General Finance and Development, Inc. Announces 3rd Quarter Results
November 12 2012 - 12:49PM
OTC Markets
General Finance and Development, Inc. (OTC Markets: GFDV) announced
today 3rd quarter results for 2012.
The highlights are summarized below.
However, we urge investors to read our 2012 3rd Quarter Report
posted at www.genfd.com and www.otcmarkets.com. The limited
information that follows in this press release is not adequate for
making an informed investment
judgment.
The highlights
for the quarter include an 80% percent increase in sales revenue
over the same period in 2011. GFD reported sales of $913,898
compared to
$506,867 for the 3rd
quarter of 2011.
Net income was $164,374 for the quarter
compared to $12,955 for the 3rd quarter of 2011.
GFD realized
a net income of $166,880
for the nine month period ending September 30, 2012 compared to
$43,336 for the same period in 2011.
Current
assets exceed current liabilities by a ratio of 6.9 to
1.
The company
continues to have a low amount of long term debt of
$4,365.
Financial
results are being driven by GFD’s main operating subsidiary
Corporate Art Force (CAF). During the quarter the company continued
efforts to manage existing enterprise level clients and develop the
comprehensive art management program being marketed as the SmartArt
Program™.
During the quarter a finance
module that allows small to medium size organizations to implement
an artwork program for as little as $125 per month was
designed.
CAF management
believes when managed properly, art provides an intrinsic return on
investment evidenced by improved employee retention and
productivity, customer and public awareness and patient outcomes
for healthcare organizations.
The Minneapolis
based company is a model being developed for expansion into other
cities with the SmartArt Program being a key to that
expansion.
Since inception in
September 2009, CAF has framed and distributed over 17,000 pieces
of artwork for more than 150 clients to locations in 40
states.
CAF
management believes the market for the services they provide is
estimated to be over $1 billion and there currently is no single
provider who has as much as 10 percent of the market. The industry
is considered to be fragmented and non-standardized and CAF
believes there is an opportunity to capture a significant share of
the market within the next several years by recruiting and training
art consultants who will become certified as part of the company’s
proprietary Art Consultant Certification Program.
General Finance and
Development, Inc. provides capital and business development
services to small and medium size companies. Capital is provided to
qualified companies by equity and/or strategic loan agreements.
Business development services include business planning,
organization and management development. GFD also pursues
merger/acquisitions and joint venture projects.
The foregoing material may contain forward-looking
statements. We caution that such statements may be subject to
uncertainties and that actual results could differ materially from
the fore-going statements. Readers accordingly should not place
undue reliance on these forward-looking statements which do not
reflect anticipated or unanticipated events or circumstances
occurring after the date of these forward-looking statements. More
information regarding General Finance and Development including
financial statements and reports is available at the company’s
website www.genfd.com and www.otcmarkets.com.
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