Amistar Reports Fourth Quarter 2001 Financial Results.Business Editors SAN MARCOS San Marcos (săn mär`kəs). 1 City (1990 pop. 38,974), San Diego co., S Calif., a northern suburb of San Diego; settled 1880s, inc. 1963. , Calif.--(BUSINESS WIRE)--Feb. 19, 2002 Amistar Corp. (Nasdaq:AMTA AMTA American Music Therapy Association. AMTA, n See American Music Therapy Association. ) today reported sales and earnings for the three and twelve months ended Dec. 31, 2001. 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 three months ended Dec. 31, 2001 were $2,691,000 compared to $4,248,000 for the comparable quarter in 2000. Net sales for the twelve months ended Dec. 31, 2001 were $13,659,000 compared to $18,519,000 for the same period in 2000. There was a net loss for the three months ended Dec. 31, 2001 of $553,000 or $0.18 per share compared to net income of $352,000 or $0.11 per share in the fourth quarter of 2000. There was a net loss of $3,090,000 or $0.99 per share for the twelve months ended Dec. 31, 2001 compared to net income of $839,000 or $0.27 per share (undiluted) for the same period in 2000. During the fourth quarter of 2001, the company suffered from the effects of the recession, which resulted in declines of sales with the related higher costs of excess manufacturing capacity. Statements contained in this release which are not purely historical are 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. within the meaning 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 and are subject to risks and uncertainties such as those described in the company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended Dec. 31, 2000. Actual results may differ materially from anticipated results. -0-
Condensed Statements of Operations
Three Months Ended Twelve Months Ended
Dec. 31, Dec. 31,
2001 2000 2001 2000
Net Sales $ 2,691,000 $4,248,000 $ 13,659,000 $ 18,519,000
Cost of Sales 2,590,000 3,082,000 13,056,000 13,798,000
----------- ---------- ------------ ------------
Gross Profit 101,000 1,166,000 603,000 4,721,000
Operating Expenses 780,000 848,000 3,858,000 3,992,000
----------- ---------- ------------ ------------
Operating Income
(Loss) (679,000) 318,000 (3,255,000) 729,000
Other Income 54,000 34,000 99,000 119,000
----------- ---------- ------------ ------------
Income (Loss)
Before Income
Taxes (625,000) 352,000 (3,156,000) 848,000
Income Tax Expense
(Benefit) (72,000) -- (66,000) 9,000
----------- ---------- ------------ ------------
Net Earnings
(Loss) $ (553,000) $ 352,000 $ (3,090,000) $ 839,000
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Earnings (Loss)
Per Share-
Basic $ (0.18) $ 0.11 $ (0.99) $ 0.27
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Earnings (Loss)
Per Share-
Diluted $ (0.18) $ 0.11 $ (0.99) $ 0.26
=========== ========== ============ ============
Shares Used In Per
Share Calculation-
Basic 3,100,326 3,136,500 3,127,196 3,136,500
=========== ========== ============ ============
Shares Used In Per
Share Calculation-
Diluted 3,100,326 3,202,244 3,127,196 3,179,000
=========== ========== ============ ============
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