WILMINGTON, Del., Dec. 14, 2006 (PRIME NEWSWIRE) -- Universal Capital Management, Inc. (OTCBB:UCMT), a specialty finance company, which provides emerging growth companies with management and strategic resources for successful growth, reported its financial results for the quarter and six months ending October 31, 2006.
Financial Highlights for the Period
* Revenue from Management Services in the second quarter of '06
was $907,055 vs. $243,000 in the second quarter of 2005, an
increase of more than 370%.
* Income from Operations in the second quarter of '06 was $526,902
vs. $16,329 in the second quarter of '05, an increase of over
3,000%.
* Total Assets at October 31, 2006 were $7,154,276 vs. $3,546,337
at April 30, 2006, an increase of over 100%.
* Net Assets at October 31, 2006 were $4,052,654 vs. $2,243,790 at
April 30, 2006 reflecting an 80% increase.
* Net Assets per share at October 31, 2006 was $0.75 vs. $0.46 at
April 30, 2006.
* For the period the Company added Creative Energy Solutions, Inc.
("CES") and Extreme Visual Technologies, Inc. ("EVT") to its
portfolio. CES intends to utilize alternative energy
technologies to alleviate the national electrical grid congestion
and EVT which is developing a unique technology allowing the
eye to see 3-D images without special glasses.
* During this period, the Company provided its stockholders with
a dividend of shares of common stock of TheaterXtreme
Entertainment Group, Inc., a portfolio company. The dividend
consisted of 299,064 shares for a total value of $448,595.
Mike Queen, the CEO of Universal Capital Management ("UCM"), said, "I am pleased and excited by the results of our operations in the 2nd quarter as well as our year to date numbers. This progress is a testament to our business model and we will continue to strive toward successful growth in the quarters that follow. We expect our Net Asset Value or NAV to continue to grow as our current holdings mature and we implement our business model and continue to add new quality companies to our portfolio."
Universal Capital Management, Inc. is a publicly traded business development company created under the Investment Act of 1940. Its purpose is to provide an opportunity for its shareholders to diversify risk by investing in a fund that assists its portfolio companies to grow and increase in value.
The entire financial report can be accessed at www.sec.gov.
Please visit the company's web site for additional information at http://www.unicapman.com
Forward-Looking Statements
The information contained in this press release may contain "forward-looking statements." You can identify these statements by use of the words "may," "will," "should," "plans," "explores," "expects," "anticipates," "continue," "estimate," "project," "intend," ``believe,'' and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to the following which could affect Universal Capital Management, Inc. or one or more portfolio companies: general economic and business conditions, effects of continued geopolitical unrest, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, and various other factors beyond the Company's control.