Ag-Bag International announces third quarter results.WARRENTON, Ore.--(BUSINESS WIRE)--Nov. 10, 1994--Ag-Bag International Ltd. today announced results for the third quarter and nine months ended Sept. 30, 1994. 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 for the three month period ended Sept. 30, 1994 were $7,149,271 up 34.29 percent from $5,323,861 for the same period in 1993. The increase was the result of the late harvest due to the late, unusually cold, wet spring coupled with the fact that earlier forecasts of lower milk prices for the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. did not materialize ma·te·ri·al·ize v. ma·te·ri·al·ized, ma·te·ri·al·iz·ing, ma·te·ri·al·iz·es v.tr. 1. To cause to become real or actual: By building the house, we materialized a dream. which allowed farmers to be more aggressive in their capital expenditures for new equipment. Ag-Bag International continues to expand in the worldwide marketplace. The company is currently making a strong push into Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . The company recently received another substantial order of bags and machines for the area which will be shipped during the fourth quarter of 1994. The company also completed a substantial machine and bag order into Latin America during the third quarter of 1994. Larry Inman, chairman, 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. and president of Ag-Bag International, stated "We are very pleased with our sales performance during the third quarter. The weather cooperated with us and earlier forecasts of lower milk prices for the United States, didn't materialize allowing farmers to be more aggressive in their equipment purchases." Inman went on to say, "We are also very excited about our recent growth in the Latin America area. Our system is just what the agriculture industry in Latin America has been looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. . We feel that the Latin American expansion will benefit the company by helping to eliminate the traditional business seasonality we currently experience during the fourth quarter, due to the fact the growing season growing season, period during which plant growth takes place. In temperate climates the growing season is limited by seasonal changes in temperature and is defined as the period between the last killing frost of spring and the first killing frost of autumn, at which is just beginning in the southern hemisphere." Ag-Bag International Ltd., through operations in the United States and abroad, manufactures and sells to the agricultural industry its farm feed management system for the high moisture storage of silage silage (sī`lĭj) or ensilage (ĕn`səlĭj), succulent, moist feed made by storing a green crop in a silo. The crop most used for silage is corn; others are sorghum, sunflowers, legumes, and grass. and grains. Ag-Bag storage improves feed quality and significantly reduces losses suffered through the use of traditional storage methods such as silos The Silos are a band formed by Walter Salas-Humara and Bob Rupe in New York City in 1985. Prior to starting the Silos, Walter played with The Vulgar Boatmen. With Salas-Humara emerging as the Silos' primary songwriter, the band put out the independently-released EP About Her Steps , bunkers and pits. Ag-Bag International Ltd., also markets a complete "in-vessel" system for composting
anosmia Medicine. the absence of the sense of smell; olfactory anesthesia. Also called anosphrasia. — anosmic, adj. halitosis bad breath; an unpleasant odor emanating from the mouth. inherent with traditional composting methods. -0-
Ag-Bag International Ltd.
Financial Highlights
For the Three Months For the Nine Months
Ended Sept. 30, Ended Sept. 30,
1994 1993 1994 1993
Net sales $7,149,271 $5,323,861 $16,882,778 $16,128,370
Gross profit from
sales 2,098,013 1,639,233 5,025,932 5,050,376
Gross profit from
rental 30,237 28,334 38,910 86,996
Income from operations 899,019 590,901 1,671,523 1,798,191
Net income before
extraordinary item 473,971 291,709 874,336 1,006,994
Net income $ 473,971 $ 443,509 $ 874,336 $1,158,794
EPS-primary
Income before
extraordinary item $.04 $.03 $.08 $.09
Extraordinary item .01 .01
$.04 $.04 $.08 $.10
EPS-fully diluted
Income before
extraordinary item $.04 $.03 $.08 $.09
Extraordinary item .01 .01
$.04 $.04 $.08 $.10
Weighted average shares:
-Primary 10,692,859 10,655,676 10,690,727 10,664,461
-Fully diluted 11,887,395 11,888,561 11,872,778 11,826,877
Shares of common
stock outstanding
9/30/94 10,672,062
CONTACT: Ag-Bag International Ltd., Warrenton Larry Inman, 503/861-1644 |
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