Auto-Graphics Inc. Announces 2004 Earnings.POMONA, Calif. -- Auto-Graphics Inc. (Pink Sheets:AUGR) reported that operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. was $270,000 for the year ended Dec. 31, 2004, down $100,000 from $370,000 for the same period in 2003, due to a 7% decline in 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 . However, this performance does represent the 12th consecutive quarter for which the company has delivered a positive operating income. The company's net sales were $5,372,000 in 2004, down $400,000 from $5,772,000 in 2003. The decline was due primarily to lower revenues from the state of Texas as funding was shifted by the legislature from the state level to individual libraries. Over the past year, the company has won major multi-year contract renewals with the Tennessee, Kansas, Connecticut and Oklahoma state libraries. The company was also recently selected by the Mississippi Library Commission to provide a statewide virtual union catalog union catalog n. A library catalog combining in alphabetical sequence the contents of more than one catalog or library. and interlibrary in·ter·li·brar·y adj. Existing or occurring between or involving two or more libraries: an interlibrary loan; an interlibrary network. loan system using the company's Agent software product under a 3-year contract. In 2003, the company significantly increased spending on sales and marketing staff and promotional expenses in an effort to increase sales and promote the Agent(TM) product line to existing consortia customers and individual libraries. To further address the new sales issue, the company hired a new chief executive officer with a strong sales and marketing background in ASP and applications software in June 2004. Net income was $214,000 in 2004, down from a net income of $305,000 in 2003. Basic and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of was $0.04 in 2004, compared to basic and diluted earnings per share of $0.06 and $0.05, respectively in 2003. Auto-Graphics provides applications software and Web hosting services A web hosting service is a type of Internet hosting service that allows individuals and organizations to provide their own websites accessible via the World Wide Web. Web hosts are companies that provide space on a server they own for use by their clients as well as providing to clients who create, manage, publish and access information using the Internet. Visit www.autographics.com for additional information. |
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