ORLANDO, Fla., May 24, 2004 (PRIMEZONE) -- James V. Sadrianna, the Chief Financial Officer of TS&B Holdings, Inc. ("Company" or "TS&B") (OTCBB:TSBB), reported to management that the Company's 10Q was filed with the Securities & Exchange Commission on Friday, May 21, 2004. The 10Q showed a 511% increase in total assets over the same quarter in 2003 and a 705% increase compared to the Company's year-end of June 30, 2003. James V. Sadrianna stated, "This quarter fulfilled our earlier expectations of increased asset and shareholder value. There is a net increase in stockholders equity of $1,557,309 after adjustments for the recent change to 1940 Investment Act status. Total assets of $1,921,476 were reported for March 31, 2004 versus $314,441 for the same period in 2003 and $238,758 for the Company's year-end of June 30, 2003. The Company reported net income for the first quarter of 2004 of $418,727 versus net income of $4,477 for the same period in 2003. Shareholder's Equity increased from ($76,902) in March of 2003 to $1,303,160 for the same period in 2004. Shareholders can look forward to continued profitable operations as the Company continues to execute its business plan as a Business Development Company."
James J. Jenkins, CEO stated, "I'm very pleased by the Company's third quarter results. This is great news. Of equal importance, our fourth quarter-projected results appear favorable. With the addition of Cummings Financial Services, Inc. to our portfolio, we expect the Company's shareholder value to increase substantially. The management has worked very hard to bring the Company to its present state. We have a dedicated group of professionals and we are proud of our accomplishments."
About TS&B Holdings Inc.
TS&B Holdings Inc., is a Business Development Company under the Investment Act of 1940 aggressively seeking opportunities in emerging and fast growth industries.
Safe Harbor
The statements made in this release constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect," or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, changing economic conditions, interest rates trends, continued acceptance of the Company's products in the marketplace, competitive factors and other risks detailed in the Company's periodic report Filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.