ORLANDO, Fla., Nov. 23, 2010 (GLOBE NEWSWIRE) -- General Automotive Company (OTCBB:GNAU), a North American provider of parts, accessories and advanced technology for the automotive industry, is pleased to report financial results for the third quarter ended September 30, 2010.
Revenues for the 2010 third quarter totaled $3,337,201 compared to $2,549,479 in the third quarter of 2009, an increase of 30%. Gross profit for the 2010 third quarter was $303,262 compared to $273,769 in the corresponding 2009 period. The company recorded a net loss of $195,397, or $0.01 per diluted share, compared to a net loss of $200,175, or $0.01 per diluted share in the 2009 third quarter.
Through its wholly-owned subsidiaries and recently announced joint-venture initiatives, the Company began to realize increased revenue percentage growth numbers through the 3rd quarter ending September 30, 2010. Further, the Company's wholly-owned subsidiary OE Source (OES) remains focused on increasing revenues through meeting the growing demand for automotive replacement parts, generating new customer orders by distinguishing itself through its ability for Asian product sourcing via its new China based division General Automotive China
General Automotive CEO and President, Dan Valladao commented, "We believe we have positioned ourselves perfectly as a quality company that can source and manufacture automotive products as well as anyone in the industry. This will further translate into new opportunities and growth for General Automotive."
About General Automotive Company
General Automotive Company provides original equipment and aftermarket automotive parts, and automotive technology in the United States and internationally. It focuses on automotive parts sales and distribution through its subsidiary, OE Source L.C., General Automotive is also a partnered in GreenCell Inc., a joint venture with SenCer Inc., a New York based ceramic technology company. GreenCell, Inc., has created "Ultra-Temp", a proprietary technology and a potential game changer for the manufacturing of multiple automotive products including oxygen sensors, brakes and SOFC fuel cells for powering automobiles. General Automotive Company ("GAC") is also focused on expanding its operating growth platform through multiple and ongoing acquisitions of successful automotive parts companies. General Automotive Company is based in Orlando, Florida.
The General Automotive Company logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6532
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the Company's current plans and expectations, as well as future results of operations and financial condition. Specifically, the Company's ability to raise additional capital, execute its business plan and strategy, sustain or increase gross margins, achieve profitability and build shareholder value are forward looking statements. A more extensive listing of risks and factors that may affect the Company's business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the Company with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: General Automotive Company Investor Relations Paula Bausman 407-363-5633 pbausman@generalautomotive.com