AQM Announces Earnings Increase for First Quarter 97 - Annual General and Special Meeting of Shareholders on Tuesday May 6, 1997.WOODBRIDGE, ONTARIO--(BUSINESS WIRE)--March 27, 1997-- (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). AQV AQV Anticoncepcion Quirurgica Voluntaria (voluntary surgical contraception) ., 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 AQM AQM Active Queue Management AQM Air Quality Management AQM Acquisition Management AQM Assistant Quartermaster (Civil War) AQM Additive Quark Model AQM Analog Quadrature Modulator AQM Acenaphthenequinone Monoxime .AF.) AQM Automotive Corporation (AQM) today announced its consolidated financial and operating results for its first fiscal quarter in 1997 (December 1, 1996 to February 28, 1997) and for the 12 month period ended February 28, 1997. Sales volumes for the 1st quarter of 1997 were $2,315,311, down 6.9 percent from the first quarter of 1996. On a rolling 12 month basis, total sales were $11,330,189, increasing by $489,211 or 4.5 percent from the 12 months ended February 28, 1996. The quarterly sales decline was caused by reductions in inventory levels by some of the Company's major customers. Net income for the 1st quarter of 1997 was $51,224 (0.4 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. ) up $29,735 from the net income of $21,488 (0.2 cents per share) reported for the 1st quarter of 1996. The increase in net income was due to stronger gross profit margins Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. . Rolling 12 month net income was $437,063 (3.6 cents per share), $484,242 higher than the loss of $47,149 reported for the 12 months ended February 28, 1996. Increased sales, stronger gross profit margins and a reduction in operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. accounted for the improvement. Earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
First Quarter Ended Twelve Months Ended
28-Feb-97 28-Feb-96 28-Feb-97 28-Feb-96
Sales 2,315,311 2,486,365 11,330,189 10,844,978
Gross Profit 740,159 719,626 3,571,045 2,969,511
Gross Profit
Margin 32.0 28.9 31.5 27.4
percent percent percent percent
Operating Expenses 647,643 679,832 2,802,750 3,040,786
EBITDA 143,971 131,888 1,055,815 305,556
Net Income 51,224 21,489 437,063 (47,149)
EDITDA per share 1.2 cents 1.1 cents 8.8 cents 2.5 cents
Net Income Per
Share 0.4 cents 0.2 cents 3.6 cents (0.4 cents)
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Credit Line Utilization 1,229,521 626,761
Working Capital 2,242,470 1,956,782
Total Liabilities / Equity Ratio 66 68
percent percent
The Company also announced that effective March 31, 1997, one of its major U.S. based customers will discontinue its supply arrangement with the Company. This customer was expected to purchase approximately $1.2 million during 1997. Mr. Leib also noted that this sales loss is expected to be fully offset by the attainment of a new major U.S. account as well as the pursuit of opportunities which have recently become available. In other developments, the Company announced the appointment of Mr. Jim Nicholson to the Board of Directors. Mr. Nicholson is President and C.E.O of Paragon Reproductions Ltd., and joins the Board as the second outside director. Also, the Company wishes to announce that the Annual General and Special Meeting of Shareholders will be held at 9:00 a.m. on Tuesday May 6, 1997, in meeting room "G" of the Sheraton Centre Hotel, 123 Queen Street West, Toronto, Ontario. AQM Automotive Corporation, through its wholly owned subsidiaries, packages and distributes automotive fuel filters, breather elements and automatic transmission filter kits exclusively to the automotive aftermarket. Its clients include some of the largest automotive parts suppliers, distributors and retailers in Canada, the USA and Latin America. The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. has neither approved nor disapproved of the information contained herein. CONTACT: AQM Automotive Corporation Timothy Nigh nigh adv. nigh·er, nigh·est 1. Near in time, place, or relationship: Evening draws nigh. 2. Nearly; almost: talked for nigh onto two hours. , 800/947-8621 905/ 851-9487 (FAX) |
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