American Stone Reports Results for the Third Quarter of 2003.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. 13, 2003 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 $102,253, or $0.05 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, on sales of $590,183 for the three months ended September September: see month. 30, 2003. For the same period of 2002, the Company reported a net loss of $1,161,773, or $0.60 per diluted share, on sales of $1,404,826. The third quarter 2002 results included write-downs in inventory and accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying totaling $989,642. For the nine months ended September 30, 2003, the Company reported a net loss of $634,953, or $0.33 per diluted share, on sales of $1,672,933. This compares with a net loss of $1,313,608, or $0.68 per diluted share, on sales of $3,655,768 for the first nine months of 2002. Gross profit in the third quarter improved from a loss in the prior-year quarter. Selling, general and administrative expenses as a percent of sales declined slightly on substantially lower sales. Third-quarter sales were below the trailing second quarter of 2003 due primarily to soft demand. The net loss for the 2003 third quarter compared with a profit in the trailing second quarter was due to lower sales and higher operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. required to deal with previously deferred equipment maintenance. "The lower sales level through the first nine months compared with last year is in line with the restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). plan we outlined at the beginning of 2003," said Russell Ciphers, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "We are still working to re-instill confidence with many of the company's customers, and we remain very selective in taking on new customers and new work." He continued, "The 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. takes time, but we are making progress. We have the right procedures, right practices and right number of people in place. We have not had one return order since April, and we have not had any new bad debt write-offs since last year. Although liquidity remains tight, cash flow has improved, and we have reduced inventory and accounts receivable." Ciphers said the Company has secured new financing in the form of a $1.1 million, one-year term loan. The loan was used to pay off the existing term loan and credit facility. 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. 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. 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. 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, changes in relationships with major customers or in the financial condition of those customers, and the adequacy of the Company's financial resources and the availability and terms of any additional capital. There can be no assurances that efforts to reduce costs and raise additional capital will enable the Company to become profitable or achieve positive cash flow in the foreseeable fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. future. 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 STATEMENTS OF INCOME
Three Months Ended Nine Months Ended
September 30, September 30,
----------------------- -----------------------
2003 2002 2003 2002
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
----------- ----------- ----------- -----------
Net sales $ 590,183 $ 1,404,826 $1,672,933 $ 3,655,768
Cost of sales 490,363 2,131,860 1,621,675 3,951,376
--------- ----------- ---------- -----------
Gross Profit (Loss) 99,820 (727,034) 51,258 (295,608)
Selling, general and
administrative
expenses 165,716 404,773 570,081 957,906
--------- ----------- ---------- -----------
Income (loss) from
operations (65,896) (1,131,807) (518,823) (1,253,514)
--------- ----------- ---------- -----------
Other income (expense)
Interest income -0- 6 37 185
Interest expense (41,070) (36,198) (124,367) (96,227)
Other income 6,030 6,226 11,723 35,948
Gain/(loss) on sale
of assets (1,317) -0- (3,523) -0-
--------- ----------- ---------- -----------
(36,357) (29,966) (116,130) (60,094)
--------- ----------- ---------- -----------
Income (loss) before
income taxes (102,253) (1,161,773) (634,953) (1,313,608)
Provision for (recovery
of) income taxes -0- -0- -0- -0-
--------- ----------- ---------- -----------
Net Income/(Loss) $(102,253) $(1,161,773) $ (634,953) $(1,313,608)
========= =========== ========== ===========
Net income (loss) per
common share
Basic $ (.05) $ (.60) $ (.33) $ (.68)
========= =========== ========== ===========
Diluted $ (.05) $ (.60) $ (.33) $ (.68)
========= =========== ========== ===========
AMERICAN STONE INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
ASSETS
------
September 30, December 31,
2003 2002
------------- ------------
Current Assets (Unaudited) (Audited)
Cash $ 138,889 $ 5,697
Accounts receivable 187,604 388,206
Inventory 565,456 649,913
Prepaid expenses 25,139 46,942
----------- -----------
Total Current Assets 917,088 1,090,758
----------- -----------
Property, Plant and Equipment, Net - At Cost 3,381,376 3,670,003
----------- -----------
Other Assets 50,208 50,208
----------- -----------
$ 4,348,672 $ 4,810,969
=========== ===========
LIABILITIES
-----------
Current Liabilities
Notes payable, bank line of credit $ 500,000 $ 500,000
Current portion of notes payable 968,196 393,905
Accounts payable 482,168 695,749
Accrued liabilities 335,164 315,199
----------- -----------
Total Current Liabilities 2,285,528 1,904,853
----------- -----------
Long Term Liabilities 1,450,152 1,658,171
----------- -----------
SHAREHOLDERS' EQUITY
--------------------
Common Stock, $.001 par value,
20 million shares authorized
1,939,169 issued and outstanding 1,939 1,939
Additional capital 4,829,708 4,829,708
Retained earnings (deficit) (4,218,655) (3,583,702)
----------- -----------
612,992 1,247,945
----------- -----------
$ 4,348,672 $ 4,810,969
=========== ===========
Note: The balance sheet at December 31, 2002 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America UNITED STATES OF AMERICA. The name of this country. The United States, now thirty-one in number, are Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Hampshire, for complete financial statements. |
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