American Stone Reports Fourth Quarter and Year-End Results.Business Editors SOUTH AMHERST South Amherst is the name of two towns in the United States:
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 Stone Industries, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AMST AMST Advanced Medium STOL Transport (US DoD) AMST Amst Systemtechnik GmbH (Austria) AMST Art Museum of South Texas (Corpus Christi, Texas) ), a supplier of building stone products, reported a net loss of $160,938, or $0.08 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, for its fourth quarter ended December 31, 2001. This compares with a net loss of $20,031, or $0.02 per diluted share, for the fourth quarter of 2000. 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 latest quarter were $1,141,156 compared with $1,053,653 in the year-ago period. For the 12 months ended December 31, 2001, the Company reported a net loss of $664,685, or $0.34 per diluted share, compared with net income of $174,317, or $0.09 per diluted share, for the full year 2000. Net sales for 2001 were $3,786,940, essentially flat with sales of $3,778,681 in 2000. "This was a difficult year for American Stone," said Jim Rallo, president and chief executive officer. "We began 2001 with a carefully planned strategy of ramping up sales to overcome our fixed-cost base. We added personnel in sales and manufacturing, invested in a new showroom, and increased spending on trade shows and marketing materials. "Our timing was not good. Sales were unusually weak in the first six months due to the overall U.S. economic uncertainty and delays on several large architectural projects. To help offset the slow demand, we reduced prices to move product. The result was lower-margin work moving through the plant during most of the year. The lower sales volumes combined with some machinery and tooling problems to reduce manufacturing efficiency. Gross profit margin 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. fell from 30% in 2000 to 12% in 2001, while general, sales and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. rose from 22% of sales in 2000 to 26% of sales in 2001. "On the positive side," he continued, "our Amherst Stone at Cleveland Quarries Quarries may refer to:
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Kansas, Michigan Michigan (mĭsh`ĭgən), upper midwestern state of the United States. It consists of two peninsulas thrusting into the Great Lakes and has borders with Ohio and Indiana (S), Wisconsin (W), and the Canadian province of Ontario (N,E). and Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). . We look for higher orders from a number of these new distributors in 2002. "Our business plan for 2002 is focused on improving profitability through higher sales and higher manufacturing efficiency. The investments we made in 2001 put in place the marketing structure to support a significantly higher sales level, and we have reallocated personnel to further increase the emphasis on sales. We are also making improvements in the manufacturing process to improve gross margins. "As is usual in this seasonal business, the first quarter will be slower than the remainder of the year. However, we enter 2002 with a backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. in excess of $1.1 million versus just $138,000 at the same time last year. We look for this strong backlog to offset the normal seasonal effect and jumpstart our efforts to increase sales." American Stone Industries is a holding company that mines and sells stone predominantly pre·dom·i·nant adj. 1. Having greatest ascendancy, importance, influence, authority, or force. See Synonyms at dominant. 2. for the building stone market 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. , American Stone Corporation and Amherst Stone at Cleveland Quarries. American Stone Corporation owns and operates Cleveland Quarries in South Amherst, Ohio South Amherst is a village in Lorain County, Ohio, United States. The population was 1,863 at the 2000 census. Geography South Amherst is located at (41.356229, -82.241097)GR1. , one of the world's largest sandstone sandstone, sedimentary rock formed by the cementing together of grains of sand. The usual cementing material in sandstone is calcium carbonate, iron oxides, or silica, and the hardness of sandstone varies according to the character of the cementing material; quartz quarries. Amherst Stone is a distributor of stone products to builders and landscapers in northern Ohio. The Company's stock is traded on the OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. under the symbol AMST. For additional information, see the American Stone Web site at http://www.amst.com. This press release includes statements that may constitute 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. made pursuant to the 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. provisions of 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. The statements, "In 2002...we expect Amherst Stone to be a significant contributor..." "We look for higher orders from a number of these new distributors in 2002..." "We are also making improvements in the manufacturing process to improve gross margins in 2002..." and "We look for this strong backlog to offset the normal seasonal effect and jumpstart our efforts to increase sales" are forward-looking in nature. Such statements are made based on management's expectations and beliefs concerning future events affecting the Company and are subject to risks and uncertainties that could cause actual results to differ materially from the expectations expressed in or implied by forward-looking statements. Such risks include, but are not limited to, trends within the building construction industry, actions by competitors, equipment and operational problems, the success of advertising and promotional efforts, and changes in relationships with major customers or in the financial condition of those customers. Other risks include general economic, business and market conditions and the adequacy of the Company's financial resources. Further information about these matters is set forth in the Company's Form 10-KSB annual report filed with the Securities and Exchange Commission.
AMERICAN STONE INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED FINANCIAL HIGHLIGHTS
DECEMBER 31, 2001 AND 2000
Three Months Ended 12 Months Ended
Operations: Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2001 2000 2001 2000
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(Unaudited) (Unaudited) (Unaudited) (Audited)
Sales $1,141,156 $1,053,653 $3,786,940 $3,778,681
Cost of goods sold 902,026 734,545 3,329,718 2,647,865
---------- ---------- ---------- ----------
Gross profit 239,130 319,108 457,222 1,130,816
Selling and
administrative
expenses 366,863 318,354 989,406 841,928
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Income (loss) from
operations (127,733) 754 (532,184) 288,888
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Other income (expense):
Interest income - 5,539 4,500 12,710
Interest expense (33,205) (26,324) (137,001) (127,281)
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Total (33,205) (20,785) (132,501) (114,571)
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Net income (loss)
before provision for
income taxes (160,938) (20,031) (664,685) 174,317
Provision for
income taxes - - - -
---------- ---------- ---------- ----------
Net income (loss) $ (160,938) $ (20,031) $ (664,685) $ 174,317
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Net income (loss) per
common share:
Basic (0.08) (0.01) (0.34) 0.10
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---------- ---------- ---------- ----------
Diluted (0.08) (0.02) (0.34) 0.09
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Average common shares
outstanding:
Basic 1,936,364 1,936,364 1,936,364 1,831,350
Diluted 1,936,364 1,936,364 1,936,364 1,837,708
Financial Condition: Dec. 31, Dec. 31,
2001 2000
----------- ----------
(Unaudited) (Audited)
Current assets $2,086,594 $1,954,186
Property, plant and
equipment, net 3,491,349 3,351,817
Other assets 50,293 52,596
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Total assets $5,628,236 $5,358,599
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Current liabilities $1,859,944 $1,327,838
Long-term liabilities 670,591 268,375
Stockholders' equity 3,097,701 3,762,386
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Total liabilities and
stockholders' equity $5,628,236 $5,358,599
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