AQM announces significant earnings increases for 4th quarter and full year ended Nov. 30, 1996.WOODBRIDGE, ONTARIO--(BUSINESS WIRE)--Feb. 4, 1997--(Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). AQV AQV Anticoncepcion Quirurgica Voluntaria (voluntary surgical contraception) . ) 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 Automotive Corporation (AQM) today announced its consolidated financial and operating results for its fourth fiscal quarter in 1996 (September 1, 1996 to November 30, 1996.) and for the year ended November 30, 1996. Sales volumes for the 4th quarter of 1996 were $2,793,337, essentially unchanged from the 4th quarter of 1995. Total year sales were $11,501,243, increasingly by $868,205 or 8.2 percent from the full year 1995. Fifty-six percent of the sales increase was attributable to export sales. Net income for the 4th quarter of 1996 was $86,488 (0.7 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 $146,029 from the loss of $59,541 (-0.5 cents per share) reported for the 4th quarter of 1995. 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. . Total year net income was $407,327 (3.2 cents per share), $397,443 higher than the $9,884 reported for the full year 1995. 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. Operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. for the 4th quarter of 1996 was $190,927 (1.6 cents per share), up $188,192 from the cash flow of $2,735 (0.0 cents per share) reported for the 4th quarter of 1995. Total year cash flow at $638,096 is 186 percent higher than the $222,877 reported for 1995.
Fourth Quarter Ended
30-Nov-96 30-Nov-95
-----------------------------
Sales 2,793,337 2,797,648
-----------------------------------------------------------
Gross Profit 926,381 642,051
Operating Expenses 804,580 734,601
Pre-Tax Income 121,801 (92,550)
Net Income 86,488 (59,541)
-----------------------------------------------------------
Earnings per share 0.7 cents (0.05) cents
------------------------------------------------------------
Operating Cash Flow 190,927 2,735
Cash Flow per share 1.6 cents 0.0 cents
Twelve Months Ended
30-Nov-96 30-Nov-95
-----------------------------
Sales 11,501,243 10,633,038
-----------------------------------------------------------
Gross Profit 3,550,512 2,980,130
Operating Expenses 2,834,939 2,956,143
Pre-Tax Income 715,573 23,987
Net Income 407,327 9,884
-----------------------------------------------------------
Earnings per share 3.2 cents 0.0 cents
------------------------------------------------------------
Operating Cash Flow 638,096 222,877
Cash Flow per share 5.3 cents 1.9 cents
-----------------------------------------------------------
Credit Line Utilization 665,603 821,214
Working Capital 2,191,669 1,895,575
Debt/Equity Ratio 60 percent 75 percent
In other developments, the Company announced the following changes to its Board of Directors effective January 30th, 1997. Mr. Patrick Draper resigned as Non-executive Chairman and as Director, in order to pursue other interests. Also, Mr. Gary Perkins Born in 1937 in Abilene, Texas, Gary Perkins (July 14, 1937 - June 28, 1991) DJ, a man of major importance to the industry who began his radio career in 1957 at Midland Texas' KCRS where Roy Orbison and Buddy Holly used to drop their records off. resigned from his position as Director in order to pursue other interests. Messrs. Draper and Perkins leave with the thanks of the Board. Mr. Leslie Leib, Chief Executive Officer of AQM, resumed his position as Chairman of the Board. Mr. Tim 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. , Chief Financial Officer of AQM, will be overseeing the investor relations Investor relations The process by which the corporation communicates with its investors. function. Reflecting on the completed fiscal year, Mr. Leib, Chairman of the Board, stated that he was pleased with improvements in the Company's 1996 operating performance. Gross margins increased from 28 percent in 1995 to 31 percent in 1996. Furthermore, operating expenses as a percentage of sales were 24.7 percent in 1996, down from 27.8 percent 1995. Mr. Leib also noted that the financial strength of the Company continues to improve. During the last 12 months working capital has increased by 15.6 percent or $296,094 to $2,191,669 and the utilization of the Company's bank credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities has declined by $156,611 to $665,603. The Company's ratio of debt to equity now stands at 60 percent, down from 75 percent in November of 1995. AQM Automotive Corporation, through its wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , manufactures, 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. -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 Corporation Timothy Nigh, 800/947-8621 905/851-9487 (FAX) |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion