Arrow Automotive Industries announces third quarter results fiscal 1996.FRAMINGHAM Framingham (frā`mĭnghăm'), town (1990 pop. 64,994), Middlesex co., E Mass., on the Sudbury River between Worcester and Boston; settled 1650, inc. 1700. , Mass.--(BUSINESS WIRE)--May 13, 1996--Arrow Automotive Industries Automotive Industries, Ltd. (Hebrew: תעשיות רכב נצרת עלית, תע"ר Inc. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :AI) announced a net loss for its third quarter of fiscal year 1996, ended March 30, 1996, of $359,000, or 13 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. on sales of $26,226,000. This compares to a net loss of $749,000, or 26 cents per share on sales of $19,820,000 for the third quarter of fiscal 1995. The third quarter of fiscal year 1996 contained 13 weeks compared to the third quarter of fiscal year 1995 which contained 12 weeks. For the nine months ended March 30, 1996, the company had a net loss of $821,000 or 29 cents per share, on sales of $79,101,000. This compares to a net loss during the nine months ended March 25, 1995 of $135,000 or 5 cents per share on sales of $81,801,000. Arrow, with headquarters in Framingham, Mass., is one of the nation's largest remanufacturers of precision replacement parts for domestic and import passenger cars, light and heavy trucks, farm vehicles and off-road off-road adj. Existing, taking place, or designed for use off paved or public roads or in rugged terrain: off-road sports such as snowmobiling. industrial and construction equipment. Arrow operates remanufacturing Remanufacturing is the process of disassembly and recovery at the module level and, eventually, at the component level. It requires the repair or replacement of worn out or obsolete components and modules. and distribution facilities in Spartanburg Spartanburg, city (1990 pop. 43,467), seat of Spartanburg co., NW S.C., in the Piedmont (see under piedmont) near the N.C. line; inc. 1831. The city is noted for its textile production. , S.C., Morrilton, Ark., and Santa Maria Santa Maria, city, Brazil Santa Maria (sän`tə mərē`ə), city (1991 pop. 217,592), Rio Grande do Sul state, S Brazil. It is a major railroad terminus and the site of an important military base. , Calif. Arrow's shares are traded 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. (Symbol AI).
ARROW AUTOMOTIVE INDUSTRIES INC.
CONDENSED STATEMENTS OF OPERATIONS
(In thousands except per share data)
(Unaudited)
THREE MONTHS ENDED
March 30, 1996 March 25, 1995
(13 weeks) (12 weeks)
NET SALES $26,226 $19,820 Loss Before Taxes (535) (1,210) Benefit From Income Taxes (176) (461) NET LOSS ($359) ($749) LOSS PER SHARE LOSS PER SHARE ($0.13) ($0.26) Average Number of Shares Outstanding 2,873,083 2,872,395 -0-
ARROW AUTOMOTIVE INDUSTRIES INC.
CONDENSED STATEMENTS OF OPERATIONS
(In thousands except per share data)
(Unaudited)
NINE MONTHS ENDED
March 30, 1996 March 25, 1995
(39 weeks) (39 weeks)
NET SALES $79,101 $81,801 Loss Before Taxes (1,281) (219) Benefit From Income Taxes (460) (84) NET LOSS ($821) ($135) LOSS PER SHARE NET LOSS PER SHARE ($0.29) ($0.05) Average Number of Shares Outstanding 2,873,083 2,872,201 CONTACT: Arrow Automotive Industries James F. Fagen or Kathaleen Carroll-Coelho 508/872-3711 |
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