American Stone Reports Results for Second Quarter 2001.Business Editors AMHERST Amherst, city, Canada Amherst, town (1991 pop. 9,742), N central N.S., Canada. Amherst has a variety of light industries and is a service center for the surrounding agricultural region. Nearby are salt beds. , Ohio--(BUSINESS WIRE)--Aug. 7, 2001 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 $109,922, or $0.06 per share, for its second quarter ended June 30, 2001. This compares with net income of $141,236, or $0.08 per share, for the second 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 $1,035,513 compared with $1,073,354 in the year-ago period. For the first six months of 2001, the net loss was $419,254, or $0.22 per share, compared with net income of $153,248, or $0.09 per share, in the first half of 2000. Net sales for the first half of 2001 were $1,403,388, down from $1,663,267 a year ago. "Continued customer delays on three key architectural projects combined with overall economic weakness resulted in a 4 percent decline in sales in the second quarter and a 16 percent decline for the year to date," said Jim Rallo, president and chief executive officer of American Stone Industries. "Sales of architectural stone in the first half of 2001 were half what we did a year ago, when we were busy on the 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. project. We only began shipping stone for one of the new projects during second quarter. "Sales of standard and fabricated fab·ri·cate tr.v. fab·ri·cat·ed, fab·ri·cat·ing, fab·ri·cates 1. To make; create. 2. To construct by combining or assembling diverse, typically standardized parts: products, which are primarily sold through distributors, increased about seven percent in the first half compared with a year ago," he continued. "This was due to the addition of several new distributors, the opening of Amherst Stone at Cleveland Quarries Quarries may refer to:
"The outlook is better for the second half," he said. "Bookings kept up with or exceeded shipments in July, we have a healthy 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. and the three major architectural projects are now in production or procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. . Even so, we will not be able to make up for the lost production time in the first six months." 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 Amherst, Ohio Amherst is a city in Lorain County, Ohio, United States. The population was 11,797 at the 2000 census. History 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. 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 statement, "The outlook is better for the second half" and "...we will not be able to make up for the lost production time in the first six months" 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. (table follows)
AMERICAN STONE INDUSTRIES, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
Operations: Three Months Ended Six Months Ended
June 30, June 30,
----------------------- -----------------------
2001 2000 2001 2000
---------- ---------- ---------- ----------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Net sales $1,035,513 $1,073,354 $1,403,388 $1,663,267
Cost of sales 912,063 711,088 1,372,720 1,105,356
---------- ---------- ---------- ----------
Gross profit 123,450 362,266 30,668 557,911
Selling, general
and administrative
expenses 201,791 187,961 392,410 334,203
---------- ---------- ---------- ----------
Income (loss) from
operations (78,341) 174,305 (361,742) 223,708
---------- ---------- ---------- ----------
Other income
(expense)
Interest income - - 4,500 -
Interest expense (31,581) (33,069) (62,012) (70,460)
---------- ---------- ---------- ----------
(31,581) (33,069) (57,512) (70,460)
---------- ---------- ---------- ----------
Income before
income taxes (109,922) 141,236 (419,254) 153,248
Provision for
(recovery of)
income taxes - - - -
---------- ---------- ---------- ----------
Net income $ (109,922) $ 141,236 $ (419,254) $ 153,248
---------- ---------- ---------- ----------
Net income per
common share
Basic $ (0.06) $ 0.08 $ (0.22) $ 0.09
========== ========== ========== ==========
Diluted $ (0.06) $ 0.08 $ (0.22) $ 0.09
========== ========== ========== ==========
Average common
shares outstanding 1,936,364 1,736,364 1,936,364 1,736,364
Financial Condition: June 30, December 31,
2001 2000
--------------- ---------------
(Unaudited) (Audited)
Current assets $ 2,143,910 $ 1,954,186
Property, plant and equipment,
net - at cost 3,655,378 3,351,817
Other assets 54,884 52,596
--------------- ---------------
Total assets $ 5,854,172 $ 5,358,599
=============== ===============
Current liabilities $ 1,574,458 $ 1,327,838
Long-term liabilities 936,582 268,375
Stockholders' equity 3,343,132 3,762,386
--------------- ---------------
Total liabilities and
stockholders' equity $ 5,854,172 $ 5,358,599
=============== ===============
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