ANDAL REPORTS FIRST QUARTER RESULTS
ANDAL REPORTS FIRST QUARTER RESULTS NEW YORK, Feb. 11 /PRNewswire/ -- Andal Corp. (AMEX: ADL) today
reported a net loss of $1,132,000, or $.17 per share, for its fiscal 1992 first quarter which ended Dec. 31, 1991, compared with a loss of $1,679,000, or $.25 per share, in the comparable quarter ended Dec. 31, 1990. Revenues were $4,945,000 in the current quarter compared with $11,576,000 last year. The decline in revenues resulted principally from the sale in June 1991 of Andal's business of manufacturing stainless steel and high nickel alloy tubing. After elimination of the business that was sold, pro forma revenues and net loss for the fiscal 1991 first quarter would have been $5,285,000 and $1,430,000, respectively.
Andal, through its Multi-Arc Scientific Coatings Division, is engaged in surface enhancement as a leading provider of thin-film metal coating services and systems. Multi-Arc's operating profit improved over the prior year despite a decline in revenues as the result of extensive cost reductions in its coating services business. Andal owns a 21 percent interest in Steve's Homemade Ice Cream, Inc. a seller, franchiser, and distributor of premium and super-premium ice cream and frozen yogurt. Andal also owns a 25 percent interest in Olsher Metals Corporation. Olsher and its subsidiaries are engaged in niche areas of the carbon steel industry, including the operation of a facility which processes primary and secondary grades of tin plate. ANDAL CORPORATION Consolidated Statement Of Operations (Dollars in thousands, except per share amounts, unaudited) Three months ended Dec. 31 1991 1990 Operating revenues $4,945 $11,576 Operating costs and expenses: Cost of revenues 2,464 8,450 Depreciation expense 589 812 Selling, general and administrative expenses 2,290 2,905 Total 5,343 12,167 Income (loss) from operations (398) (591) Other income (expense): Investment income, net 45 146 Interest expense (565) (938) Amortization of goodwill -- (123) Total (520) (915) Equity in net income (loss) of Steve's Homemade Ice Cream, Inc. -- (150) Equity in net (loss) of Olsher Metals Corporation (209) -- Total (209) (150) Income (loss) before income taxes (1,127) (1,656) Provision for income taxes (5) (23) Net income (loss) ($1,132) ($1,679) Net income (loss) per common share ($0.17) ($0.25) Average number of common shares outstanding 6,586 6,586 -0- 2/11/92 /CONTACT: Michael S. Huber of Andal, 212-688-4440/ (ADL) CO: Andal Corp. ST: New York IN: MNG SU: ERN SM-OS -- NY066 -- 8949 02/11/92 16:32 EST
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|Date:||Feb 11, 1992|
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