NEW YORK , Oct. 13, 2005 (PRIMEZONE) -- Lion-Gri International, Inc. (OTCBB:LGII) today announced its results for the quarter ended June 30, 2005. Lion-Gri, based and operating in Moldova, is a leading Eastern European producer and exporter of quality wines and alcohol sold throughout the world.
Lion-Gri had consolidated revenues for the three months ended June 30, 2005, of $3,723,565 as compared to $2,940,159 for the three months ended June 30, 2004, an increase of $783,406 or 26.6%.
Gross profit for the three months ended June 30, 2005 was $926,050 or 24.8% of revenues as compared to $460,186 or 15.6% of revenues for the three months ended June 30, 2004, an increase of $465,864, or 100%. This increase was due in part to the Company's ability to take advantage of lower grape juice and bulk wine prices in 2005.
Net income for the three months ended June 30, 2005 was $276,643 or $0.01 per share as compared to a net loss of $(283,651) or $(0.01) per share for the three months ended June 30, 2004.
The Company continues to implement cost reduction and operating efficiencies while increasing production and storage capabilities. This strategy combined with new distribution agreements, new products and expanded markets will work towards ensuring Lion-Gri's continued profitability.
"The financial results for this quarter demonstrate the Company's focus and is continuing to be pro-active in constructing a viable and healthy enterprise while creating shareholder value and sustainability," said Greg Sonic, President and CEO.
About Lion-Gri International, Inc.
Through Lion-Gri S.R.L., a limited liability company in the Republic of Moldova, Lion-Gri International, Inc. produces and exports 120 varieties of wine and alcohol products throughout Russia, Denmark, Poland, Western Europe and the United States. Shipping more than 16 million bottles of wine annually, Lion-Gri has grown into one of the largest wine producers in Moldova. For more information about the Company, see http://www.lion-gri.com.
Forward-Looking Statements
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties, and other unknown factors that could cause the actual results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes," "belief," "expects," "intends," "anticipates," "will," or "plans" to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's reports and registration statements filed with the Securities and Exchange Commission.