SOURCE: Conihasset

Conihasset

November 03, 2011 08:00 ET

Conihasset Capital Partners Earns $156,040 in Net Income for the Third Quarter of 2011

BOSTON, MA--(Marketwire - Nov 3, 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.

FORWARD-LOOKING 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 Information

  • Contact:
    Richard Bailey
    617-320-8347