Brake Headquarters U.S.A., Inc. Announces First Quarter Results
22 May 1998
Brake Headquarters U.S.A., Inc. Announces First Quarter ResultsLONG ISLAND CITY, N.Y., May 22 -- Brake Headquarters U.S.A., Inc., (Nasdaq Small-Cap: BHQU) (the "Company") reported gross sales for the three months ended March 31, 1998, increased by $9,034,131 or 110.9% to $17,179,005 compared to $8,144,874 for the three months ended March 31, 1997. The increase was primarily due to sales from our newly acquired subsidiary WAWD Inc., a supplier of high line European and Asian auto parts. The Company reported a net loss for the quarter ended March 31, 1998 (the "First Quarter"), of $182,989, or $.04 per share, compared to a profit of $33,239, or $.01 per share, for the period ended March 31, 1997. Mr. Joseph Ende, Chief Executive Officer of Brake Headquarters, said, "The acquisition of WAWD Inc., is part of our growth strategy for the future. The Company will continue to seek merger/acquisition targets which will provide our core business a vehicle for expansion." The Company has been engaged in business as a wholesaler of undercar parts since 1976. The Company imports, assembles, distributes and manufactures wide variety of parts to the automotive aftermarket industry.