American Stone Reports Results for First Quarter 2000.Business Editors AMHERST, Ohio--(BUSINESS WIRE)--April 20, 2000 American 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 net income of $12,012, or $0.01 per share, for its first quarter, ended March 31, 2000. This compares with net income of $8,492, or $0.01 per share, for the first quarter of 1999. Sales for the latest quarter were $589,913, compared with $633,905 in the year-ago period. "We are pleased with our first quarter of 2000," said Jim Rallo, interim president and chief executive officer of American Stone Industries. "The results represent a sharp turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. from the second half of 1999. Moreover, the first quarter is typically a money-losing period in our business due to weather conditions. But by building inventories over the winter, we were able to meet orders that came in when the weather warmed up in March. "Although our first quarter sales were lower than a year ago, this was by design," he continued. "Our plan is to improve gross margins through better pricing, while reducing costs. The first quarter results show that we are on track to accomplish these objectives, and we expect to continue on this path over the balance of the year." Of the large projects currently in house, work at Oberlin College Oberlin College, at Oberlin, Ohio; coeducational; opened 1833 as Oberlin Collegiate Institute, became Oberlin College in 1850. It includes a college of arts and sciences and a well-known conservatory of music. and the New York State Assembly The New York State Assembly is the lower house of the New York Legislature, the state legislature of the U.S. state of New York. The Assembly is composed of 150 members representing an equal amount of districts, with each district having an average population of 127,000. Chamber will continue to generate revenue during 2000. In addition, the company began recording revenue in March from a restoration project at Bethany College Bethany College may refer to:
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 subsidiary 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. American Stone Corporation owns and operates the Cleveland Quarries Quarries may refer to:
The town of Amherst was established by German immigrants in 1807. , 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. 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 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. 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. Forward-looking statements are based on current expectations that are subject to a number of uncertainties and risks, and actual results may differ materially. The uncertainties and risks include, but are not limited to, trends in the building construction industry, actions by competitors, equipment and operational problems, and changes in relationships with major customers or in the financial condition of those customers. Other risks include the adequacy of the Company's financial resources and general economic, business and market conditions. Further information about these matters can be found in the annual report filed by the Company with the SEC on Form 10-KSB. (table follows)
AMERICAN STONE INDUSTRIES, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
3 Months Ended 3 Months Ended
Operations March 31, 2000 March 31, 1999
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(unaudited) (unaudited)
Sales $ 589,913 $ 633,905
Cost of goods sold 394,268 417,690
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Gross profit 195,645 216,215
Selling and administrative expenses 146,242 183,733
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Income (loss) from operations 49,403 32,482
Other income (expense):
Interest income 0 1,147
Interest expense (37,391) (24,687)
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(37,391) (23,540)
Income before income taxes 12,012 8,942
Provision for income taxes -- --
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Net income $ 12,012 $ 8,942
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Net income per common share $ 0.01 $ 0.01
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Average common shares outstanding 1,733,114 1,716,364
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Financial Condition
March 31, 2000 December 31, 1999
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(unaudited) (audited)
Current assets $ 1,914,827 $ 1,690,139
Property, plant and equipment, net 2,932,589 3,001,369
Other assets 81,663 54,932
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Total assets $ 4,929,079 $ 4,746,440
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Current liabilities $ 1,764,422 $ 1,576,505
Long-term liabilities 464,576 527,366
Stockholders' equity 2,700,081 2,642,569
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Total liabilities and
stockholders' equity $ 4,929,079 $ 4,746,440
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