AERT Weekly Gross Sales Record of $551,288 Annualized At Over $28 Million; Springdale Plant Continues to Improve.SPRINGDALE, Ark.--(BUSINESS WIRE)--Aug. 4, 1999-- Advanced Environmental Recycling Technologies Inc. (Nasdaq:AERTA AERTA Army Environmental User Requirements and Technology Assessments (US Army) ) ("AERT AERT Advanced Environmental Recycling Technologies, Inc AERT Animal Emergency Response Team ") announced today that the Company has achieved a new weekly gross sales Gross Sales A measure of overall sales that isn't adjusted for customer discounts or returns, calculated simply by adding all sales invoices, and not including operating expenses, cost of goods sold, payment of taxes, or any other charge. record of $551,288 for the week ending July 24th (unaudited). Additionally, the Company's Springdale facility has achieved a new weekly gross sales record of its own of $276,446 for the week ending July 24th (unaudited). Joe G. Brooks, Advanced Environmental's Chairman, said, "We are very excited by this new milestone achieved. We are currently annualizing Annualizing See: Annual basis. at over $28 million. With initial phases of construction nearing completion, it is encouraging to see this new Springdale plant come on-line and start to contribute. The Springdale plant has emerged from start-up and is now at break even and we are now becoming satisfied with the production capabilities of the new facility. It is now fast improving every week and poised for profitability." Furthermore, Brooks stated, "Our Company's production capacity continues to expand, monthly sales continue to increase, and with our newest extrusion line (Springdale No. 3) soon becoming functional, we will shortly attain and surpass our initial goal of $30 million annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. sales. "With the additional production volumes soon to be generated from this latest line, Advanced Environmental will now be in position to further focus production and successfully complete its increased production plan. This now places AERT on a strong manufacturing and earnings base," stated Brooks. Certain of the statements made in this press release are forward-looking statements 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, including those concerning the capacity to annualize Annualize 1. To convert a rate of any length into a rate that reflects the rate on an annual (yearly) basis. This is most often done on rates of less than one year, and usually does not take into account the effects of compounding. the weekly sales figures, the timing of the opening of the latest production line located at the Springdale facility, and previsions of revenue streams from all such production lines. 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 uncertainties include the ability of the Company to timely and correctly execute its Business Plan and other risks more fully described in the Company's Form 10-K for fiscal year 1998 and Form 10-Q for the period ended March 31, 1999. Additional information will be forthcoming in the near future. |
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