American Custom Components Releases Preliminary Unaudited Earnings Reports.SANTA ANA Santa Ana, city, El Salvador Santa Ana (sän'tä ä`nä), city (1993 pop. 129,873), W El Salvador. It is the second largest city in the country and the commercial and processing center for a sugarcane, coffee, and cattle region. , Calif.--(BUSINESS WIRE)--Aug. 7, 1998--American Custom Components Inc. (OTC/BB:ACCM ACCM Asynchronous Control Character Map ACCM AIDS Community Care Montreal (Montreal, Quebec, Canada) ACCM Annual Conference for Catalog & Multichannel Merchants ACCM Anesthesiology & Critical Care Medicine ) Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant announced the unaudited preliminary earnings results for the fiscal year ended March 31, 1998. The company reported a net loss of $910,523, or a loss of $0.11 per share based on 8,536,040 shares outstanding, compared with a net gain of $77,342 for the fiscal year ended March 31, 1997. 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 increased to $2,583,094 for the fiscal year ended March 31, 1998 compared with $2,473,085 for the fiscal year ended March 31, 1997. John Groom, president and chief executive officer of American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Custom Components stated: "We have experienced an enormous amount of change this last year. American Custom Components became a public company, acquired Caribbean Electronics, LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability , acquired K5 Machine Company, moved the California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). operations to a new location (which includes K5) and saw the unfortunate demise Death. A conveyance of property, usually of an interest in land. Originally meant a posthumous grant but has come to be applied commonly to a conveyance that is made for a definitive term, such as an estate for a term of years. of two important customers. In addition, a new president was appointed ap·point tr.v. ap·point·ed, ap·point·ing, ap·points 1. To select or designate to fill an office or a position: appointed her the chief operating officer of the company. 2. , we revamped the marketing plans to increase the number of market segments, incurred a lot of research and development costs as a result, invested heavily in tooling and equipment, and made further investments in management and people." Groom continued: "Our preliminary numbers illustrate our change in overall strategy. We invested heavily in research in development as well as tooling and molding. It is our goal that American Custom Components is known as a competitive and capable design, tooling and manufacturing entity in the custom component marketplace. Today we have developed several additional customers in the various markets we determined as good for our core competence Core competence Primary area of expertise. Narrowly defined fields or tasks at which a company or business excels. Primary areas of specialty. . These include orders with a considerable number of new customers (some in production and some in various stages of development/tooling). We look forward to an extremely successful and profitable year ahead as we implement our new marketing strategy and gain recognition in new industries." Founded in 1994, American Custom Components provides components to the computer electronics, military, telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , industrial and medical sectors as well as development of specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. custom tooling for plastic molded mold 1 n. 1. A hollow form or matrix for shaping a fluid or plastic substance. 2. A frame or model around or on which something is formed or shaped. 3. Something that is made in or shaped on a mold. parts and assemblies. The company utilizes a unique rapid-response development process combining sophisticated component and design engineering with internally maintained molding and tooling facilities. This turnkey See turnkey system. capability has allowed American to provide OEMs with new custom-designed components in less time than that required by larger competitors -- resulting in numerous contracts with leading computer-peripheral manufacturers and other cutting-edge technology companies. Visit American's Web site at www.acc-intl.com. Included in this release are "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. " within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and Section 21E of the Securities Exchange Act of 1934, as amended. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations reflected in such forward-looking statements will prove to have been correct. The company's actual results could differ materially from those anticipated in the forward-looking statements as a result of certain factors including sales levels, distribution and competition trends and other market factors.
American Custom Components Inc.
Balance Sheets
March 31, 1998 and 1997
Unaudited
Assets 1998 1997
Current Assets
Cash in bank $131,118 $0
Accounts receivable 80,147 432,577
Inventories 227,465 75,410
Total Current Assets 438,757 507,987
Property and Equipment, Net 750,371 245,556
Other Assets 296,918 5,602
Long Term Asset 1,047,289 251,158
Total Assets $ 1,486,046 $759,145
Liabilities and Stockholders' Equity 1998 1997
Current Liabilities
Accounts Payable 456,977 238,708
Bank overdraft 0 47,735
Line of Credit 40,179 0
Notes payable, current 346,575 147,793
Income taxes payable 2,400 0
Total Current Liabilities 846,131 434,236
Notes Payable, net of current portion 273,475 357,040
Other Long Term -- Non Current Liabilities 273,475 357,040
Total Liabilities $ 1,119,606 $ 791,276
American Custom Components Inc.
Statement of Operations
March 31, 1998 and 1997
Unaudited
1998 1997
Net Sales $2,583,094 $2,473,085
Cost of Sales 1,523,695 1,753,433
Gross profit 1,059,399 719,652
Operating Costs and Expenses
Wages and salaries 349,632 296,670
Options Expense 174,000 0
Insurance 70,787 27,929
Selling and promotion 372,247 69,489
Professional fees 165,959 27,891
Depreciation and amortization 120,889 19,404
Research & Development 189,162 0
Other operating expenses 426,981 131,250
Total Operating Expenses 1,869,657 572,633
Operating Income (810,258) 147,019
Interest Expense, Net 97,865 68,877
Income before provision for taxes (908,123) 78,142
Provision for Taxes 2,400 800
Net Income $(910,523) $77,342
CONTACT: The Michelson Group Inc.
800/824-4011, Ext. 119
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