Auto-Graphics Inc. Announces Second Quarter 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 $46,000 for the second quarter ended June 30, 2004, down from $113,000 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 and a 14% increase in selling, general and administrative expenses. This represents the tenth consecutive quarter the company has delivered a positive operating income. Year-to-date operating income was $112,000 in 2004, compared to $238,000 in 2003, on a 14% decline in net sales for the same period. The company's net sales for the quarter were $1,367,000 in 2004, down $108,000 from $1,475,000 in 2003. Year-to-date net sales were $2,568,000 in 2004, down $425,000 from $2,993,000 in 2003. The decline was due primarily to lower revenues in the state of Texas, as funding was shifted by the legislature from the state to individual libraries. The company believes that the transition of the Texas customers to the new billing approach will be completed in 2004. In early 2003, the company significantly increased spending on sales and marketing staff and promotional expenses Noun 1. promotional expense - the cost of promoting a product business expense, trade expense - ordinary and necessary expenses incurred in a taxpayer's business or trade 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 recently hired a new chief executive officer with a strong sales and marketing background in ASP asp, popular name for several species of viper, one of which, the European asp (Vipera aspis), is native to S Europe. It is also a name for the Egyptian cobra (Naja haja). and software. Thus far in 2004, the company has won major multi-year contract renewals with the Tennessee, Kansas and Connecticut state libraries The Connecticut State Library is the state library for the U.S. state of Connecticut, and is also an executive branch agency of the state. It is located in Hartford, Connecticut. . Net income was $32,000 in the second quarter of 2004, down from a net income of $101,000 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 were $0.01 in 2004, compared to basic and diluted earnings per share of $0.02 in 2003. Year-to-date net income was $72,000 in 2004, down from $202,000 in 2003. Basic and diluted earnings per share were $0.01 in 2004, compared to basic and diluted earnings per share of $0.04 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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