Positive EBITDA Achieved in the third Quarter and Expected for Fiscal 2015
ANAHEIM, CA / CRWEPRESSRELEASE / August 20, 2015 / M Line Holdings, Inc. (OTCMKTS:MLHC “M Line” or the “Company”), is a leading provider of products, assemblies and services to the precision high tech segment of both the aerospace and medical industries. M Line also sells high end pre-owned Computer Numerically Controlled (“CNC”) Machine Tool Equipment and provides business and financial services to a variety of clients.
M Line today announced that it has filed its financial results for the first, second and third quarters ending September 30, 2014, December 31, 2014 and March 31, 2015 respectively. The results exhibit the additional costs as well as reduced revenues due to our move of the Company’s precision metal manufacturing division and the temporary shut-down of Elite Machine Tool and the losses were incurred during the first six months of this fiscal year. Revenue for the three months ended march 31, 2015 were $1,505,615 and EBITDA was $376,432 compared to revenues of $2.419,511 and EBITDA of $320,063. The nine months ended March 31, 2015 reflects revenues of $3,967,399 and negative EBITDA of $(530,846) compared to the nine months ended March 31, 2014 which reflected revenues of $8,453,085 and EBITDA of $1,723,734. The figures include over $3,200,000 of non cash expenses that have been included in the financial. As stated in previous releases we expect a positive EBITDA for the full year ended June 30, 2015.
Bruce Barren, CEO of M Line, commented: “The filing of our 10-Qs bringing us current with our SEC filings has taken longer than expected. Now that this process is complete we can concentrate on our Business Plan and continue the introduction of our new and well received vapor product line along with good support from our existing customer base.”
Tony Anish, COO of M Line, stated: “Now that we are current in our filings we expect the stop sign to be removed from our listing. We will ensure that we do not fall behind again and to that end we are working diligently on our 10-K for the year ended June 30, 2015. We now plan to move forward, as fast as possible, with our acquisition plans and the financing necessary to pay-off our current lender.”
For more information on M Line, see our website at www.mlineholdings.com
Safe Harbor and Informational Statement
This press release may contain forward-looking information within the meaning of Section 21E of the Security Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statement of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company’s financing plans; (ii) trends affecting the company’s financial conditions or results of operations; (iii): the company’s growth strategy and operating strategy; and (iv) the declaration and payment of dividends.
The words “may”, “would”, “will”, “expect”, “estimate”, “anticipate”, “believe”, “intend”, and similar expressions and variations thereof are intend to identify forward-looking statements. Investors are cautioned that any such forward-looking statement are not a guarantee of future of future performance and involve risks and uncertainties, many of which are beyond the company’s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the company’s statements and reports filed with the OTC Markets. The Company claims the safe harbor provided by Section 21E(c) of the Exchange Act for all forward-looking statements.
For further information contact
SOURCE:M Line Holdings, Inc.