Water-Jel Technologies announces earnings for fiscal 1995.
Net sales for the fiscal year ended Aug. 31, 1995 were approximately $5,029,000 as compared to $4,888,000 for the fiscal year ended Aug. 31, 1994. Pretax income in fiscal 1995 was approximately $316,000 as compared to approximately $1,126,000 in fiscal 1994 which included income of approximately $638,000 from a sale of a marketable security.
The company recorded an income tax benefit of $471,875, resulting in net income of $787,376 or 22 cents per share in fiscal 1995 as compared to an income tax benefit of $115,000, resulting in net income of $1,240,847, or 35 cents per share for fiscal 1994.
Commenting on the year end results, Peter Cohen, president of the company, stated "Fiscal 1995 marked the company's fourth consecutive year of earnings and increased sales. Our efforts during the year were focused on the expansion of our product lines.
"The company recently introduced generic creams and ointments which include Hydrocortisone Cream, Triple Antibiotic Ointment and First Aid Cream. In addition, the company recently introduced Cool-Jel, a topical gel for minor burns, cuts and scrapes."
Continuing, Cohen commented, "Although the company continues to reflect a strong balance sheet and profitability, management is not satisfied with the company's growth. One of our primary objectives in fiscal 1996 is to seek out acquisition candidates which will enhance shareholder value. The company has retained consultants to assist us in our search." -0-
Water-Jel Technologies Financial Highlights
Three Months Ended Twelve Months Ended Aug. 31, Aug. 31, 1995 1994 1995 1994
Net sales $1,338,677 $1,680,307 $5,029,217 $4,887,591 Operating expenses $1,332,122 $1,394,187 $4,879,775 $4,471,985 Other income $ 67,346 $ 668,430 $ 166,059 $ 710,241 Income before income tax benefit $ 73,901 $ 954,550 $ 315,501 $1,125,847 Income tax benefit $ 471,875 $ 115,000 $ 471,875 $ 115,000 Net income $ 545,776 $1,069,550 $ 787,376 $1,240,847 Net income per common share .15 .31 .22 .35 Weighted average number common shares outstanding 3,623,005 3,499,199 3,623,005 3,498,857
Water-Jel Technologies manufactures and markets emergency first aid products for burns and over-the-counter generic creams and ointments. The company's burn products consists of fire blankets, sterile burn dressings, and topical gels.
CONTACT: Water-Jel Technologies Inc., Carlstadt
Peter D. Cohen or Alex M. Alaminos, 201/507-8300
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|Date:||Dec 21, 1995|
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