Providential Holdings Announces Operating Results for Q3 2004
FOUNTAIN VALLEY, Calif.--(MARKET WIRE)--May 24, 2004--Providential Holdings, Inc. (OTCBB:PRVH - News; Berlin: PR7, WKN 935160), www.phiglobal.com, today announced the operating results for the third quarter ended March 31, 2004. The Company's net revenues for the quarter increased $2,109,462 to $2,119,246, as compared to $9,784 for the three months ended March 31, 2003.
Total general and administrative expenses were $419,848 and $1,773 for the quarter ended March 31, 2004 and 2003, respectively. The increase is primarily due to the increased activity of the Company and the acquisition of the subsidiaries. Professional services were $1,289,486 and $294,191 for the comparable periods.
Interest expense was $91,520 and $134,904 for the quarter ended March 31, 2004, and 2003, respectively. This is primarily due to the conversion and payment of $716,583 of convertible notes and short-term notes payable during the quarter.
During the quarter ended March 31, 2004 the Company recorded a loss of conversion of notes of $477,891 compared to a gain of $304,853 for the quarter ended March 31, 2003. In addition, the Company recognized an expense of $106,111 in redemption premiums and registration penalties related to the debt conversion during the current fiscal quarter and $711,331 in beneficial conversion feature expense related to the conversion of short-term notes payable.
Net loss for the quarter ended March 31, 2004 was $2,824,709, compared to $383,104 for the same period in 2003, which is equivalent to ($0.03) per share versus ($0.01) per share, respectively, based on the weighted average number of basic and diluted shares outstanding for the pertinent quarters. The difference is primarily attributed to the activity in several subsidiaries acquired in the previous quarter, conversion expenses of notes payable into common stock and increased professional services.
In spite of the disappointing net earnings results for the last quarter, the outlook for the Company remains positive, both in the near term and the long term. In the current quarter the Company will be able recognize revenues from a number of transactions that were either completed or initiated in the previous quarter, which will substantially add to the operating results for the fiscal year. In addition, the Company continues to focus on managing for long term shareholder value and is taking measures to grow aggressively in areas with high returns on equity and competitive advantage.
About Providential:
Providential Holdings, Inc. (PHI) is a diversified holding company committed to creating shareholder value through growth. The company focuses on selective technologies, capital and financial services, international markets and special situations.
Products and services include mobile entertainment systems, information technology, identification technology, telecommunications, trade commerce, and mergers and acquisitions, especially in the U.S. and emerging overseas markets with high potential for growth.
URL: http://www.phiglobal.com
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