Andean announces record results for 1996 fiscal year.BOCA RATON Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla--(BUSINESS WIRE)--Feb. 4, 1997--Andean Development Corp. (NASDAQ/NMS:ADCC ADCC antibody-dependent cell-mediated cytotoxicity. ADCC antibody-dependent cell-mediated cytotoxicity. ) Pedro Pablo Errazuriz, chairman 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. of Andean Development Corp., announced Tuesday that for the fiscal year ended Dec. 31, 1996 its revenues increased to $3,423,553 from $2,717,341 for fiscal year ended Dec. 31, 1995, an increase of 26%. Errazuriz also announced that net income had increased to $1,342,074 ($0.81 per share) from $939,000 ($0.63 per share) an increase of approximately 43% over the fiscal year ended Dec. 31, 1995. Errazuriz noted that while all of the company's revenues for 1996 were attributed to the company's traditional core business, with the proceeds from its recently completed IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. , it is anticipated that during 1997 the company will begin making equity investments in conjunction with its management services in various business opportunities in Chile and other Southern Cone The term Southern Cone (Spanish: Cono Sur, Portuguese: Cone Sul) refers to a geographic region composed of the southernmost areas of South America, below the Tropic of Capricorn. South American countries. Errazuriz further stated that such investments should bring increased revenues and profitability to the company during 1997. CONTACT: Andean Development Corp., Boca Raton David P. Mayer, 561/416-8930 561/416-8962 (fax) |
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