Crown Andersen Inc. Reports Results for First Quarter of Fiscal 1999.PEACHTREE Peachtree can be several things:
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 :CRAN n. 1. A measure for fresh herrings, - as many as will fill a barrel. Cran a measure of fish, about 750 herrings, 1797. Noun 1. ), the Peachtree City, Georgia-based supplier of engineered products and systems for environmental control and waste processing, today announced its consolidated results for the first quarter of fiscal 1999 (ended December December: see month. 31, 1998). For the first fiscal quarter of 1999, the Company reported consolidated net income of $20,466 or $0.01 per share on revenues of $4,130,930. In comparison, the Company reported net income or $138,881 or $0.09 per share on revenues of $4,770,924 for the first quarter of fiscal 1998. First quarter 1999 results, which include one month operation of newly acquired Griffin Environmental Company Inc., reflect a significant improvement from the preceding fiscal quarter when the Company reported a net loss of $278,101 on revenues of $2.7 million. Foreign sales (including export sales by Andersen and sales by Montair) accounted for 33.4% of total revenues in the current quarter compared to 74.6% in the same quarter in 1998. The Company continues to rely on the international market for some of its revenues. Demand for the Company's products in the domestic market was low during the last five years because of uncertainty in changes in 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. regulations. However, the Company experienced an increase in domestic business in late 1998 and expects this to continue into 1999. There has been a substantial slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in the Asian markets which the Company has served in the last five years, and the slowdown is just now being offset by a domestic market pickup Pickup A gain in yield made by selling one bond and buying another. Also referred to as "yield pickup." Notes: When the present yield is relatively low compared to the longer-term yields, pickups will be done by investors trying to increase the yield and duration of their . For a comparison of current quarter results with prior periods, see the table below: -0-
THREE MONTHS ENDED
DECEMBER 31
1998 1997
REVENUES $ 4,130,930 $ 4,770,924
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INCOME BEFORE TAXES 32,966 202,981
INCOME TAXES 12,500 64,100
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NET INCOME $ 20,466 $ 138,881
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BASIC AND DILUTED EARNINGS PER SHARE $0.01 $0.09
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AVERAGE SHARES AND
EQUIVALENT SHARES OUTSTANDING 1,590,571 1,512,198
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Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This press release contains certain forward-looking statements. The Company's results may differ materially from those in the forward-looking statements. Forward-looking statements are based on management's current views and assumptions and involve risks and uncertainties that significantly affect expected results. For example, operating results may be affected by several external factors. Such factors include, but are not limited to, changes in the regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. environment, general conditions in the environmental industry, the Company's competitive position, and economic conditions in international markets. |
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