AquaCell Results for Second Quarter and Six Months Ended Dec. 31, 2002 Show Substantial Revenue Increases.Business Editors RANCHO CUCAMONGA Rancho Cucamonga (răn`chō k  'kəmäng`gə), city (1990 pop. 101,409), San Bernardino co., S Calif. , Calif.--(BUSINESS WIRE)--Feb. 14, 2003AquaCell (AMEX AMEX See: American Stock Exchange :AQA AQA Assessment and Qualifications Alliance (UK) AQA Assessment and Qualifications Alliance AQA Any Question Answered AQA American Quality Assessors (India Pvt Ltd) ) today announced the results for the quarter and six months ended Dec. 31, 2002, reflecting periods of significantly increased revenues and decreased losses. On a consolidated basis, for the three-month period ended Dec. 31, 2002 the company increased revenues by 140% to $206,000 as compared with $86,000 for the same period the previous year. For the six-month period ended Dec. 31, 2002 the company increased revenues by 629% to $1,138,000 as compared with $156,000 for the same period the previous year. The net loss for the combined six-month period ending Dec. 31, 2002 was reduced by 71% as compared with the same six-month period of the prior year. Net loss on a consolidated basis for the three months ended Dec. 31, 2002 decreased to $550,000 or $0.06 per share, as compared with $1,911,000 or $0.23 per share for the same period of the prior year. Net loss for the six months ended Dec. 31, 2002 decreased to $775,000 or $0.09 per share, as compared with $2,659,000 or $0.33 per share. During late September, Corbett Water Technologies Inc., the exclusive distributor of the company's Purific Water Cooler, made a decision to restructure its business model, reduced its sales staff and has not implemented a plan for national marketing. Since national distribution was the clear intention of the company's agreement with Corbett it is restructuring its exclusive relationship with Corbett to allow it to implement a national marketing program. Corbett will continue to sell the company's products on a non-exclusive basis. The increase in revenues for the six month period ended Dec. 31, 2002 is primarily attributable to the increased sales of the company's flagship Purific(R) Water Cooler and the company believes that through continued intense marketing efforts, sales of Purific coolers will continue to grow, as well as sales of other products and emerging product lines.
Summary of Operating Results:
Three Months Ended Six Months Ended
Dec. 31 Dec. 31
2002 2001 2002 2001
Net revenues $206,000 $86,000 $1,138,000 $156,000
Loss from operations
before other (expense)
income $(546,000) $(2,046,000) $(785,000) $(2,834,000)
Other (expense)
income $(4,000) $135,000 $10,000 $175,000
Net loss $(550,000) $(1,911,000) $(775,000) $(2,659,000)
Net loss per
common share $(0.06) $(0.23) $(0.04) $(0.33)
Weighted average shares
outstanding 8,601,000 8,160,000 8,601,000 7,947,000
Introducing AquaCell AquaCell, based in Rancho Cucamonga, manufactures products for water filtration and purification through its two operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. , Global Water-Aquacell Inc. and Water Science Technologies Inc. Its products address various water treatment applications for industrial, commercial, institutional and residential applications. These applications range from providing purified drinking water drinking water supply of water available to animals for drinking supplied via nipples, in troughs, dams, ponds and larger natural water sources; an insufficient supply leads to dehydration; it can be the source of infection, e.g. leptospirosis, salmonellosis, or of poisoning, e.g. -- through its point-of-use patented self-filling Purific(R) Water Cooler and production of water bottling plant Noun 1. bottling plant - a plant where beverages are put into bottles with caps industrial plant, plant, works - buildings for carrying on industrial labor; "they built a large plant to manufacture automobiles" equipment -- to processing water for ultra-pure purposes, such as micro-chip and pharmaceutical manufacturing. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. . Statement Under the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995 Certain statements in this news release constitute "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. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Forward-looking statements include, but are not limited to, statements about: the company's ability to continue relationships with customers; the company's ability to offer its products at competitive prices; the company's ability to maintain its listing on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. ; and its ability to use the most current technology for its products. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion