AmeriQuest Announces Profitable First Fiscal 1998 Quarterly Results.HORSHAM, Pa.--(BUSINESS WIRE)--Feb. 18, 1998--AmeriQuest Technologies, Inc. (NYSE NYSE See: New York Stock Exchange : AQS AQS American Quilter's Society AQS Air Quality Standard AQS Arbeitsgemeinschaft zur Förderung der Qualitätssicherung in der Medizin (Koeln, Germany) AQS Air Quality Subsystem AQS Advanced Quality System AQS AetherQuest Solutions ) announced financial results for the first fiscal quarter of 1998, ended December 31, 1997. Revenues for the quarter decreased to $15,530,000 compared to $89,329,000 in the same quarter last year. Net profit for the quarter ended December 31, 1997 was $95,000 ($.01 per share) compared to net loss of $3,721,000 ($.06 per share) in the same quarter last year. The improvement from a net quarterly loss last year to a net profit this year resulted partially from the $184,000 gain on sale of AmeriQuest' Asian subsidiaries and from $91,000 in interest income. The operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. , without consideration of the gain on sale and interest income, was $180,000. The decrease in revenue was due primarily to the impact of the now completed restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). plan, wherein where·in adv. In what way; how: Wherein have we sinned? conj. 1. In which location; where: the country wherein those people live. 2. various divisions and subsidiaries were either closed or sold. As previously disclosed, the Company had embarked on a wide-ranging restructuring plan encompassing staffing and facility reductions in the previous fiscal year with the goal of focusing on and strengthening the activities of its Advanced Systems Group (ASG ASG Assign ASG Allen Systems Group (Naples, FL) ASG Abu Sayyaf Group (terrorist group) ASG Associated Student Government ASG Area Support Group ASG Adaptive Services Grid ASG Assistant Secretary General ), based in Horsham, Pennsylvania Horsham is a census-designated place (CDP) in Montgomery County, Pennsylvania, United States. The population was 14,779 at the 2000 census. Horsham is located entirely within Horsham Township, Pennsylvania. . As part of the plan, the standard distribution and export businesses were closed, the assets of the subsidiary in California were sold and the Asian subsidiaries were sold. To achieve profitability for ASG, the sole remaining operating business of AmeriQuest, the Company currently estimates that an increase in sales of 15% to 25% would be required over recent historical levels. No assurance can be given that such a sales increase will occur or that profitability can be achieved. The press release contains 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. that involve a number of risks and uncertainties. Among other factors that could cause actual results to differ materially are general economic and business conditions, the rate of growth in the computer industry, competitive factors and pricing pressures, changes in product mix, inventory risks due to shifts in market demand, and the effect of the decision to close the standard distribution and export businesses on the Company's vendor and customer relationships. AmeriQuest is a distributor of computer technology solutions to "value-added" resellers, systems integrators An individual or organization that builds systems from a variety of diverse components. With increasing complexity of technology, more customers want complete solutions to information problems, requiring hardware, software and networking expertise in a multivendor environment. and technical distributors. -0-
Selected Income Statement Data
(Unaudited)
(Dollars in Thousands)
Three months ended
December 31,
1997 1996
Net Sales $15,530 $89,329
Net Income (Loss) $ 95 $(3,721)
Diluted (Loss) per Common share ($0.01) ($0.06)
Diluted Common shares 66,881,906 66,881,906
CONTACT: AmeriQuest Technologies Inc., Horsham Jon Jensen, (215) 675-9300 |
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