LAS VEGAS, May 16 /PRNewswire-FirstCall/ -- EXX INC
today announced its consolidated net sales and net income for the quarter ended March 31, 2008.
2008 2007
(unaudited) (unaudited)
Quarter Ended March 31
Net sales $ 26,948,000 $ 29,849,000
Income from continuing operations $ 1,268,000 $ 564,000
Income from discontinued operations 400,000 (179,000)
Net income $ 1,668,000 $ 385,000
Per EXX-A & B Shares:
Basic
Income from continuing operations $ .12 $ .05
Income from discontinued operations .04 (.02)
Net income $ .16 $ .03
Assuming dilution
Income from continuing operations $ .11 $ .04
Income from discontinued operations .03 (.01)
Net income $ .14 $ .03
Average Shares Outstanding
Basic 10,387,693 11,267,880
Assuming dilution 11,800,755 12,751,810
The above results of operations may 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: EXX's ability to continue to access funding for its operations; the cyclical nature of the industries served by EXX, all of which have encountered significant downturns in the past; the level of production by and demand from EXX's principal customers upon which EXX is substantially dependent; whether, when and to what extent expected orders materialize; whether EXX will be able to successfully launch new programs; the impact on EXX of actions by its competitors, some of which are significantly larger and have greater financial and other resources than EXX; and developments with respect to contingencies, including environmental matters, litigation and retained liabilities from businesses previously sold by EXX; changes in manufacturing and shipment schedules; delays in completing plant construction and acquisitions, labor disturbances, new product and technology developments, competition within each business segment, litigation, significant cost variances, the effects of acquisitions and divestitures, and other risks.