EX-99.1 3 dex991.htm EARNINGS PRESS RELEASE, DATED NOVEMBER 13, 2003 Earnings Press Release, dated November 13, 2003

CONTACT:

   BARRY BORODKIN   Exhibit 99.1

TELEPHONE:

  

212-242-5444

    

FAX:

  

212-206-0011

    

RE:

  

EXX INC

    

 

EXX INC

Suite 689

1350 East Flamingo Road

Las Vegas, NV 89119

 

EXX INC ANNOUNCES SUBSTANTIAL INCREASE IN 3RD QUARTER PERIOD TO PERIOD SALES

AND NET INCOME

 

Las Vegas, NV. November 13, 2003 - EXX INC (Amex: EXX-A and EXX-B) today announced its consolidated sales and net income for the quarter and nine months ended September 30, 2003. The increase in sales and profits was due primarily to the inclusion of the results of our Newcor, Inc. subsidiary, which was acquired January 31, 2003.

 

     2003 (A)
         2002
     (unaudited)         (unaudited)

Quarter Ended September 30

                   

Sales

    $     34,360,000         $     4,208,000

Income from continuing operations

      1,497,000           257,000

Income from discontinued operations

      306,000           —  
    
       

Net income

    $ 1,803,000         $ 207,000

Per EXX-A & B Shares:

                   

Basic

                   

Income from continuing operations

      .13           .02

Income from discontinued operations

      .03           —  
    
       

Net Income

      .16           .02

Assuming dilution

                   

Income from continuing operations

      .12           .02

Income from discontinued operations

      .02           —  
    
       

Net Income

      .14           .02

Average Shares Outstanding

                   

Basic

      11,270,400           11,131,359

Assuming dilution

      12,769,441           11,157,073

Nine Months Ended September 30

                   

Sales

    $ 101,557,000         $ 12,203,000

Income from continuing operations

      4,769,000           505,000

Income from discontinued operations

      576,000           —  
    
       

Net Income

    $ 5,345,000         $ 505,000

Per EXX-A & B Shares:

                   

Basic

                   

Income from continuing operations

      .43           .04

Income from discontinued operations

      .05           —  
    
       

Net Income

      .48           .04

Assuming dilution

                   

Income from continuing operations

      .40           .04

Income from discontinued operations

      .04           —  
    
       

Net Income

      .44           .04

Average Shares Outstanding

                   

Basic

      11,166,004           11,297,563

Assuming dilution

      12,052,779           11,348,417

 

(A)   Includes results of Newcor, Inc. acquisition as of January 31, 2003.

 

The above results of operations contain certain forward-looking statements which are covered under the safe harbor provisions of the Private Securities Legislation Reform Act of 1995 with respect to the Company’s future financial performance. Although EXX INC believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be realized. Forward-looking statements involve known and unknown risks which may cause EXX INC’s actual results and corporate developments to differ materially from those expected. Factors that could cause results and developments to differ materially from EXX INC’s expectations include, without limitation, changes in manufacturing and shipment schedules, delays in completing plant construction and acquisitions, new product and technology developments, competition within each business segment, cyclicality of the markets for the products of a major segment, litigation, significant cost variances, the effects of acquisitions and divestitures, and other risks.