American International Industries Inc (AMIN, Financial) filed Quarterly Report for the period ended 2010-09-30.
American International Industries Inc has a market cap of $7.55 million; its shares were traded at around $0.79 with and P/S ratio of 0.29.
Total other income/expenses. Other expense was $160,104 for the three months ended September 30, 2010, compared to other income of $167,001 for the three months ended September 30, 2009, representing a decrease of $327,105 from the prior period. The decrease in other income was primarily due to a net loss for realized/unrealized gains and losses on trading securities of $53,670 for the three months ended September 30, 2010, compared to net income of $200,382 for the three months ended September 30, 2009. Additionally, interest and dividend income decreased by $59,080. Other income was $2,712,170 for the nine months ended September 30, 2010, compared to $394,764 for the nine months ended September 30, 2009, representing an improvement of $2,317,406 from the prior period. Other income for the nine months ended September 30, 2010 includes non-cash compensation for consulting services of $1,370,000. The Company received 1,000,000 restricted shares of ADB International Group, Inc. common stock valued at $1.37 per share for these consulting services. Other income for the nine months ended September 30, 2010 included gains on the sale of assets of $760,542. During the nine months ended September 30, 2010, American sold an 8 acre tract of land with a book value of $175,480 for $340,445 and recognized a $164,965 gain for this transaction, see Note 4. During the nine months ended September 30, 2010, American sold its 51% ownership in Delta's facilities with a book value of $422,737 and the purchaser assumed the $943,500 note payable on the property. American recognized a $520,763 gain for this transaction, see Note 6. Additionally, other income for the nine months ended September 30, 2010 included the receipt of $700,000 by Delta as a cash settlement for its claims in an insurance lawsuit.
Net income/loss. We had a net income from continuing operations of $207,764, or $0.02 per share, for the three months ended September 30, 2010, compared to a net loss of $682,895, or $0.08 per share, for the same period in 2009. We had a net income from continuing operations of $931,744, or $0.10 per share, for the nine months ended September 30, 2010, compared to a net loss of $1,623,656, or $0.19 per share, for the same period in 2009. We had a net loss from discontinued operations - asset sold of $350,000, or $0.04 per share, for the nine months ended September 30, 2009. We had a net loss from discontinued operations - assets held for sale for the three and nine months ended September 30, 2010 of $375,058, or $0.04 per share, and $1,103,630, or $0.11 per share, respectively, and for the three and nine months ended September 30, 2009 of $243,407, or $0.03 per share, and $290,687, or $0.03 per share, respectively.
Total assets/working capital. Total assets at September 30, 2010 were $35,913,900, compared to $31,012,169 at December 31, 2009, representing an increase of $4,901,731. At September 30, 2010, consolidated working capital was $10,772,628, compared to working capital of $13,141,451 at December 31, 2009, representing a decrease of $2,368,823. Total assets as of September 30, 2010, included real estate held for sale of $6,980,680 (see Note 4), inventories of $5,374,082, accounts receivable of $8,247,544, cash and cash equivalents of $1,865,439, certificates of deposit of $1,093,430, $1,410,254 of trading securities, and $1,233,207 of assets held for sale. Long term assets included $2,587,315 of property and equipment, $1,050,000 of marketable securities – available for sale, consisting of 1,000,000 shares of ADB International Group, Inc. ("ADBI") common stock received as compensation for consulting services, and $4,244,374 of assets held for sale.
Cash flow from operations. For the nine months ended September 30, 2010, we used cash in operations of $818,248, compared to $1,142,144 during the same period in 2009. Our net income from continuing operations of $931,744 for the nine months ended September 30, 2010 included non-cash income of $2,130,542, including shares received for consulting services of $1,370,000 and gains on disposals of assets of $760,542. Non-cash expenses included in net income were $1,524,076, including depreciation and amortization of $349,273 and share-based compensation of $1,174,803. Our net loss from continuing operations of $1,623,656 for the nine months ended September 30, 2009 included non-cash expenses of $832,773, including depreciation and amortization of $396,343 and share-based compensation of $436,430. Our inventories decreased by $121,896 for the nine months ended September 30, 2010, compared to an increase of $25,021 during the nine months ended September 30, 2009. We decreased our investments in trading securities by $142,806 during the nine months ended September 30, 2010, compared to a decrease of $300,840 during the same period in 2009. Accounts receivable increased by $5,484,690 during the nine months ended September 30, 2010, compared to an increase of $1,901,307 during the same period in 2009. Accounts payable increased by $4,220,883 during the nine months ended September 30, 2010, compared to an increase of $1,558,175 during the same period in 2009.
Cash flow from investing activities. For the nine months ended September 30, 2010, our investing activities provided cash of $1,292,337 primarily as a result of proceeds from the sale of real estate held for sale of $943,500, from the sale of property and equipment of $340,445, and a net decrease in investments in certificates of deposit of $105,757, offset by the purchase of property and equipment of $131,777. Our investing activities provided cash of $1,379,179 during the nine months ended September 30, 2009, as a result of a net decrease in investments in certificates of deposit of $1,550,000, proceeds from notes receivable of $116,446, and loans from related parties of $168,606, offset by the issuance of a note receivable of $300,000 and purchases of property and equipment of $155,873.
Read the The complete Report
American International Industries Inc has a market cap of $7.55 million; its shares were traded at around $0.79 with and P/S ratio of 0.29.
Highlight of Business Operations:
During the three months ended September 30, 2010, Delta had revenues of $2,424,500, compared to $2,151,180 during the three-month period ended September 30, 2009, representing an increase of $273,320, or 12.7%. During the nine months ended September 30, 2010, Delta had revenues of $6,708,240, compared to $6,946,305 during the nine-month period ended September 30, 2009, representing a decrease of $238,065, or 3.4%. Rig service revenues decreased for the three and nine months ended September 30, 2010, compared to the same period in the prior year by $455,100 and $1,481,148, respectively. Rig service revenues have decreased due to major maintenance on two rigs during 2010. This was offset by an increase in pipe sales for the three and nine months ended September 30, 2010, compared to the same period in the prior year, of $728,420 and $1,243,083 respectively.Total other income/expenses. Other expense was $160,104 for the three months ended September 30, 2010, compared to other income of $167,001 for the three months ended September 30, 2009, representing a decrease of $327,105 from the prior period. The decrease in other income was primarily due to a net loss for realized/unrealized gains and losses on trading securities of $53,670 for the three months ended September 30, 2010, compared to net income of $200,382 for the three months ended September 30, 2009. Additionally, interest and dividend income decreased by $59,080. Other income was $2,712,170 for the nine months ended September 30, 2010, compared to $394,764 for the nine months ended September 30, 2009, representing an improvement of $2,317,406 from the prior period. Other income for the nine months ended September 30, 2010 includes non-cash compensation for consulting services of $1,370,000. The Company received 1,000,000 restricted shares of ADB International Group, Inc. common stock valued at $1.37 per share for these consulting services. Other income for the nine months ended September 30, 2010 included gains on the sale of assets of $760,542. During the nine months ended September 30, 2010, American sold an 8 acre tract of land with a book value of $175,480 for $340,445 and recognized a $164,965 gain for this transaction, see Note 4. During the nine months ended September 30, 2010, American sold its 51% ownership in Delta's facilities with a book value of $422,737 and the purchaser assumed the $943,500 note payable on the property. American recognized a $520,763 gain for this transaction, see Note 6. Additionally, other income for the nine months ended September 30, 2010 included the receipt of $700,000 by Delta as a cash settlement for its claims in an insurance lawsuit.
Net income/loss. We had a net income from continuing operations of $207,764, or $0.02 per share, for the three months ended September 30, 2010, compared to a net loss of $682,895, or $0.08 per share, for the same period in 2009. We had a net income from continuing operations of $931,744, or $0.10 per share, for the nine months ended September 30, 2010, compared to a net loss of $1,623,656, or $0.19 per share, for the same period in 2009. We had a net loss from discontinued operations - asset sold of $350,000, or $0.04 per share, for the nine months ended September 30, 2009. We had a net loss from discontinued operations - assets held for sale for the three and nine months ended September 30, 2010 of $375,058, or $0.04 per share, and $1,103,630, or $0.11 per share, respectively, and for the three and nine months ended September 30, 2009 of $243,407, or $0.03 per share, and $290,687, or $0.03 per share, respectively.
Total assets/working capital. Total assets at September 30, 2010 were $35,913,900, compared to $31,012,169 at December 31, 2009, representing an increase of $4,901,731. At September 30, 2010, consolidated working capital was $10,772,628, compared to working capital of $13,141,451 at December 31, 2009, representing a decrease of $2,368,823. Total assets as of September 30, 2010, included real estate held for sale of $6,980,680 (see Note 4), inventories of $5,374,082, accounts receivable of $8,247,544, cash and cash equivalents of $1,865,439, certificates of deposit of $1,093,430, $1,410,254 of trading securities, and $1,233,207 of assets held for sale. Long term assets included $2,587,315 of property and equipment, $1,050,000 of marketable securities – available for sale, consisting of 1,000,000 shares of ADB International Group, Inc. ("ADBI") common stock received as compensation for consulting services, and $4,244,374 of assets held for sale.
Cash flow from operations. For the nine months ended September 30, 2010, we used cash in operations of $818,248, compared to $1,142,144 during the same period in 2009. Our net income from continuing operations of $931,744 for the nine months ended September 30, 2010 included non-cash income of $2,130,542, including shares received for consulting services of $1,370,000 and gains on disposals of assets of $760,542. Non-cash expenses included in net income were $1,524,076, including depreciation and amortization of $349,273 and share-based compensation of $1,174,803. Our net loss from continuing operations of $1,623,656 for the nine months ended September 30, 2009 included non-cash expenses of $832,773, including depreciation and amortization of $396,343 and share-based compensation of $436,430. Our inventories decreased by $121,896 for the nine months ended September 30, 2010, compared to an increase of $25,021 during the nine months ended September 30, 2009. We decreased our investments in trading securities by $142,806 during the nine months ended September 30, 2010, compared to a decrease of $300,840 during the same period in 2009. Accounts receivable increased by $5,484,690 during the nine months ended September 30, 2010, compared to an increase of $1,901,307 during the same period in 2009. Accounts payable increased by $4,220,883 during the nine months ended September 30, 2010, compared to an increase of $1,558,175 during the same period in 2009.
Cash flow from investing activities. For the nine months ended September 30, 2010, our investing activities provided cash of $1,292,337 primarily as a result of proceeds from the sale of real estate held for sale of $943,500, from the sale of property and equipment of $340,445, and a net decrease in investments in certificates of deposit of $105,757, offset by the purchase of property and equipment of $131,777. Our investing activities provided cash of $1,379,179 during the nine months ended September 30, 2009, as a result of a net decrease in investments in certificates of deposit of $1,550,000, proceeds from notes receivable of $116,446, and loans from related parties of $168,606, offset by the issuance of a note receivable of $300,000 and purchases of property and equipment of $155,873.
Read the The complete Report
