Angstrom Technologies announces record first quarter sales.ERLANGER, Ky.--(BUSINESS WIRE)--March 17, 1997--Angstrom Technologies Inc., a Delaware corporation A Delaware corporation is a corporation chartered in the U.S. state of Delaware. Delaware is well known as a corporate haven, and thus, over 50% of US publicly-traded corporations and 58% of the Fortune 500 companies are incorporated in the state. (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. : AGTT and AGTTP) today announced results of operations for its first quarter ending Jan. 31, 1997. 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 first quarter of Fiscal 1997 were at record levels, reaching approximately $422,800, an increase of 113% from the approximately $198,500 in net sales in the corresponding quarter of Fiscal 1996. This increase in sales was a result of significantly higher sales of chemicals made to the subcontractor One who takes a portion of a contract from the principal contractor or from another subcontractor. When an individual or a company is involved in a large-scale project, a contractor is often hired to see that the work is done. for the U.S. Postal Service The U.S. Postal Service (USPS) processes and delivers mail to individuals and businesses within the United States. The service seeks to improve its performance through the development of efficient mail-handling systems and operates its own planning and engineering programs. on a new order relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the company's prior work on certified mail certified mail n. Uninsured first-class mail for which proof of delivery is obtained. certified mail (US) n → Einschreiben nt labels, as well as increased sales of scanners and chemicals to other clients. Daniel A. Marinello, president and chief executive officer of the company stated that this quarter reflected the second highest sales volume in the company's history and indicated increasing acceptance in the market place of the company's products and technology: "We now have a product line of five scanners and readers including hand-held versions which can verify (1) To prove the correctness of data. (2) In data entry operations, to compare the keystrokes of a second operator with the data entered by the first operator to ensure that the data were typed in accurately. See validate. the authenticity The correct attribution of origin such as the authorship of an e-mail message or the correct description of information such as a data field that is properly named. Authenticity is one of the six fundamental components of information security (see Parkerian Hexad). of tickets for sporting events and concerts, larger versions which can verify checks, currency and negotiable instruments negotiable instrument, bill of exchange, check, promissory note, or other written contract for payment that may serve as a substitute for money. It is simple in form and easy to transfer. , as well as equipment which can read bar codes and sort of direct items along assembly lines and similar processes. This gives us potential entry into a number of existing and emerging markets, which we are actively pursuing." -0-
Three Months Ended
January 31, 1997 January 31, 1996
Net sales 422,796 198,499
Cost of Sales 119,450 140,157
Gross Profit 303,346 58,342
Selling, general and
administrative expenses 227,365 179,859
Interest Income (7,181) 17,510
Interest Expense 2,772 (3,472)
Net Income (loss) before
income taxes 80,390 (103,451)
Less preferred dividend
requirement (45,984) (44,045)
Net income (loss) applicable
to common stockholders 34,406 (147,496)
Net Income (loss) per share $ - $ (0.01)
Weighted Average Number of
shares outstanding 22,486,623 21,760,958
-0-
Angstrom Technologies Inc. is engaged in the development,
manufacture and sale of Electro-Optical Control Systems, consisting
of an ultraviolet optical scanner and invisible fluorescent chemical
compounds. The company's products have historically been geared for
use by the pharmaceutical and automobile parts manufacturing
industries in connection with a variety of functions including:
label verification, quality control, inspection, alignment, adhesive
tracing, safety seal verification, sorting, automatic
identification, passport security and postal label sorting. In
addition to the foregoing applications, the company also markets
applications in the document security field, such as identification
of counterfeit currency, checks and negotiable instruments and
verification of credit cards and other identification documents.
This press release contains certain forward looking statements
within the meaning of Section 27A of the Securities Act and Section
21E of the Exchange Act, which are intended to be covered by the
safe harbors created thereby. Although the company believes that
the assumptions underlying the forward looking statements contained
herein are reasonable, any of the assumptions could be inaccurate,
and therefore, there can be no assurance that such forward looking
statements will prove to be accurate. Factors that could cause
actual results to differ include, but are not limited to,
technological changes, cancellation of orders, competition and other
market factors.
CONTACT: Angstrom angstrom (ăng`strəm), abbr. Å, unit of length equal to 10−10 meter (0.0000000001 meter); it is used to measure the wavelengths of visible light and of other forms of electromagnetic radiation, such as ultraviolet Technologies, Inc., Daniel A. Marinello, 800/543-7358 |
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