Sunbase Asia, Inc. announces 1st quarter results

Business Wire, June 26, 1995

BEVERLY HILLS, Calif.--(BUSINESS WIRE)--June 26, 1995--Sunbase Asia, Inc. (symbol: ASIA) announced today first quarter fiscal year 1995 net earnings of $1,818,000, or $0.12 per share, versus $1,474,940, or $0.10 per share, for the first quarter of fiscal 1994. The Company's business cycle traditionally produces its highest earnings in the second and third quarters, with the first quarter accounting for approximately 22% of annualized earnings. Revenues for the first quarter were $23,730,000 compared with $21,799,000 during the same period last year.

Dr. Gunter Gao, Chief Executive Officer, Chairman of the Board and President, stated "We are very pleased with our year-to-date results. Combined with increased production efficiencies, our strategy of emphasizing higher margin bearings is producing the desired outcome. With the current order-flow and increased production efficiencies, we are on target to meet our 1995 earnings objectives."

Sunbase Asia, Inc., through its subsidiaries, is a leading producer of precision bearings in the People's Republic of China. Its bearing products are used in a broad range of applications, including airplanes, rockets, trains, electrical appliances, industrial machinery, automobiles, motorcycles and medical instruments. The Company's products are sold in China, the United States, Brazil, Hong Kong, Malaysia and Thailand.

CONTACT: Millennium Capital Partners, Ltd.

F. Paul DuBose, 310/550-1995

310/550-8213 (fax)