Applewoods Announces 70% Decrease in Net Loss.WESTPORT, Conn.--(BUSINESS WIRE)--May 19, 1998--Applewoods Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :APWD APWD Annular Pressure While Drilling (oil and gas industry) ) announced today results for the company's third quarter ended March 31, 1998. Applewoods recorded total revenues for the three months ended March 31, 1998 of $1,590,065, a 6% increase compared to $1,494,523 during the same period last year. Total revenues for the nine month period ended March 31, 1998 were $7,138,191 compared to $4,487,535 for the corresponding period in the previous fiscal year, representing a 59% increase in revenues. In addition, the net loss for the third quarter was $276,549 or 70% less than a net loss of $932,084 during the same quarter last year. Roger M. Buoy buoy (boi, b  `ē), float anchored in navigable waters to mark channels and indicate dangers to navigation (isolated rocks, mine fields, cables, and the like). , the chairman and chief executive officer of Applewoods stated, "We are very pleased by the significant decrease in our net loss during the three months ended March 31, 1998 and a 63% decline in the net loss for the nine month period. Our net loss is in large part due to an increase in uncollected receivables from Asia as a result in the economic decline in that region. We expect to improve our financial performance in the future." This release, other than historical financial information, may contain 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. that involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth in the company's filings with the Securities and Exchange Commission. Applewoods is a developer, manufacturer and marketer of all-natural soaps, lotions lotions, n.pl nonoily treatments intended to be applied to the skin for a variety of cosmetic or medicinal purposes. , oils, other toiletries toi·let·ry n. pl. toi·let·ries An article, such as toothpaste or a hairbrush, used in personal grooming or dressing. toiletries npl → artículos mpl de aseo (= and related gift items for men and women. Applewoods is traded on The Nasdaq SmallCap Market. CONTACT: Applewoods Inc. Roger Buoy, 203/227-4912 Chief Executive Officer |
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