Impreso, Inc. Reports Third-Quarter Operating Results.Business Editors COPPELL, Texas--(BUSINESS WIRE)--July 17, 2001 Impreso.com, Inc. (Nasdaq: ZCOM), which through its subsidiaries is involved in (1) the manufacture and distribution of paper and film hard copy imaging products for commercial and home office applications, and (2) the development of eCommerce See e-commerce. initiatives, today announced increased sales and earnings for the second quarter and first half of FY2001. 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 for the three months ended May 31, 2001, increased 28% to a record $23.1 million, compared with net sales of $18.1 million in the third quarter of FY2001. Pretax income pretax income Reported income before the deduction of income taxes. Pretax income is sometimes considered a better measure of a firm's performance than aftertax income because taxes in one period may be influenced by activities in earlier periods. rose 12% to $762,513, from $682,719 in the prior-year period. Net income totaled $456,481, or $0.09 per share, in the most recent quarter, compared with $478,954, or $0.09 per share, in the prior-year period. The Company accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. income taxes at a 40.1% rate in the quarter ended May 31, 2001, compared with a tax rate of 29.8% in the prior-year period. For the nine months ended May 31, 2001, the Company's net sales increased 26% to $65.7 million, compared with net sales of $52.0 million, in the first nine months of FY2001. Pretax income rose 11% to $1,234,030, from $1,113,017 in the prior-year period. Net income improved modestly to $746,465, or $0.14 per share, in the nine months ended May 31, 2001, versus $743,028, or $0.14 per share, in the corresponding period of the prior year. The Company accrued income taxes at a 39.5% rate in the nine months ended May 31, 2001, compared with a tax rate of 33.2% in the prior-year period. "While we completed the acquisition of the Sky Division of Durango-Georgia Converting LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control in the third quarter, sales from Sky were included in our operating results only for the month of May," noted Marshall Marshall. 1 City (1990 pop. 12,711), seat of Saline co., N central Mo.; inc. 1839. In a large farm area, it is a processing center for grain, eggs, meat, and dairy products. Marshall is the seat of Missouri Valley College. Sorokwasz, President and Chief Executive Officer of Impreso, Inc. "The assimilation Assimilation The absorption of stock by the public from a new issue. Notes: Underwriters hope to sell all of a new issue to the public. See also: Issuer, Underwriting Assimilation of Sky into the Impreso organization is going well, and we are confident that the acquisition will enhance our competitiveness, sales and earnings in future years." "Although gross margins trailed the prior-year period during our third quarter, primarily related to increased freight The price or compensation paid for the transportation of goods by a carrier. Freight is also applied to the goods transported by such carriers. The liability of a carrier for freight damaged, lost, or destroyed during shipment is determined by contract, statute, or charges due to our consolidation of warehouses to eliminate duplication duplication /du·pli·ca·tion/ (doo-pli-ka´shun) 1. the act or process of doubling, or the state of being doubled. 2. caused by the Sky acquisition and the addition of new participants to our vendor commission and rebate rebate, partial refund of the total price paid for goods or services. In the United States, rebates were historically given by railroads to favored shippers as a return on transportation charges. programs, I am pleased to report that gross margins have improved sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen during the past two quarters," continued Sorokwasz. "The 13.2% gross margin in our third quarter represented a significant improvement relative to an 11.5% gross margin in the second quarter and 10.8% in the first three months of the current fiscal year. We are encouraged by this trend and optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that earnings for the quarter and fiscal year ending August 31, 2001, will exceed prior-year levels. This will continue an earnings turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. that began in Fiscal 1999." About Impreso, Inc. Impreso, Inc. is a holding company for TST/Impreso, Inc. and HotSheet.com, Inc. TST/Impreso, Inc. is a manufacturer and distributor of hard copy imaging products for commercial and home use in domestic and international markets. HotSheet.com, Inc. primarily owns HotSheet.com, a single-page, online Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the directory with categorized cat·e·go·rize tr.v. cat·e·go·rized, cat·e·go·riz·ing, cat·e·go·riz·es To put into a category or categories; classify. cat links to premier web destinations. The Company's website domains are www.hotsheet.com, www.impreso.com, www.shopsheet.com and www.tstimpreso.com. Impreso, Inc. is headquartered in Coppell, Texas Coppell is a city in Dallas County, Texas, a suburb and bedroom community of the DFW Metroplex. The population was 35,958 at the 2000 census. A small area in the far northern portion of the city extends into neighboring Denton County. , and its common stock trades on the Nasdaq National Market under the symbol "ZCOM." This press release may include statements that constitute "forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. " statements, usually containing the words "believe," "estimate," "project," "expect" or similar expressions. These statements are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. 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. inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products in the marketplace, competitive factors, new products and technological changes, paper prices and raw material costs, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. or changes after the date of this release.
IMPRESO.COM, INC. & SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)
Three months ended
5/31/2001 5/31/2000
--------- ---------
Net sales $ 23,120,706 $ 18,051,583
Cost of sales 20,068,465 15,178,120
---------- ----------
Gross profit 3,052,241 2,873,463
---------- ----------
Other costs and expenses:
Selling, general and administrative
expenses 1,943,928 1,878,833
Interest expense 410,107 339,392
Other income, net (64,307) (27,481)
---------- ----------
Total other costs and expenses 2,289,728 2,190,744
---------- ----------
Income before income taxes 762,513 682,719
---------- ----------
Income tax expense (benefit):
Current 271,364 219,806
Deferred 34,668 (16,041)
---------- ----------
Total income tax expense 306,032 203,765
---------- ----------
Net income $ 456,481 $ 478,954
========== ==========
Net income per common share
(basic and diluted) $ 0.09 $ 0.09
========== ==========
Weighted average number of common shares outstanding:
(basic and diluted) 5,278,780 5,292,780
IMPRESO.COM, INC. & SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)
Nine months ended
5/31/2001 5/31/2000
--------- ---------
Net sales $ 65,660,360 $ 51,958,027
Cost of sales 57,863,470 45,006,800
---------- ----------
Gross profit 7,796,890 6,951,227
---------- ----------
Other costs and expenses:
Selling, general and administrative
expenses 5,581,522 5,023,755
Interest expense 1,139,976 896,676
Other expense (income), net (158,638) (82,221)
---------- ----------
Total other costs and expenses 6,562,860 5,838,210
---------- ----------
Income before income taxes 1,234,030 1,113,017
---------- ----------
Income tax expense (benefit):
Current 433,762 403,708
Deferred 53,803 (33,719)
---------- ----------
Total income tax expense (benefit) 487,565 369,989
---------- ----------
Net income $ 746,465 $ 743,028
========== ==========
Net income per common share
(basic and diluted) $ 0.14 $ 0.14
========== ==========
Weighted average number of common shares outstanding:
(basic and diluted) 5,282,527 5,292,780
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