Brown Disc Products Inc. announces annual shareholders meeting, third quarter results, and forward looking statement.SANTA ANA Santa Ana, city, El Salvador Santa Ana (sän'tä ä`nä), city (1993 pop. 129,873), W El Salvador. It is the second largest city in the country and the commercial and processing center for a sugarcane, coffee, and cattle region. , Calif.--(BUSINESS WIRE)--May 15, 1997--Brown Disc Products Company Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :BDPC) (soon to be changed to "The Quartz Group Inc." and symbol QGRP), has announced its annual shareholders meeting to be held on June 2, 1997, 10 a.m., at the Marriott Courtyard, 3130 S. Harbor Blvd., Ste. 440, Santa Ana, CA 92704. The hotel phone number is 714/545-1001. Third quarter results for the period ended March 31, 1997, showed a loss of $205,054 on revenues of $345,560. Of the $205,054 reported as a loss, $190,432 was attributed to inventory write downs and legal and professional expenses associated with the failed acquisition attempts during the prior two quarters. The company also incurred expenses of $12,201 and a loss of revenue during the operation shutdown shut·down n. A cessation of operations or activity, as at a factory. shutdown Noun the closing of a factory, shop, or other business Verb shut down in the first week of March when it moved its operations from Colorado to California. On March 18, 1997, Brown Disc Products Co. made the decision to change its main business from that of distribution and duplication duplication /du·pli·ca·tion/ (doo-pli-ka´shun) 1. the act or process of doubling, or the state of being doubled. 2. of computer data storage media products to manufacturing quartz glass products used for the semiconductor industry. The decision was made subsequent to the appointment of David J David J. Haskins (b. April 24, 1957, in Northampton, England) is a British alternative rock musician. He was the bassist for the seminal gothic rock band Bauhaus. Life and work . Lopes as president and chief executive officer of the company who himself has more than 23 years experience in the quartz glass materials industry, including a successful IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. with the company he founded in 1979. Lopes stated, "The shareholders of Brown Disc Products Company have seen nothing but red ink red ink Health administration A popular term for financial losses. Cf in the Black. for almost 10 years now. That's going to stop. The distribution and duplication services of storage media products is a very mature business and fiercely competitive. There are hundreds of small companies out there with virtually no overhead thereby keeping margins very slim. "The board of directors realized that if this company is going to survive it must redirect re·di·rect tr.v. re·di·rect·ed, re·di·rect·ing, re·di·rects To change the direction or course of. n. A redirect examination. re its resources into another business. The quartz glass materials industry more than doubled from $300 million in 1993 to approximately $700 million currently. And with the semiconductor industry expected to enjoy double digit Noun 1. double digit - a two-digit integer; from 10 to 99 integer, whole number - any of the natural numbers (positive or negative) or zero; "an integer is a number that is not a fraction" growth through the rest of the century, the quartz glass materials business should exceed $1 billion by the year 2001. "Our mission is to capture 5% of that market by the year 2001. But the first step is to stop the red ink. This company is one quarter away from showing a profit for the first time in many years. There is still a lot of work to do, but we have the management, the relationships and a successful strategy for building this company into a leading supplier of quartz glass products over the next five years." CONTACT: Brown Disc Products Co. Inc. Daryl Silversparre, 818/249-8032 cisolution@msn.com or Coffin Communications Group, Sherman Oaks, Calif. Michael Selsman, 818/789-0100 fax, 818/789-1152 |
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