AQM announces operating results for fourth quarter and year ended Nov. 30, 1995.WOODBRIDGE, Ontario--(BUSINESS WIRE)--Feb. 15, 1996--AQM Automotive Corp. (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") Thursday announced its combined financial and operating results for its fourth fiscal quarter in 1995 (Sept. 1 - Nov. 30, 1995) and for the year ended Nov. 30, 1995. Sales volumes for the fourth quarter increased by 18.2 percent over the fourth quarter of 1994 to $2,797,648, bringing 1995 annual sales volume to $10,633,038, or a 30.3 percent increase over 1994. Inventories at year end were $1,829,736, down from the third quarter closing value of $2,334,686. During the year, consolidated working capital increased by $707,662 to a Nov. 30, 1995 value of $1,895,575. The consolidated percentage of debt to equity also improved during 1995, closing the year at 75 percent down from an opening value of 91 percent. Annual net income after tax for 1995 was $9,884. During the fourth quarter of 1995, the company incurred a loss of $59,441. Annual net income after tax for 1994 was $425,869 and fourth quarter 1994 income was $204,495. After preferred share dividends of $33,865, the 1995 net loss to the common shareholders was $23,981. No preferred dividends were paid in 1994. -0-
Fourth Quarter Ending Year Ending
30-Nov-95 30-Nov-94 30-Nov-95 30-Nov-94
Sales 2,797,648 2,367,040 10,633,038 8,161,392 Gross Margin 619,327 712,328 2,980,130 2,399,384 Total Operating Expense 712,597 485,126 2,956,143 1,748,092 Net Income (Loss) After Tax (59,441) 204,495 9,884 435,869 Net Income (Loss) to Common (93,306) 204,495 (23,981) 425,869 Net Income (Loss) per share (0.008) 0.020 (0.002) 0.041 Net after-tax cashflow 2,735 299,157 222,877 553,026 Net after-tax cashflow per share 0.000 0.029 0.018 0.053-0- During 1995, after tax cash flow was $222,877, or 1.8 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. , compared to 1994 after tax cash flow of $533,026 or 5.3 cents per common shares. Leslie Leib, chairman of the board, stated that the fourth quarter loss was not unexpected, as additional sales and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. due to the company's U.S. business expansion and amortization expenses relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the company's investments in infrastructure continued in the fourth quarter. Leib further stated that recent investments in operating efficiencies promise to strengthen 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. in the first quarter in 1996, at which time the company is expected to break even, while profitability is expected to resume in the second quarter of 1996. AQM Automotive Corp., through its wholly-owned subsidiaries, manufactures, packages and distributes automotive fuel filters, breather elements, automatic transmission filter kits and air filters, exclusively to the automotive aftermarket. Its clients include some of the largest automotive parts suppliers, distributors and retailers in Canada, the USA, Mexico and Latin America. -0- 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 Corp. Gary Perkins, 905/479-2800, 800/293-5519 or (fax) 905/479-8608 |
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