CHICAGO--(BUSINESS WIRE)--JNS Holdings Corporation (OTC Markets Group: JNSH) today announced financial results for the first quarter, ending March 31, 2012. JNS Power & Control Systems, Inc. reported revenues of $542,891, which is 68% greater than the same period in 2011. Gross profits were $350,387 or 65%, net profits also rose to $180,938 or 33% compared to $107,596 in 2011. The increase in revenue versus the same period last year was driven primarily by the increase in new green initiative sales.
S&H Leasing, Inc. also reported revenues of $38,955, another positive increase, or 55% greater than the same period in 2011. Net profits climbed to $16,378 or 42%.
“Our first quarter financial improvement in sales and revenue is a great start into the new year,” said Jean Howe, President and Chief Executive Officer. “Our team worked very hard to increase sales and improve profitability, which has resulted in a stronger return and additional cash flow. With this additional cash flow, we chose to strengthen our bottom line and used this additional revenue to pay down our line of credit by 57% or $246,338 from one year ago, whereby significantly increasing our current ratio and decreasing our debt/equity ratio. I am pleased we were able to reduce our debt, buy back a vast number of shares of our common stock and still show a profit in 2011. I feel these decisions will translate very well for JNS and our shareholders in 2012.”
This press release does not constitute an offer of any securities for sale. This press release contains certain 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 involve certain risks and uncertainties that could cause actual results to differ. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.