American Locker Group Incorporated Releases Unaudited Results of Operations for the Third Quarter and First Nine Months of 2003.Business Editors JAMESTOWN Jamestown, cities, United States Jamestown. 1 City (1990 pop. 34,681), Chautauqua co., W N.Y., on Chautauqua Lake; founded c.1806, inc. as a city 1886. It is the business and financial center of a dairy, livestock, and vineyard area. , N.Y.--(BUSINESS WIRE)--Nov. 10, 2003 American Locker Things commonly known as lockers include:
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 :ALGI ALGI American Locker Group Inc. ) released unaudited results of operations for the third quarter and first nine months of 2003.
THREE MONTHS IN BRIEF Three Months Ended
September 30,
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2003 2002
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Net sales $9,514,300 $9,975,928
Income before income taxes 747,767 1,261,854
Income taxes 288,265 494,867
Net income 459,502 766,987
Net income per share of common stock -
basic $0.30 $0.40
Net income per share of common stock -
diluted $0.30 $0.39
Average number of shares outstanding
during the third quarter - basic 1,525,276 1,926,407
Average number of shares outstanding
during the third quarter - diluted 1,554,144 1,966,316
NINE MONTHS IN BRIEF Nine Months Ended
September 30,
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2003 2002
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Net sales $28,177,583 $30,238,813
Income before income taxes 2,339,467 3,917,312
Income taxes 902,496 1,526,327
Net income 1,436,971 2,390,985
Net income per share of common stock -
basic $0.95 $1.20
Net income per share of common stock -
diluted $0.93 $1.18
Average number of shares outstanding
during the first nine months - basic 1,519,856 1,988,683
Average number of shares outstanding
during the first nine months - diluted 1,553,309 2,028,592
2003 Third Quarter In the third quarter of this year, net income of $459,502 was down 40% from $766,987 for the same period last year. Net income per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share was $.30 per share in the third quarter this year compared to $.39 in the third quarter last year, a decrease of 23%. 2003 First Nine Months In the first nine months, net income of $1,436,971 decreased $954,014 or 40% from $2,390,985 for the same period last year. Net income per diluted share decreased 21% from $1.18 per share in the first nine months of last year to $.93 per share in the first nine months of 2003. In the first quarter of 2002, the Company realized the benefit of a one time reversal time reversal n. Mathematics Abbr. T An operation representing a transformation from a given physical system undergoing a given sequence of events to a system in which the exact reverse sequence of events takes place. of a liability which existed under the Supplemental Executive Retirement Plan due to the death in March 2002 of the only current beneficiary beneficiary Person or entity (e.g., a charity or estate) that receives a benefit from something (e.g., a trust, life-insurance policy, or contract). A primary beneficiary receives proceeds from a trust or insurance policy before any other. under the Plan. The positive impact accruing in 2002 of this one time reduction was an increase in basic and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of of $.09 for the first nine months ended September 30, 2002. The decreased net income per diluted share is attributable to the decrease in net income in 2003 that was partially offset by a decrease in the number of shares outstanding during 2003 versus 2002.
CONDENSED STATEMENT OF FINANCIAL CONDITION September 30,
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2003 2002
Assets ---------------------------
Current assets $13,612,023 $16,854,557
Property, plant and equipment,net 5,060,114 5,365,146
Goodwill 6,155,204 6,155,204
Other assets 369,299 204,167
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Total Assets $25,196,640 $28,579,074
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Liabilities - Stockholders' Equity
Current liabilities $4,505,327 $4,665,513
Long-term obligations 7,126,447 8,802,300
Stockholders' equity 13,564,866 15,111,261
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Total liabilities - Stockholders' Equity $25,196,640 $28,579,074
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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. Postal Service postal service, arrangements made by a government for the transmission of letters, packages, and periodicals, and for related services. Early courier systems for government use were organized in the Persian Empire under Cyrus, in the Roman Empire, and in medieval (USPS (1) (Uninterruptible Switching Power Supply) A power supply for a computer that contains its own battery and uninterruptible power supply (UPS) circuitry. See power supply and UPS. ) Plastic Lockers Plastic Cluster Box Units (CBUs) sales were $14,943,000 in the first nine months of 2003 compared to $16,597,000 during the first nine months of 2002. The decrease in sales of plastic CBUs is the result of overall declines in purchases by the USPS and to a lesser extent price reductions that became effective in April 2003. Metal and Electronic Lockers Sales of metal, mechanical and electronic lockers, which include the Company's luggage LUGGAGE. Such things as are carried by a traveller, generally for his personal accommodation; baggage. In England this word is generally used in the same sense that baggage is used in the United States. See Baggage. cart business, were $12,711,000 for the first nine months of 2003 compared to $12,989,000 for the first nine months of 2002. This decrease of $277,000 or 2% was due to declines in luggage cart and other services at airport terminals and decreases in sales of vending equipment for shopping and luggage carts, offset by increased sales of approximately $680,000 at the Company's subsidiary, Security Manufacturing Corporation (SMC SMC Saint Mary's College SMC Santa Monica College SMC Solaris Management Console SMC Smooth Muscle Cell SMC Small Magellanic Cloud (also see LMC) SMC Safety Management Certificate (maritime shipping) ). The increase at SMC was primarily due to higher sales volume of aluminum CBUs to non-postal customers. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and Of 1995 Except for historical information contained in this press release, the matters discussed herein which contain 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. , including without limitation, statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's plans, strategies, objectives, expectations, intentions and adequacy of resources, are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties including without limitation the following: (i) the Company's plans, strategies, objectives, expectations, and intentions are subject to change at any time at the discretion of the Company, (ii) the Company's plans and results of operations will be affected by the Company's ability to manage its growth and inventory, and (iii) the risk that the Company's contracts with the United States Postal Service will not be renewed or that orders placed by the United States Postal Service under contracts will be substantially reduced, and (iv) other risks and uncertainties indicated from time to time in the Company's filings with the Securities and Exchange Commission. |
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