American Stone Reports Results for the Third Quarter 2000.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)--Nov. 1, 2000 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 net income of $41,100, or $0.02 per common share, for its third quarter ended September 30, 2000. This compares with a net loss of $209,442, or $0.12 per share, for the third quarter of 1999. 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 $1,061,761, up 10.5 percent compared with the year-ago period. The increase was due to cut stone supplied for a new building 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 higher sales of slab stone and stock products. For the nine months ended September 30, 2000, net income was $194,348, or $0.11 per share, compared with a net loss of $198,115, or $0.12 per share, in the first nine months of 1999. Sales through nine months increased 5.5 percent to $2,725,028 due to cut stone supplied for the new building at Oberlin, higher sales of slab stone and stock products, and restoration projects at Bethany College Bethany College may refer to:
Gross profit and income from operations improved substantially for both the quarter and nine months compared with the year-earlier periods due to cost-control measures and better pricing. Interest expense for the first nine months of 2000 was up 35 percent compared with the same period in 1999 due to increased borrowings late last year for new equipment and working capital. During the quarter, the Company recorded a one-time gain of $25,000 on the sale of a saw. During the third quarter of 2000, the Company received $900,000 in cash from the private placement of 200,000 shares of newly issued common stock. As disclosed earlier, the shares were acquired by Roulston Venture Limited Partnership at $4.50 per share in a transaction approved by a majority of the independent members of the Board in July. "We remain on track with our 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. plan for 2000 -- return to profitability while strengthening the balance sheet and positioning the company for future growth," said Jim Rallo, president and chief executive officer of American Stone Industries. "We've focused on our more profitable market segments and improved gross margins through better pricing and manufacturing efficiencies. We have bids out on a number of projects, and we've developed new marketing materials to support our growth plans." He continued, "During the quarter we used a portion of the proceeds from the private placement for infrastructure improvements and for new equipment that will enable us to go after two attractive market niches - wall stone and sandblasted signs. Looking ahead, we expect fourth quarter results to reflect the normal seasonal slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in the construction industry." 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 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. American Stone Industries' 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 "remain on track with our turnaround plan" and "expect fourth quarter results to reflect" are forward-looking in nature. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Such 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 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 Nine Months Ended
September 30, September 30,
---------------------- ----------------------
2000 1999 2000 1999
---------- ---------- ---------- ----------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Sales $1,061,761 $ 960,906 $2,725,028 $2,582,227
Cost of goods sold 832,964 885,208 1,938,320 2,038,193
---------- ---------- ---------- ----------
Gross profit 228,797 75,698 786,708 544,034
Selling and
administrative expenses 189,371 264,546 523,574 668,939
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Income (loss)
from operations 39,426 (188,848) 263,134 (124,905)
---------- ---------- ---------- ----------
Other income (expense)
Gain on sale
of property 25,000 -- 25,000 --
Interest income 7,171 -- 7,171 1,702
Interest expense (30,497) (20,594) (100,957) (74,912)
---------- ---------- ---------- ----------
1,674 (20,594) (68,786) (73,210)
---------- ---------- ---------- ----------
Income (loss)
before income taxes 41,100 (209,442) 194,348 (198,115)
Provision for
income taxes -- -- -- --
---------- ---------- ---------- ----------
Net income (loss) $ 41,100 $ (209,442) $ 194,348 $ (198,115)
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Net income per
common share
Basic $ 0.02 $ (0.12) $ 0.11 $ (0.12)
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
Diluted $ 0.02 $ (0.12) $ 0.11 $ (0.12)
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
Average common
shares outstanding 1,773,116 1,716,364 1,773,116 1,716,364
Financial Condition: September 30, December 31,
2000 1999
---------- ----------
(Unaudited) (Audited)
Current assets $2,255,821 $1,690,139
Property, plant and
equipment, net - at cost 3,120,187 3,001,369
Other assets 77,266 54,932
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Total assets $5,453,274 $4,746,440
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---------- ----------
Current liabilities $1,333,345 $1,576,505
Long-term liabilities 337,512 527,366
Stockholders' equity 3,782,417 2,642,569
---------- ----------
Total liabilities and
stockholders' equity $5,453,274 $4,746,440
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