H.E.R.C. Products Inc. Reports Financial Results for the Quarter Ended March 31, 2003.Business Editors PORTSMOUTH, Va.--(BUSINESS WIRE)--May 28, 2003 H.E.R.C. Products Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : HERC HERC Hercules HERC Health Economics Resource Center HERC Nike Hercules HERC Heavy Engineering Repair and Construction HERC Higher Education Research Centre (UK) HERC Human Evolution Research Center ) (Boston Stock Exchange The Boston Stock Exchange (BSE) is a regional stock exchange located in Boston, Massachusetts. The third-oldest stock exchange in the United States, it was founded in 1834. On October 2nd, 2007 Nasdaq agreed to acquire BSE for $61 million. : HER) today released operating results for the quarter ended March 31, 2003. Sales for the quarter ended March 31, 2003, were $1,243,260 compared with $1,676,052 during the same period in 2002 -- a 26% decrease. Gross profit decreased 35% to $499,462 during the quarter from $775,209 during the same period in 2002. Selling, general and administrative expenses decreased 2.3% to $666,809 in the first quarter from $682,649 in the same period of 2002. Other income and expense in the first quarter of 2003 reflects net expense of $19,099 compared to net expense of $22,790 in the same period of 2002. Net loss for the first quarter 2003 was $186,446 compared to a net profit for the same period of 2002 of $69,770. S. Steven Carl, chairman and chief executive officer of H.E.R.C., commented, "Our results for the first quarter 2003 were negatively influenced by the impact of the war in Iraq. Most of the U.S. Navy ships were at sea supporting the war effort rather than being in port where maintenance could be performed." H.E.R.C. Products Inc. provides pipe cleaning, tank cleaning and other corrosion control services for multiple applications utilizing its proprietary and patented chemistry and processes. H.E.R.C.'s patented and proprietary chemistry and processes are currently used in cleaning marine, fire protection, potable potable /pot·a·ble/ (po´tah-b'l) fit to drink. po·ta·ble adj. Fit to drink; drinkable. potable fit to drink. water, chemical feed line, wastewater and other industrial systems. H.E.R.C.'s chemistry is certified See certification. biodegradable biodegradable /bio·de·grad·a·ble/ (-de-grad´ah-b'l) susceptible of degradation by biological processes, as by bacterial or other enzymatic action. bi·o·de·grad·a·ble adj. by Scientific Certification Systems and certified by NSF International NSF International, formerly National Sanitation Foundation, is a not-for-profit, non-governmental organization that develops standards and provides product certification and education in the field of public health and safety. to meet the requirements of ANSI/NSF Standard 60 for use in potable water systems. Statements in this press release that are not historical facts are hereby identified as "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. " as that term is used under the securities laws. We caution readers that such "forward-looking statements" are necessarily estimates reflecting the best judgment of our senior management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Readers should not place undue reliance on any such forward-looking statements, each of which speaks only as of the date made. Readers should refer to the related risks and uncertainties, which are disclosed in the company's reports filed with the SEC, including the company's Form 10-KSB for the year ended Dec. 31, 2002. For more information please visit our Web site at: www.hercprod.com. |
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