Kenwick's Automax Division Reports Pre-tax Earnings of $.50 Per Share!

Kenwick's Automax Division Reports Pre-tax Earnings of $.50 Per 
Share for 1998; 
Automax' Earnings Exceed Company Estimates


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FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Feb. 23, 1999--Kenwick 
Industries, Inc.
(OTC BB:KWIN) today reported 1998 revenues for their Automax 
Automobile Division 
(includes Automax Finance Unit). 

Kenwick's Automax Division's consolidated income (unaudited) for 
the year ending 
December 31, 1998. 

 Income: $4,509,303 

- Cost of Sales: $2,294,730 

- Gross Profit: $2,214,573 

- Operating Expenses: $379,818 

- Net Earnings Before Taxes: $1,834,755 

- Pre-tax Earnings Per Share on 3,650,000 weighted shares: $.50 
EPS 

increase over the Company's estimates released last year. 

Kenwick's Automax Automobile sales and finance units are the 
primary revenue-producing 
divisions of Kenwick Industries. Kenwick is actively seeking to 
acquire additional 
locations for their Automax Division. 

About Kenwick Industries 

Kenwick Industries is a multi-industry corporation whose core 
business is 
automobile sales and financing. 
Kenwick also manages a language program distribution system which 
distributes 
Philips Electronics N.V. 
(NYSE: PHG) language programs. 

This press release contains forward-looking statements with 
respect to the 
results of operations, expectations and business of the Company 
that involves 
risk and uncertainties. The Company's actual future results could 
materially differ from those discussed. Risks and uncertainties 
of the 
Company will be detailed from time to time in the Company's 
periodic reports 
to be filed with the Securities and Exchange Commission. 

CONTACT:  

Kenwick Industries, Inc., Fort Lauderdale 

Ken Wulwick, 800/822-4122 

KEYWORD:  FLORIDA 







BW1666  FEB 23,1999 

14:31  PACIFIC  

17:31  EASTERN

Received on Friday, 26 February 1999 12:14:25 UTC