Compositech Ltd. reports second quarter and six months results.HAUPPAUGE, N.Y.--(BUSINESS WIRE)--Aug. 15, 1996--Compositech Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CTEK), a development stage company in the early stages of commercial production, announced today results for the second quarter and six months ended June 30, 1996. For the second quarter ended June 30, 1996, revenues totaled $55,067 compared to $13,842 reported in the second quarter ended June 30, 1995. Net loss for the quarter totaled $1,070,215, or $0.24 per share, compared with $737,089, or $0.18 per share, in the second quarter ended June 30, 1995. For the six months ended June 30, 1996, revenues totaled $95,052 compared with $20,002 for the first six months of 1995. Net loss for the six months totaled $2,206,898, or $0.52 per share, compared with $1,487,814, or $0.37 per share, for the first six months of 1995. Compositech completed an Initial Public Offering (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. ) on July 9, 1996, receiving net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately $9.9 million. Fred E. Klimpl, Compositech's president said, "Revenues have been steadily increasing at low levels. The funds received from our IPO will allow us to accelerate installation of production equipment which should significantly raise the level of revenues by year end. The increased loss in 1996 reflected greater expenses incurred in preparation for the anticipated increases in manufacturing volume." Compositech Ltd. develops, produces and markets innovative and superior copper-clad fiberglass epoxy laminates used to make printed circuit boards, which are essential components of personal computers, workstations, data communication and telecommunications equipment, automobiles and virtually all electronic equipment. -0-
Financial Highlights
For the For the
Three Months Ended Six Months Ended
June 30, June 30,
1996 1995 1996 1995
Revenues $ 55,067 $ 13,842 $ 95,052 $ 20,002 Net (loss) ($1,070,215) ($ 737,089) ($2,206,898) ($1,487,814) Net (loss) per share ($0.24) ($0.18) ($0.52) ($0.37) Shares used in computing (loss) 4,404,326 3,995,769 4,226,146 3,995,769 Balance Sheet Data June 30, 1996 Pro Forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma Current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. $6,690,881 Cash and temporary investments $6,298,399 Current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. $1,717,676 Long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. $1,595,000 Stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. $5,613,216 CONTACT: Compositech Ltd., Hauppauge Fred Klimpl, 516/436-5200 or KCSA KCSA Krannert Center Student Association KCSA Kentucky Crushed Stone Association (Frankfort, KY) KCSA Kyiv City State Administration KCSA Kalamazoo Christian School Association KCSA Kentucky-Canadian Studies Association Joseph A. Mansi/Leslie A. Schupak 212/682-6300, ext. 205/207 |
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