AMS First Quarter 2001 Revenues Increase 1.3 Percent.Business Editors OKLAHOMA CITY--(BUSINESS WIRE)--May 16, 2001 Advantage Marketing Systems, Inc. (AMEX AMEX See: American Stock Exchange : AMM AMM Autorisation de Mise sur le Marche (French) AMM Autorisation de Mise sur le Marché (French: Commission of Marketing Authorization) AMM ASEAN Ministerial Meeting AMM American Metal Market ) announced a 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 increase of 1.3 percent to $7,095,890 in the first quarter of 2001 compared to $7,003,936 in the same period of the prior year, and an increase of 17.0 percent from $5,891,979 in the fourth quarter of 2000. Net income for the first quarter of 2001 was $17,647 compared to $306,716 in the same period of the prior year. The reduction in earnings for the first quarter was primarily due to non-recurring expenses in the amount of $275,000 incurred as a result of the LifeScience Technologies Acquisition. John Hail, Company 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. , commented on the Company's balance sheet as "remaining very strong." The Company had cash and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has of $2,222,477 at March 31, 2001 and working capital of $3,862,317. Its ratio of current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. to current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. stood at 2.9:1. Shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. amounted to $10,453,556 or 71.2 percent of total assets. Long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. in the form of capital lease obligations and notes payable totaled $2,200,222. AMS AMS - Andrew Message System markets more than 100 natural supplements, weight management products, skin and hair care products and cosmetics based on herbal-based proprietary product formulation. For more information, visit the Company's website at www.amsonline.com. Certain statements in this release may constitute "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 1923, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Certain, but not necessarily, all of such forward-looking statements can be identified by the use of forward-looking terminology such as "anticipate," "believes," "expects," "may," "will," or "should," or other variation thereon, or by discussions of strategies that involve risks and uncertainties. The actual results of the Company or industry results may be materially different from any future results expressed or implied by such forward-looking statements.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED MARCH 31, 2001 AND 2000
(UNAUDITED)
Three Months Ended
March 31,
2001 2000
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Net sales $7,095,890 $7,003,936
Cost of sales 4,788,653 4,692,002
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Gross profit 2,307,237 2,311,934
Marketing, distribution and
administrative expenses 2,319,582 1,920,769
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Income (loss) from operations (12,345) 391,165
Other income:
Interest and dividends, net 31,174 89,401
Other income, net 7,909 14,137
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Total other income 39,083 103,538
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Income before taxes 26,738 494,703
Income tax expense 9,091 187,987
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Net income $ 17,647 $ 306,716
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Net income per common share $ nil $ .07
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Net income per common share -
assuming dilution $ nil $ .05
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Weighted average common shares outstanding 4,354,001 4,191,772
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Weighted average common shares
outstanding - assuming dilution 4,651,938 6,163,697
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