Aqua Care Systems Inc. announces unaudited quarter financial results.HOLLYWOOD, Fla.--(BUSINESS WIRE)--Aug. 15, 1995--Aqua Care Systems 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 :AQCR AQCR Air Quality Control Region (US EPA) AQCR Air Quality Control Regulation ) on Aug. 15, 1995, announced its unaudited quarterly financial results for the company for the second quarter ended June 30, 1995. Revenues for this three-month period were $3,765,351, which represented an increase of $2,297,522 or 256% above the corresponding three-month period in 1994. This increase in revenues was primarily attributed to sales of all seven Aqua Care Systems Inc. subsidiaries in 1995 vs. sales of only three Aqua Care Systems Inc. subsidiaries in 1994. The net loss for this period was $568,406, which represented an increase in losses of $272,402, or 48% greater than the corresponding three-month period of 1994. For the six-month period ended June 30, 1995, the company's revenues were $7,480,324, which represented an increase of $5,515,370 or 380% above the corresponding six-month period in 1994. The net loss for this period was $874,852, which represented an increase of $215,046 or 25% greater than the corresponding six-month period of 1994. William K. Mackey, who became chairman and chief executive officer at the end of May 1995, commented that while sales remain very strong, he has initiated immediate directives to decrease operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. and consolidate duplicative operations throughout the seven subsidiaries of Aqua Care Systems Inc. Mackey commented that while the company is in preliminary discussion with several companies regarding potential acquisitions, it is his commitment and directive to achieve profitability in the seven subsidiaries of Aqua Care Systems Inc. Aqua Care Systems Inc. is a Florida-based 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. that was formed in 1990 and which became operational in May 1991 for the purpose of acquiring operating companies operating company A business that engages in transactions with outsiders. primarily in the industrial wastewater treatment Industrial wastewater treatment A group of unit processes designed to separate, modify, remove, and destroy undesirable substances carried by wastewater from industrial sources. and water filtration and purification industries. On Oct. 14, 1993, the company completed its Initial Public Offering of securities, the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of which are being utilized for expansion of its existing businesses and acquisitions of additional businesses in the same, or similar, lines of business. CONTACT: Aqua Care Systems Inc., Hollywood William K. Mackey, Chairman, C.E.O. Jeffrey L. Schultz, Vice President Business Development 305/925-9993 |
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