Correction From Source -- AQM announces operating results for third quarter and for the nine months to August 31, 1995.WOODBRIDGE, Ontario--(BUSINESS WIRE)--Oct. 11, 1995--AQM AUTOMOTIVE CORP. (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :AQV AQV Anticoncepcion Quirurgica Voluntaria (voluntary surgical contraception) 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 : AQM AQM Active Queue Management AQM Air Quality Management AQM Acquisition Management AQM Assistant Quartermaster (Civil War) AQM Additive Quark Model AQM Analog Quadrature Modulator AQM Acenaphthenequinone Monoxime .AF) AQM Automotive Corporation today announced its combined financial and operating results for its third fiscal quarter in 1995 (June 1 - August 31, 1995) and for the nine months ended August 31, 1995. Inventories decreased by $772,000 in the third quarter to $2.3 million. During this same period, the company's investment in capital equipment increased by $376,000 to $618,000 net of amortization and 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. increased in the third quarter by $169,000 to $259,000. Working capital improved during the third quarter to $1,982,262, compared with $1,015,600 a year ago, due in part to the repayment of a $500,000 long-term receivable from an affiliated company and the exercise of certain stock options which raised $63,000 in new equity. As a result, the company's debt to equity ratio The debt to equity ratio (D/E) is a financial ratio indicating the relative proportion of equity and debt used to finance a company's assets. It is equal to total debt divided by shareholders' equity. improved to 0.92 to 1 in the third quarter compared with 1.07 to 1.00 a year earlier. -0-
Third Third Nine Months Nine Months
Quarter Quarter to to
August 31, Percent August 31, August 31, Percent August 31,
1995 Increase 1994 1995 Increase 1994
$ $ $ $
--------- ---- --------- --------- ---- ---------
Sales 2,784,375 24 2,240,177 7,835,390 35 5,794,322
Gross margin 761,496 663,713 2,360,083 1,687,056 Total operating expenses 875,092 449,340 2,243,546 1,262,966 Net income (loss) (58,666) 111,527 69,325 221,374 Net income (loss) per share (0.005) 0.011 0.006 0.022 Net after-tax cashflow (5,613) 123,044 220,142 253,869 Net after-tax cashflow per share - 0.012 0.018 0.025 Leslie Leib, Chairman of the Board, stated that the company's sales volume for the remainder of 1995 is expected to remain on target. This will be accomplished by an increase in the number of new US-based customers, most notably, the small to medium size retail automotive chains which are the fastest growing segment of the U.S. automotive aftermarket and into which we are now beginning to make inroads inroads Noun, pl make inroads into to start affecting or reducing: my gambling has made great inroads into my savings inroads npl to make inroads into [+ . However, net income is expected to be lower than originally forecast due to additional sales and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. related to the company's U.S. business expansion and amortization relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the company's investment in its infrastructure. Mr. Leib stated that the additional costs which are being incurred this year are necessary to ensure that the company maintains its competitive advantage for the future and achieves it's long-term sales objectives. AQM Automotive Corporation, through its wholly-owned subsidiaries, manufactures, packages and distributes automotive fuel filter, breather elements, automatic transmission filter kits and air filters exclusively to the automotive aftermarket. Its clients include some of the largest automotive parts suppliers, distributors and retailers in Canada, the USA, Mexico and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . The Alberta Stock Exchange has neither approved nor disapproved of the information contained herein. CONTACT: Gary Perkins Director Tel: 905/479-2800 Toll Free: 1-800-293-5519 Fax: 905/479-8608 |
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