Conihasset Capital Partners Earns $156,040 in Net Income for the Third Quarter of 2011
Conihasset Capital Partners (PINKSHEETS: CNHA) announced today that
it has posted net income of $156,040 for the three month period
ending September 30, 2011. The revenues posted for the three month
period ending September 30, 2011 was $800,136. For the same period
in 2010, the Company posted a net loss of $872,260 on revenues of
$153,320. This represents a 421% increase in earnings from the
previous year and a positive swing in quarter-over-quarter earnings
of $1,025,580 from the third quarter of 2010.
"This is an important step in building our business. This net
income figure is a direct result of our efforts to grow our
business at MH Gaming ("MHG") in Florida and improve our balance
sheet and capital structure as we move toward 2012," stated Richard
D. Bailey, President and Chief Executive Officer of Conihasset.
"This also comes at an exciting time for MHG," Bailey added.
"This is a highly seasonal business. The busy season begins in
November and ends in mid to late April. During these past summer
months we have embarked on a series of initiatives, including
launching a shuttle bus service, adding new and exciting games for
our customers to enjoy as well as additional promotional events we
feel will distinguish us from our competitors in a very positive
manner. We feel these initiatives coupled with the significant cost
cutting we accomplished in September makes us well positioned to
maximize the busy season which is now just beginning."
About Conihasset: Conihasset Capital
Partners, Inc. is a holding company quoted on the OTC Pink Market
under the ticker symbol CNHA. The Company's primary operating
subsidiary is MH Gaming, which currently owns and manages senior
entertainment arcades, known by the trade name Starlight Palace in
Melbourne and Sebastian, Florida.
STATEMENTS: Statements included in this press release that are
not historical facts are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995
(the "1995 Act"). Words such as "believe," "feel," "expect,"
"anticipate," "intend," "look forward," "opportunities,"
"potential," "positioned," and similar expressions identify
forward-looking statements. The Company cautions readers that
forward-looking statements reflect the Company's current
expectations and assumptions that are subject to certain risks and
uncertainties which could cause actual results to differ materially
from those projected in the forward-looking statements. Statements
made herein are made in reliance on the safe harbor for
forward-looking statements contained in the 1995 Act. The Company
assumes no obligation to update or revise any forward-looking
statements made herein or any other forward-looking statements
otherwise made by the Company.
Contact: Richard Bailey 617-320-8347