NEW YORK, May 24 /PRNewswire/ -- CENTENARY INTERNATIONAL CORP. (OTC Bulletin Board: RRRI), an international trader, producer and transporter of agricultural commodities, today reported financial results for the first quarter ended March 31, 1999, achieving a pre-tax profit of $68,827 on revenues of $18,791,612. This compares with a pre-tax loss of ($926,894) on revenues of $19,625,617, in the year ago first quarter. Net income in the first quarter of 1999 amounted to $37,413, or $.001 per share, versus a net loss of ($844,401), or ($.05) per share in the comparable year ago period. Shares outstanding used in computing earnings per share in both periods were 18,963,500. In the first quarter of 1999, Centenary shipped 125,386 metric tons of food commodities compared with 70,716 metric tons in the first quarter of 1998. Commenting on the results, John Tonelli, who recently joined the Company as President and CEO from the law firm of Cadwalader, Wickersham & Taft, said, "Our 77% increase in volume was offset by a decline in commodity prices which resulted in a small reduction in first quarter sales. We expect sales in the current quarter and for the balance of the year to be well above the comparable year ago levels, and to continue to show strong growth in earnings, as a result of an increase in higher margin transactions. In addition to internal growth, our goal for 1999, as previously stated, is to raise additional capital to finance the expansion of our global food commodity trading business, which could significantly accelerate revenues and earnings on a going forward basis." Centenary International Corp. acquired Centenary S.A., an Argentine company, in November, 1998. Centenary S.A. is an established firm in the global food commodity and agriproducts trading business. The Company trades food and agricultural commodities such as wheat, corn and other grains, poultry, beans, edible oils, other foods and livestock meal with customers worldwide. Mercado magazine has ranked Centenary S.A. as the tenth largest export firm in Argentina. The executive offices of Centenary International are located in New York City and the operations office is located in Buenos Aires. In addition, the Company owns 70,000 acres of agricultural ranch and farm land in Argentina near the city of Salta. The farm land already contains an orchard of 250,000 olive trees with an anticipated first harvest in the year 2000. The olive tree orchard has a modern irrigation system and could be expanded to 750,000 olive trees. The Company recently purchased an additional 82,000 acre ranch in Argentina located near the city of Morillo which will be legally transferred to the Company later in 1999. The Company also desires to have an integrated beef producing operation on its ranch land that would have operations beginning with the breeding and feeding of cattle to the marketing of packaged beef. The Company already has a factory on the ranch which manufactures pelletized alfalfa cattle food. Visit the Company's Website at http://www.centenarygroup.com. This press release contains certain forward-looking information that is subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Without limitation, these risks and uncertainties include economic recessions or downturns in customers' business cycles, rapid market fluctuations. Readers are urged to carefully review and consider the various disclosures made by the Company in this press release and in the Company's periodic reports. CENTENARY INTERNATIONAL CORP. Consolidated Statement of Operations For the Three Months Ended March 31, 1999 1998 Net sales $18,791,612 $19,625,617 Income before income taxes and minority interest $68,827 $(926,894) Net income $37,413 $(844,401) Earnings per share, basic and diluted $.001 $(.05) Shares outstanding used in computing earnings per share 18,963,500 18,963,500  