ORLANDO, Fla., Nov. 15, 2011 (GLOBE NEWSWIRE) -- Diversified Global Holdings Group Inc. (OTCBB:DGHG) announced today its financial results for the nine months ended September 30, 2011. The Company attributes its improved results over the comparable period in 2010 to a number of successful acquisitions during 2010.
For the nine months ended September 30, 2011, net earnings increased to $2 million from $700,000, an increase of approximately $1.3 million or 185% from the period ended September 30, 2010.
Gross margin was $5.9 million for the nine months ended September 30, 2011, compared to $3.0 million for the same period in 2010, representing an increase of $2.9 million or 97% over the previous year. Gross margin was approximately 17.7% percent for the nine months ended September 30, 2011. The Company estimates that gross margins will steadily improve in 2012 with the scheduled completion of existing work projects and the addition of several more acquisitions contributing to estimated higher margins in line with its business plan.
For the three months ended September 30, 2011 net earnings increased to $1.3 million as compared to $540,746 for the three months ended September 30, 2010 representing an increase of $801,000 or 140% over the previous year. The Company reported revenues for the three months ended September 30, 2011 of $23.3 million compared to $5.3 million for the three months ended September 30, 2010 representing an increase of approximately $18 million or 339% over the previous year.
Richard Lloyd, CEO and co-founder of Diversified Global Holdings Group, stated, "Our construction division is performing very well, and I am very pleased with the progress we have made this year. We intend to continue our acquisition strategy and our goal of increasing shareholder value."
About Diversified Global Holdings Group Inc
Diversified Global Holdings Group (OTCBB:DGHG) is a rapidly growing holdings company with strong subsidiaries worldwide. DGHG has proven M&A expertise and intends to continue its expansion in emerging markets by leveraging its operating divisions into additional major market sectors. For more information, visit DiversifiedGlobalHoldings.com (http://www.dghold.com).
The Diversified Global Holdings Group logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=11065
This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on the Company's current expectations as to future events. However, the forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements.