SOURCE: Phoenix International Ventures

Phoenix International Ventures

May 18, 2010 15:40 ET

Phoenix International Ventures, Inc. Announces $1,131,103 Revenue in the First Quarter of 2010; Backlog at $7.2M

CARSON CITY, NV--(Marketwire - May 18, 2010) -  Phoenix International Ventures, Inc. (OTCBB: PIVN) ("Phoenix" or "the Company"), an Aerospace Defense company, announced financial results for the three months ended March 31, 2010.

Zahir Teja, President and CEO of Phoenix, stated: "We've continued to operate at over the one million dollar revenue rate this quarter, although our gross margins were hurt by changes in accounting estimates and a different sales mix. Our $7.2 Million strong backlog got a boost last week with the award of a basic order agreement from the U.S. Navy; this award has not increased our backlog yet since it has not specified dollar amounts. However, we believe that this award will lead to significant follow on orders in the near future."

Mr. Teja continued by saying: "We have experienced higher than expected costs in the design and development phase of our major fix price design, development and production contract. This has resulted in reduced gross margin as well as a onetime other loss of $122,000 due to the effect of the change in estimate on prior periods. We believe that in spite of the low margin during the development phase, this newly designed equipment for the US Air Force will have a major contribution to the company's growth and future profitability. We plan to complete the first article testing in the near future. This order positions us as a significant supplier in the solid ground support equipment market. We believe that profitable orders for this equipment will start coming soon."

For the three months ended March 31, 2010 revenues increased by 121% to $1,131,103 in comparison to $511,842 in the three months ended March 31, 2009 as restated. Our General and Administrative Expenses amounted to $293,582, 5% lower than in 2009, Losses from Operations amounted to $168,673, in comparison to a $160,966 net loss from operations for the same period in 2009 as restated. Other loss amounted to $122,000 for the three months ended March 31, 2010 as compared to no other losses in the three months ended March 31, 2009. Net loss amounted to $309,523 for the first three months ended March 31, 2010, compared to a net loss of $182,112, in the same period for 2009.

About Phoenix International Ventures, Inc.
Phoenix International Ventures, Inc. of Carson City, Nevada, was established in order to acquire and develop business in the defense and aerospace market. The company has acquired 100% of Phoenix Aerospace Inc. which specializes in manufacturing, remanufacturing and upgrading of Ground Support Equipment (GSE) which is primarily used to support military aircraft.

Certain statements in this news release by Phoenix International Ventures, Inc. are forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking information is subject to risk and uncertainty. Certain statements in this Press Release may contain forward-looking information that involves risk and uncertainty, including but not limited to, the Company's ability to fund ongoing operations and to complete its obligations under the government and/or customer contract and its other ongoing commitments. Future results and trends depend on a variety of factors, including the Company's successful execution of internal performance plans; product development and performance; government bid and funding availability uncertainty; other regulatory uncertainties; performance issues with key suppliers and subcontractors; and the ability to adequately finance operations including meeting its debt obligations, fund manufacturing and delivery of products.

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