Angstrom Technologies announces third quarter and nine months results.ERLANGER, Ky.--(BUSINESS WIRE)--Sept. 18, 1996--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 third quarter ending July 31, 1996 and the nine month period then ended.
Three Months Ended Nine Months Ended
July 31, July 31, July 31, July 31,
1996 1995 1996 1995
Net sales $ 175,673 $ 415,242 $ 618,256 $ 724,338 Cost of sales 111,874 96,427 372,180 245,166 Gross profits 63,799 318,815 246,076 479,172 Selling, general and administrative expenses 222,825 233,365 618,022 758,358 Interest income 15,889 19,841 50,814 59,349 Interest expense (3,143) (3,793) (9,921) (11,834) Net income (loss) before income taxes (147,013) 101,498 (327,758) (231,697) Less preferred dividend requirement (60,100) (67,340) (167,000) (202,020) Net income (loss) applicable to common stockholders (207,113) 34,158 (497,758) $(433,717) Net income (loss) per share (0.01) 0.00 (0.02) (0.02) Weighted average number of shares outstanding 22,189,528 21,645,078 21,821,384 21,590,411 The company reported that 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 third quarter of fiscal 1996 were approximately $175,700, which was a decrease of 57.6% from net sales in the corresponding quarter of fiscal 1995, when the company received and shipped a major quantity of chemicals and scanner equipment to a contractor 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. in connection with the certified mail certified mail n. Uninsured first-class mail for which proof of delivery is obtained. certified mail (US) n → Einschreiben nt label printing project. The company's products continue to be utilized in connection with this project and it is seeking additional orders for this and other governmental projects. Sales for the nine month period ending July 31, 1996 decreased approximately 14.6% from sales in the prior nine months comparative period. Cost of sales increased in both the third quarter and the nine month period of fiscal 1996 due to the lower sales base over which to spread fixed costs fixed costs, n.pl the costs that do not change to meet fluctuations in enrollment or in use of services (e.g., salaries, rent, business license fees, and depreciation). , the loss of certain economies of scale realizable by higher production rates, and higher engineering costs to facilitate production of new products. Selling, general and administrative expenses decreased from approximately $233,400 in the third quarter to approximately $222,800 due to a variety of factors, including the reduction in sales commissions payable. Daniel A. Marinello, president and chief executive officer of the company stated that he was gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. with the company's progress in its current fiscal year in completing development of the hand-held, mid-range and remote controlled scanners, as well as readying numerous additional chemical compounds for commercial sales, and obtaining additional patents upon the company's technology. The company's expanded product line is now being marketed to a number of corporations and governmental agencies and, while there can be no assurance as to ultimate results, he stated that management was optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op and aggressively seeking new and expanded accounts. 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. is engaged in the development, manufacture and sale of Electro-Optical Control Systems, consisting of an ultraviolet optical scanner See scanner. and invisible fluorescent chemical compounds. The company's products have historically been geared for use by the pharmaceutical and automobile parts manufacturing industries manufacturing industries npl → industrias fpl manufactureras manufacturing industries npl → industries fpl de transformation 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 intends to develop and sell applications in the document security field, such as identification of counterfeit currency and verification of credit cards and other identification documents. CONTACT: Angstrom Technologies Inc. Daniel A. Marinello, 800/543-7358 |
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