AERT Q3 Revenues Jump 76% to $5.8 million.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)--Nov. 12, 1999-- 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) ) announced today that the 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 for the quarter ended Sept. 30, 1999, increased to $5.79 million, up 76% over the comparable period a year ago. This is an increase of $2.5 million over this period last year. These significant revenue gains are not isolated to this quarter alone, but continue a trend of the past 9 months: $15.1 million versus $8.6 million for the same period last year. 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 was $150,877 as compared to an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $646,219 during the third quarter 1998. Year to date operating income was $281,370 versus an operating loss of $1,856,734 during the same period in 1998. Interest expense was reduced to $109,539 compared to $344,004, generating a net income before dividends of $41,338 for the quarter compared with a loss of $990,223 for the same period last year. After interest and dividends, there was a net loss of $31,758. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. AERT AERT Advanced Environmental Recycling Technologies, Inc AERT Animal Emergency Response Team Chairman, Joe G. Brooks Brooks , Gwendolyn Elizabeth 1917-2000. American poet known for her verse detailing the dreams and struggles of African Americans. An early volume of poems, Annie Allen (1949), was awarded a Pulitzer Prize. Noun 1. , "The Company continued to improve and strengthen during the quarter. Our Tex. facility produced sales of $3.07 million, yielding a gross margin of $932,278 or 30.3%, while our Ark. facility, still under construction, produced a gross margin of $268,910 or 9.8% for the quarter." Certain of the statements made in this press release by Joe G. Brooks 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 the Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995. Such statements involve certain risks 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 statement are discussed in greater detail in the Company's Securities Commission filings. (a) For additional information see the pending 10-Q dated Sept. 30, 1999, for accompanying ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. notes to the financial statements Notes to the financial statements A detailed set of notes immediately following the financial statements in an annual report that explain and expand on the information in the financial statements. that should be read in conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with these statements. -0-
ADVANCED ENVIRONMENTAL RECYCLING TECHNOLOGIES INC.
BALANCE SHEETS
ASSETS
---------
September 30, December 31,
1999 1998
------
(unaudited)
------------
Current assets:
Cash and cash equivalents $ 505,024 $ 614,494
Trade receivables, net of
allowance of $10,150
(1999) and $20,000 (1998) 1,683,038 712,894
Inventories 892,217 846,571
Prepaid expenses and other 178,835 89,266
---------- ----------
Total current assets 3,259,114 2,263,225
---------- ----------
Buildings and equipment:
Buildings and leasehold improvements 1,015,167 1,041,035
Machinery and equipment 13,321,037 10,937,425
Transportation equipment 162,017 108,355
Office equipment 192,210 159,295
Construction in progress 2,448,906 1,502,520
---------- ----------
17,139,337 13,748,630
Less accumulated depreciation
and amortization 6,844,324 5,452,638
---------- ----------
Net buildings and equipment 10,295,013 8,295,992
Other assets, at cost less accumulated
amortization of $293,017 (1999)
and $271,570 (1998) 444,160 382,710
---------- ----------
$13,998,287 $10,941,927
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
September 30, December 31,
1999 1998
-----
(unaudited)
-----------
Current liabilities:
Accounts payable - trade $ 3,985,190 $ 2,606,034
Accounts payable - related parties 1,570,335 895,170
Current maturities of long-term debt:
Related parties 522,878 648,425
Other 93,440 199,873
Current maturities of capital lease
obligation 21,768 19,263
Accrued liabilities 581,370 435,070
Notes payable - related parties 300,000 -
Notes payable - other, net of debt
discount of $45,255 (1998) 1,969,026 2,085,325
---------- ----------
Total current liabilities 9,044,007 6,889,160
---------- ----------
Long-term debt, less current
maturities:
Related parties - 97,707
Other 7,032 52,747
---------- ----------
Total long-term debt 7,032 150,454
---------- ----------
Capital lease obligation 60,092 76,922
---------- ----------
Accrued dividends payable on
convertible
Preferred stock 264,794 47,890
---------- ----------
Commitments and contingencies (Note 6)
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;
50,000,000 shares authorized,
23,515,497 (1999) and 22,245,639
(1998) shares issued and
outstanding 235,155 222,456
Class B convertible common stock,
$.01 par value; 7,500,000 shares
authorized, 1,465,530 shares issued
and outstanding 14,655 14,655
Additional paid-in capital 28,086,342 26,984,318
Accumulated deficit (23,716,690) (23,446,828)
---------- ----------
Total stockholders' equity 4,622,362 3,777,501
---------- ----------
Total liabilities and stockholders'
equity $13,998,287 $10,941,927
========== ==========
ADVANCED ENVIRONMENTAL RECYCLING TECHNOLOGIES INC.
STATEMENTS OF OPERATIONS (UNAUDITED)
Three months ended
September 30,
1999 1998
------ ------
Sales $ 5,794,834 $ 3,286,357
Cost of goods sold 4,593,646 3,186,944
--------- ---------
Gross margin 1,201,188 99,413
Selling and administrative costs 1,050,311 745,632
--------- ---------
Operating income (loss) 150,877 (646,219)
Interest expense, net (109,539) (344,004)
--------- ---------
Income (loss) before dividends on
convertible preferred stock 41,338 (990,223)
Accrued dividends on convertible
preferred stock (73,096) -
--------- ---------
Net loss applicable to common stock
$ (31,758) $ (990,223)
========= =========
============
Net loss per share of common
stock (Basic and Diluted) $ .00 $ (.04)
========= =========
Weighted average number of common
shares outstanding 24,981,027 23,323,319
========== ==========
Nine months ended
September 30,
1999 1998
----- -----
Sales $15,135,817 $ 8,586,980
Cost of goods sold 12,221,812 8,231,051
---------- ----------
Gross margin 2,914,005 355,929
Selling and administrative costs 2,632,635 2,212,663
---------- ----------
Operating income (loss) 281,370 (1,856,734)
Interest expense, net (334,328) (847,887)
---------- ----------
Income (loss) before dividends on
convertible preferred stock (52,958) (2,704,621)
Accrued dividends on convertible
preferred stock (216,904) -
Net loss applicable to common
stock $ (269,862) $(2,704,621)
========== ==========
==========
============
Net loss per share of common
stock (Basic and Diluted) $ (.01) $ (.12)
========== ==========
Weighted average number of common
shares outstanding 24,382,523 22,636,210
========== ==========
(a) The accompanying notes to the financial statement in the Form 10-Q
dated September 30, 1999, should be read in conjunction with these
statements.
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