Impreso Reports 34% Gain in FY2001 Earnings; Sales Reach Record $96.2 Million.Business Editors COPPELL, Texas--(BUSINESS WIRE)--Dec. 3, 2001 Impreso, Inc. (Nasdaq National Market: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 higher sales and earnings for 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 fiscal year ended August 31, 2001 increased approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 30%, to $96.2 million, compared with net sales of $74.1 million in the previous fiscal year. FY2001 sales were the highest in Impreso, Inc.'s history. Net income rose 34% to approximately $1.25 million, or $0.24 per share, in the most recent fiscal year, compared with $931,317, or $0.18 per share, in FY2000, and $774,352, or $0.15 per share, in FY1999. Gross profits increased approximately 21% to $11.5 million in FY2001, versus approximately $9.5 million in the year ended August 31, 2000. For the three months ended August 31, 2001, the Company earned $500,482 or $0.09 per share, on net sales of $30.5 million. These results compared with net income of $188,289, or $0.04 per share, and net sales of $22.2 million, in the corresponding period of the prior year. "We are pleased to report that both sales and earnings increased substantially in our most recent fiscal year," commented 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 improvement in operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. was also impressive, with EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become rising approximately 30% to $4.5 million." "We believe that a broader product mix and increased channels of distribution should allow the Company to further improve its operating results in the current fiscal year. In Fiscal 2001, we began selling the Cash Register Dealer distribution channel our new line of ATM Rolls. The introduction of such specialty products as Wide Format Outdoor Banner Same as banner ad. 1. banner - The title page added to printouts by most print spoolers. Typically includes user or account ID information in very large character-graphics capitals. Material in our Wide Format line of products has allowed management to increase customer loyalty as a single source supplier in new market channels. The proliferation proliferation /pro·lif·er·a·tion/ (pro-lif?er-a´shun) the reproduction or multiplication of similar forms, especially of cells.prolif´erativeprolif´erous pro·lif·er·a·tion n. of personal equipment in recent years has expanded the market for specialty papers, films and other hard copy media such as the recently introduced CD/DVD Sleeves and Labels. Management's goal is to satisfy the imaging needs of TST/Impreso's expanding customer base in the most cost-efficient Adj. 1. cost-efficient - productive relative to the cost cost-effective efficient - being effective without wasting time or effort or expense; "an efficient production manager"; "efficient engines save gas" manner possible, with a broad product line and the timely delivery of orders from our nationwide network of 57 warehouse locations. We believe the successful execution of this strategy will allow our Company to increase sales, earnings, market share and shareholder values in future years." The HotSheet.com web portal See portal. continues to provide a valuable web navigation service to thousands of Internet users Internet user n → internauta m/f Internet user Internet n → internaute m/f daily. HotSheet is an easy to use single page directory focused on listing the web's most popular and useful destinations. "Like most web portals, HotSheet has been affected by the downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. in 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 banner advertising Banner Advertising A common form of advertising on the internet. The banner is an advertisement of 460x68 pixels, usually placed at the top of the page Notes: For an example, just look at the top of a page on almost any popular web site. ," stated Mr. Sorokwasz, "However, sales commission on close to 100% of the e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. sites listed in the shopping section of the directory has helped maintain consistent revenue." 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 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, 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 SmallCap 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 or changes after the date of this release.
IMPRESO, INC. & SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)
Three months ended August 31
2001 2000
------------ -------------
Net sales $30,548,051 $22,159,634
Cost of sales 26,888,534 19,618,052
------------ ------------
Gross profit 3,659,517 2,541,582
------------ ------------
Other costs and expenses:
Selling, general and administrative
expenses 2,291,111 1,813,963
Interest expense 492,605 407,693
Other expense (income), net 86,379 (55,551)
------------ ------------
Total other costs and expenses 2,870,095 2,166,105
------------ ------------
Income before income taxes 789,422 375,477
------------ ------------
Income tax expense (benefit):
Current 291,798 130,565
Deferred (2,856) 56,623
------------ ------------
Total income tax expense (benefit) 288,942 187,188
------------ ------------
Net income (loss) 500,480 $188,289
============ ============
Net income (loss) per common share
(basic and diluted) $0.09 $0.04
============ ============
Weighted average number of common shares
outstanding:
(basic and diluted) 5,281,583 5,292,780
IMPRESO, INC. & SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)
Year ended August 31
2001 2000
----------- ------------
Net sales $96,208,411 $74,117,661
Cost of sales 84,752,004 64,624,852
----------- ------------
Gross profit 11,456,407 9,492,809
----------- ------------
Other costs and expenses:
Selling, general and administrative
expenses 7,872,633 6,837,737
Interest expense 1,632,581 1,304,369
Other expense (income), net (72,259) (137,791)
----------- ------------
Total other costs and expenses 9,432,955 8,004,315
----------- ------------
Income before income taxes 2,023,452 1,488,494
----------- ------------
Income tax expense (benefit):
Current 725,560 534,273
Deferred 50,947 22,904
----------- ------------
Total income tax expense (benefit) 776,507 557,177
----------- ------------
Net income (loss) $1,246,945 $931,317
=========== ============
Net income (loss) per common share
(basic and diluted) $0.24 $0.18
=========== ============
Weighted average number of common shares
outstanding:
(basic and diluted) 5,281,583 5,292,780
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