AERT - Second Quarter $377,384 Operating Income Produces $69,776 Net Income.Business Editors SPRINGDALE Springdale, city (1990 pop. 29,941), Benton and Washington counties, NW Ark.; inc. 1878. It is a poultry-processing center, and there is vegetable canning, printing, and the manufacture of air conditioning ducts, metal and paper products, machinery, transportation , Ark.--(BUSINESS WIRE)--July 27, 2001 Advanced Environmental Recycling Technologies Recycling technology Methods for reducing solid waste by reusing discarded materials to make new products. The three integral phases of recycling are the collection of recyclable materials, manufacture or reprocessing of these materials into new products, and , Inc. (Nasdaq:AERTA AERTA Army Environmental User Requirements and Technology Assessments (US Army) ), a leader in wood composite composite, alternate common name for Asteraceae or Compositae, the aster family. composite - aggregate technology announced that net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight were $8,228,489 and operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the quarter ended June June: see month. 30, 2001, was $377,384, an improvement of 173% over the $138,223 reported for the same period last year. For the six months ended June 30, 2001, net sales increased to $16,042,525 up from $13,815,015 for the comparable period last year. Operating income for the six months increased to $635,967, up from $54,108, an increase of 1075%. Net income increased to a positive $38,614 compared to a loss of $480,904 for the prior year. The Company will release its 10-Q for the quarter ended June 30, 2001 in the near future. Additional information will be forthcoming. Advanced Environmental Recycling Technologies, Inc. manufactures a growing line of low-maintenance composite building products from recycled polyethylene polyethylene (pŏl'ēĕth`əlēn), widely used plastic. It is a polymer of ethylene, CH2=CH2, having the formula (-CH2-CH2-)n plastic and waste wood fiber. The Company's products are marketed under the trade names Weyerhaeuser This article is about the company. For the village by this name, see Weyerhaeuser, Wisconsin. Weyerhaeuser is one of the largest pulp and paper companies in the world; the world's largest private owner of softwood timberland; and the second largest owner ChoiceDek(R) decking decking multiple decks in animal accommodation or transportation facilities. Common for young animals, chiefly piglets, commercial poultry, laboratory animals, cats and dogs. components, MoistureShield(R) door and window components, MoistureShield(R) trim system, and LifeCycle(R) privacy fencing Privacy fencing is the use of fences to protect privacy, usually by preventing outsiders from seeing onto a property. There are cultural differences with regards to the use of fences around properties. . AERT AERT Advanced Environmental Recycling Technologies, Inc AERT Animal Emergency Response Team currently operates a manufacturing facility in Texas and a recycling recycling, the process of recovering and reusing waste products—from household use, manufacturing, agriculture, and business—and thereby reducing their burden on the environment. and manufacturing facility in Arkansas Arkansas, river, United States Arkansas (ärkăn`zəs, är`kənsô'), river, c.1,450 mi (2,330 km) long, rising in the Rocky Mts., central Colo. . Certain of the statements made in this press release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Including but not limited to plans for operation and sales improvements, these and other such statements involve certain risk and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and other factors that could cause or contribute to actual results differing materially from such forward-looking statements are discussed in greater detail in the Company's Securities Commission Filings.
ADVANCED ENVIRONMENTAL RECYCLING TECHNOLOGIES, INC.
BALANCE SHEETS
ASSETS
June 30, December 31,
2001 2000
----------- -----------
(unaudited)
Current assets:
Cash $ 984,252 $ 603,629
Restricted bond escrow fund 17,238,212 16,661,330
Accounts receivable, net of
allowance of $84,858 2,787,403 1,925,969
Inventories 1,826,872 1,657,666
Prepaid expenses 267,816 118,775
----------- -----------
Total current assets 23,104,555 20,967,369
----------- -----------
Land, buildings and equipment:
Land 889,528 889,528
Buildings and leasehold
improvements 1,266,653 1,129,609
Machinery and equipment 19,389,682 18,741,162
Transportation equipment 304,527 175,385
Office equipment 439,236 338,501
Construction in progress 738,758 1,143,301
----------- -----------
23,028,384 22,417,486
Less accumulated depreciation 10,967,316 9,608,669
----------- -----------
12,061,068 12,808,817
----------- -----------
Other assets, at cost less accumulated
amortization of $343,021 2001
and $328,734 2000 1,567,168 1,482,118
----------- -----------
$36,732,791 $35,258,304
=========== ===========
The accompanying notes are an integral part of these financial
statements.
ADVANCED ENVIRONMENTAL RECYCLING TECHNOLOGIES, INC.
BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS' EQUITY
June 30, December 31,
2001 2000
----------- -----------
(unaudited)
Current liabilities:
Accounts payable - trade $ 4,487,803 $ 5,175,326
Accounts payable - related parties 2,974,770 2,109,350
Current maturities of long-term debt 274,761 242,689
Accrued liabilities 2,316,619 1,296,628
Notes payable - related parties 250,000 250,000
Notes payable - other 2,322,889 2,198,368
Bonds payable 16,500,000 16,500,000
----------- -----------
Total current liabilities 29,126,842 27,772,361
----------- -----------
Long-term debt, less current
maturities 4,396,767 4,486,156
----------- -----------
Accrued premium on convertible
preferred stock 435,404 290,404
----------- -----------
Commitments and contingencies
Stockholders' equity:
Preferred stock, $1 par value;
5,000,000 shares authorized; 2,900
shares issued and outstanding 2,900 2,900
Class A common stock, $.01 par value;
75,000,000 shares authorized;
25,805,349 and 25,755,321 shares
issued and outstanding in 2001 and
2000, respectively 258,053 257,553
Class B convertible common stock, $.01
par value; 7,500,000 shares
authorized, 1,465,530 shares issued
and outstanding 14,655 14,655
Warrants outstanding; 17,818,601
(Note 8) 8,419,345 --
Additional paid-in capital 21,457,296 29,851,360
Accumulated deficit (27,378,471) (27,417,085)
----------- -----------
Total stockholders' equity 2,773,778 2,709,383
----------- -----------
$36,732,791 $35,258,304
=========== ===========
The accompanying notes are an integral part of these financial
statements.
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