CEM EXPECTS LOWER FIRST QUARTER SALES AND EARNINGS.CHARLOTTE, N.C.--(BUSINESS WIRE)--Oct. 3, 1996--CEM Corporation (Nasdaq/NM:CEMX) today said that it expects to report 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 of approximately $6.6 million versus $7.5 million a year ago for the first fiscal quarter which ended September 30, 1996. The Company indicated that because of the lower sales, it expects earnings to decline significantly for the quarter. In the year-earlier period, the Company reported net income of $677,000, or $0.18 per share. The Company indicated that complete financial results for the quarter would be released as scheduled later this month. "Although we had indicated that year-to-year comparisons were going to be difficult through the first half of fiscal 1997, demand for our instruments has proven to be softer than expected, " said Michael J. Collins, President and Chief Executive Officer. "Sales of our systems for government and environmental applications in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. have continued to be sluggish, following the pattern that persisted during much of fiscal 1996. In the international portion of our business, we continue to see meaningful gains in Asia; but these are being offset by weakness in important markets such as Europe." Collins noted that the first quarter is typically not the strongest period of the Company's fiscal year. He commented, "Although we expect some recovery in subsequent periods due to seasonal factors, the pace of incoming orders suggests that earnings for fiscal 1997 as a whole are going to be lower than a year ago. We are confident that this outlook represents only a temporary break in CEM's long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. record of growth. We remain committed to an ongoing product development program, as well as an active worldwide marketing effort." CEM CEM contagious equine metritis. CEM selective medium chocolate agar made with Eugon agar and 5% horse blood; used to cultivate Taylorella equigenitalis. manufactures microwave-based instrumentation instrumentation, in music: see orchestra and orchestration. instrumentation In technology, the development and use of precise measuring, analysis, and control equipment. for testing, analysis and process control. The Company's products are used worldwide in the general analytical analytical, analytic pertaining to or emanating from analysis. analytical control control of confounding by analysis of the results of a trial or test. laboratory market and in many manufacturing and processing industries, including chemical and food processing Food processing is the set of methods and techniques used to transform raw ingredients into food for consumption by humans or animals. The food processing industry utilises these processes. . CONTACT: CEM Corporation, Charlotte Michael J. Collins, 704/821-7015 |
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