues operations and American International Industries Inc has a market cap of $10.17 million; its shares were traded at around $1.17 with and P/S ratio of 0.32.
Net loss. We had a net loss from continuing operations of $193,139, or $0.02 per share, for the three months ended March 31, 2009, compared to a net loss of $2,382,253, or $0.33 per share, for the same period in 2008. We had a net loss from discontinued operations of $798,559, or $0.11 per share, for the three months ended March 31, 2008. Our net loss was $193,139, or $0.02 per share, for the three months ended March 31, 2009, compared to a net loss of $3,180,812, or $0.45 per share, for the three months ended March 31, 2008.
Total assets/working capital. Total assets at March 31, 2009 were $34,482,164, compared to $35,977,944 at December 31, 2008, representing a decrease of $1,495,780. The primary reason for the decrease in total assets resulted from the use of cash and the redemption of certificates of deposit to reduce our debt by $1,280,010. At March 31, 2009, consolidated working capital was $21,685,675, compared to working capital of $18,196,027 at December 31, 2008, representing an increase of $3,489,648, primarily due to the reclassification of debt from short-term to long-term.
Cash flow from operations. For the three months ended March 31, 2009, we had cash flow provided by operations of $370,015, compared to negative cash flow from operations of $898,388 during the same period in 2008. Our net loss of $193,139 for the three months ended March 31, 2009 included non-cash expenses of $334,807, including depreciation and amortization of $293,557 and share-based compensation of $41,250. Our net loss of $2,382,253 for the three months ended March 31, 2008 included non-cash expenses of $1,632,094, including depreciation and amortization of $115,722, share-based compensation of $139,833, and unrealized losses on trading securities of $1,376,539. Our inventories increased by $268,216 for the three months ended March 31, 2009, compared to an increase of $672,872 during the three months ended March 31, 2008. We decreased our investments in trading securities by $95,443 during the three months ended March 31, 2009, compared to an increase of $225,479 during the same period in 2008. Accounts receivable decreased by $353,624 during the three months ended March 31, 2009, compared to a decrease of $1,288,312 during the same period in 2008. Prepaid expenses decreased by $49,060, other assets decreased by $17,970, and accounts payable increased by $144,109 for the three months ended March 31, 2009. For the three months ended March 31, 2008, prepaid expenses decreased by $98,893, other assets decreased by $9,861, and accounts payable decreased by $61,340.
Cash flow from investing activities. Our investing activities used cash of $233,440 during the three month period ended March 31, 2009, as a result of a the issuance of a note receivable of $300,000 and loans to related parties of $241,200, offset by a net decrease in investments in certificates of deposit of $300,000. This is compared to cash provided by investing activities during the same period in the prior year in the amount of $1,438,590 during the three month period ended March 31, 2008, as a result of a net decrease in investments in certificates of deposit of $1,255,200 and proceeds from the sale of drilling rig equipment of $200,000.
Cash flow from financing activities. During the three months ended March 31, 2009, our financing activities used cash of $1,338,232 compared to cash provided of $297,844 during the same period in 2008. During the three month period ended March 31, 2009, we made payments of $1,283,122 on debt and purchased 33,032 shares of treasury stock at a cost of $41,237. During the 2008 period, we received net proceeds from line-of-credit agreements of $598,000. We made payments of $280,366 on debt and margin loans during the three month period ended March 31, 2008.
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AMERICAN INTERNATIONAL INDUSTRIES INC. is a diversified holding company with a business model similar to General Electric Tyco International and Berkshire Hathaway. The Company has holdings in Industry Finance and Real Estate in Houston Texas and surrounding areas and Oil & Gas. The vision of the Company is to develop holdings in various industries through acquisition of existing companies applying the financial resources and management expertise to foster the growth and profitability of the acquired businesses. The holding company serves as a financial and professional partner to the management of the subsidiaries. The role of the holding company is to improve each subsidiary?s access to capital achieve economies of scale by consolidating administrative functions and utilize the financial and management expertise of corporate personnel across all units. The Company is continuing to work with management of the subsidiary companies to improve revenues operations and American International Industries Inc has a market cap of $10.17 million; its shares were traded at around $1.17 with and P/S ratio of 0.32.
Highlight of Business Operations:
Total other income/expenses. Other income was $121,850 for the three months ended March 31, 2009, compared to other expenses of $1,189,519 for the three months ended March 31, 2008, representing an improvement of $1,311,369. Net realized/unrealized gains on trading securities were $13,874 for the three months ended March 31, 2009, compared to net losses of $1,331,966 for the three months ended March 31, 2008. The net unrealized losses on trading securities of $1,376,539 for the three months ended March 31, 2008, were due primarily to declines in the market values of our investments in OI Corporation and Rubicon Financial Incorporated of $1,191,080 (see note 2). For the three months ended March 31, 2009, American recognized other income in the amount of $195,146, of which $175,000 was for providing right-of-way access on the 287 acres in Galveston County. Interest expense was $218,608 for the three months ended March 31, 2009, compared to $113,030 for the three months ended March 31, 2008. The increase in interest expense was due primarily to the $5 million in debt used to fund the acquisition of the assets of Shumate Machine Works.Net loss. We had a net loss from continuing operations of $193,139, or $0.02 per share, for the three months ended March 31, 2009, compared to a net loss of $2,382,253, or $0.33 per share, for the same period in 2008. We had a net loss from discontinued operations of $798,559, or $0.11 per share, for the three months ended March 31, 2008. Our net loss was $193,139, or $0.02 per share, for the three months ended March 31, 2009, compared to a net loss of $3,180,812, or $0.45 per share, for the three months ended March 31, 2008.
Total assets/working capital. Total assets at March 31, 2009 were $34,482,164, compared to $35,977,944 at December 31, 2008, representing a decrease of $1,495,780. The primary reason for the decrease in total assets resulted from the use of cash and the redemption of certificates of deposit to reduce our debt by $1,280,010. At March 31, 2009, consolidated working capital was $21,685,675, compared to working capital of $18,196,027 at December 31, 2008, representing an increase of $3,489,648, primarily due to the reclassification of debt from short-term to long-term.
Cash flow from operations. For the three months ended March 31, 2009, we had cash flow provided by operations of $370,015, compared to negative cash flow from operations of $898,388 during the same period in 2008. Our net loss of $193,139 for the three months ended March 31, 2009 included non-cash expenses of $334,807, including depreciation and amortization of $293,557 and share-based compensation of $41,250. Our net loss of $2,382,253 for the three months ended March 31, 2008 included non-cash expenses of $1,632,094, including depreciation and amortization of $115,722, share-based compensation of $139,833, and unrealized losses on trading securities of $1,376,539. Our inventories increased by $268,216 for the three months ended March 31, 2009, compared to an increase of $672,872 during the three months ended March 31, 2008. We decreased our investments in trading securities by $95,443 during the three months ended March 31, 2009, compared to an increase of $225,479 during the same period in 2008. Accounts receivable decreased by $353,624 during the three months ended March 31, 2009, compared to a decrease of $1,288,312 during the same period in 2008. Prepaid expenses decreased by $49,060, other assets decreased by $17,970, and accounts payable increased by $144,109 for the three months ended March 31, 2009. For the three months ended March 31, 2008, prepaid expenses decreased by $98,893, other assets decreased by $9,861, and accounts payable decreased by $61,340.
Cash flow from investing activities. Our investing activities used cash of $233,440 during the three month period ended March 31, 2009, as a result of a the issuance of a note receivable of $300,000 and loans to related parties of $241,200, offset by a net decrease in investments in certificates of deposit of $300,000. This is compared to cash provided by investing activities during the same period in the prior year in the amount of $1,438,590 during the three month period ended March 31, 2008, as a result of a net decrease in investments in certificates of deposit of $1,255,200 and proceeds from the sale of drilling rig equipment of $200,000.
Cash flow from financing activities. During the three months ended March 31, 2009, our financing activities used cash of $1,338,232 compared to cash provided of $297,844 during the same period in 2008. During the three month period ended March 31, 2009, we made payments of $1,283,122 on debt and purchased 33,032 shares of treasury stock at a cost of $41,237. During the 2008 period, we received net proceeds from line-of-credit agreements of $598,000. We made payments of $280,366 on debt and margin loans during the three month period ended March 31, 2008.
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