ACTRADE Reports Record-Breaking Revenues For The First Quarter, Fiscal 1997 Three Month Net Income Up 81%, Earnings Per Share Up 67%.NEW YORK--(BUSINESS WIRE)--Nov. 4, 1996--ACTRADE INTERNATIONAL, LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability . (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ACRT ACRT Accelerated Crucible Rotation Technique ACRT Association for Clinical Research Training ACRT Advanced Concepts Research Tool ACRT Appraisal Consulting Research & Training, Inc. ), creator of the innovative TAD Program, today announced revenues reached $7,578,034 for the 1st quarter period of fiscal 1997 ending September September: see month. 30, 1996; a 38% increase from $5,481,776 for the comparable 1st quarter ending September 30, 1995. Net income climbed to $259,875; an 81% increase over the comparable September 30, 1995 quarter, while earnings per share for the 3-month period rose to $0.05, up 67% from $0.03 in the comparable period ending September 30, 1995, further strengthening the Company's upward trend line of profitability. For the first time since its inception, Actrade Capital, Inc., the Company's fastest growing subsidiary, had revenues of more than $3 million surpassing the revenues generated by any of Actrade's other subsidiaries. In discussing this milestone, Amos Aharoni, the Company's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. stated, "Our success has resulted from a combination of accelerating enrollment of new TAD Program customers and repeat business from existing customers." Actrade Capital is engaged in the discount purchase of commercial Trade Acceptance Drafts through its proprietary Trade Acceptance Draft (TAD) Program. Specifically targeted for the domestic market, the TAD Program is a new, innovative financial service which allows suppliers (Sellers) of products and services to sell to other businesses (Buyers), on special terms including up to five monthly installments, and then have ACTRADE Capital purchase and process these payments. The TAD Program can be used in addition to current, existing credit lines. It requires no liens or UCC An abbreviation for the Uniform Commercial Code. filings and decreases the hassle Hassle () is a location in Närke, Sweden, where a Celtic treasure was found in 1936. It comprises a large bronze cauldron which contained two Bronze Age swords of the Hallstatt type, a pommel of bronze, two bronze buckets with and paperwork involved with collecting accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying . -0-
SELECTED FINANCIAL INFORMATION AS REPORTED TO THE SECURITIES AND
EXCHANGE COMMISSION ON FORM 10-Q
Three Month Three Month Percent Fiscal Year
Ended Ended Change Ending
9/30/96 9/30/95 6/30/96
Revenues from operations $7,578,034 $5,481,776 38% $23,837,985
Net Income $259,875 $143,796 81% $757,374
Earnings Per Share $0.05 $0.03 67% $0.14
Weighted Average number of
Shares Outstanding 5,701,621 5,330,681 5,378,427
BALANCE STATEMENT
Total Assets $8,980,608 $7,146,685 26% $8,088,521
Total Current
Liabilities $2,169,577 $3,941,046 -45% $3,198,814
Retained Earnings $2,041,877 $1,163,233 76% $1,782,002
SHAREHOLDERS EQUITY $6,757,587 $3,205,639 111% $4,889,707
-0-
ACTRADE'S financial reports may be accessed through the Internet
via the World Wide Web at http://www.acrt.com/invest. ACTRADE
INTERNATIONAL, LTD. is the parent Company with two operating
divisions. ACTRADE INTERNATIONAL CORP. and its foreign subsidiary,
ACTRADE S.A., constitute the international trade division. ACTRADE
CAPITAL, INC. is the financial services division and is engaged in
the development and commercialization of its TAD Program.
CONTACT: Mitch The name Mitch can mean:
212-563-1036 ext. 239 E-mail: inv@acrt.com |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion