NEW YORK, Jan. 18, 2006 (PRIMEZONE) -- Lion-Gri International, Inc. (OTCBB:LGII) recently announced its results for the quarter ended and nine months ended September 30, 2005. Lion-Gri, based and operating in Moldova, is a leading Eastern European producer and exporter of quality wines and alcohol that are sold throughout the world.
Lion-Gri had consolidated revenues for the nine months ended September 30, 2005, of $9,290,897 as compared to $ 8,948,873 for the nine months ended September 30, 2004, an increase of $342,024 or 3.8%. Lion-Gri had consolidated revenues for the three months ended September 30, 2005, of $2,699,958 as compared to $ 3,039,299 for the three months ended September 30, 2004.
Gross profit for the nine months ended September 30, 2005 was $2,152,597 or 23.2% of revenues as compared to $ 1,641,656 or 18.3% of revenues for the nine months ended September 30, 2004, an increase of $510,941. Gross profit for the three months ended September 30, 2005 was $ 505,649 as compared to $ 525,491 for the three months ended September 30, 2004. Income from operations for the nine months ended September 30, 2005 was $469,750 as compared to a net loss of $ (38,104) for the nine months ended September 30, 2004, an increase of $507,854. Income from operations for the three months ended September 30, 2005 was a net loss of $ (80,669) as compared to $141,287 for the three months ended September 30, 2004.
Net income for the nine months ended September 30, 2005 was $243,435 as compared to $378,185 for the nine months ended September 30, 2004. Net income for the three months ended September 30, 2005 was a net loss of $ (94,856) as compared to $435,963 for the three months ended September 30, 2004.
Comprehensive income for the nine months ended September 30, 2005 was $170,470 or $0.01 per share as compared to $ 402,216 or $0.01 per share for the nine months ended September 30, 2004. Comprehensive income for the three months ended September 30, 2005 was a net loss of $(99,023) or $0.00 per share as compared to a net loss of $ (429,609) or $(0.01) per share for the three months ended September 30, 2004 As at September 30, 2005 Lion-Gri had 46,665,000 common shares outstanding and shareholder equity totaling $7,171,246 or $0.15 per share book value.
Greg Sonic, President and CEO, said ``We are pleased with the financial results for this quarter and the nine month period ended September 30, 2005. 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."
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.