METALLURGICAL INDUSTRIES REPORTS QUARTERLY PROFIT
TINTON FALLS, N.J., Nov. 26 /PRNewswire/ -- Metallurgical Industries, Inc. (NASDAQ: MTALA) today reported a third quarter profit of $22,531, equal to $.01 per share, versus a loss of $332,502, or $.20 per share, in the same quarter a year ago. Comparative revenues were $1,030,360 and $1,173,668, respectively.
For the nine months, the company had a net loss of $135,385, equal to $.08 per share, as against a loss of $465,747, or $.28 per share, for the 1990 period. Revenue was $3,012,857 compared to $4,291,716. The loss for the 1991 nine months includes the benefit of debt forgiveness in the amount of $130,000.
Ira L. Friedman, president and chief executive officer, noted that the company's improved profitability stemmed principally from its Advanced Welding and Coating Services (AWACS) and Intermet Resources' tantalum subsidiary. "The outlook for both businesses is most promising," Friedman said, "due to the expansion of our internal manufacturing capabilities and because of our prospects for increased volume. At the same time, our refractory metals sales, while still depressed because of the recession, should also improve due to a growing worldwide cobalt shortage and because our tungsten carbide cobalt powder has been qualified in a number of new applications," Friedman concluded.
The comparative consolidated results (unaudited) for the quarter and nine months were as follows:
METALLURGICAL INDUSTRIES, INC.
Period ended Three months Nine months
Sept. 30 1991 1990 1991 1990
Revenues $1,030,360 $1,173,668 $3,012,857 $4,291,716
Net profit (loss) 22,531 (332,502) (135,385)(A) (465,747)
Net earnings (loss)
per share .01 (.20) (.08) (.28)
(A) Includes other-debt forgiveness of $130,000.
/CONTACT: Ira L. Friedman, president of Metallurgical Industries, 908-542-5800/
(MTALA) CO: Metallurgical Industries, Inc. ST: New Jersey IN: SU: ERN FC-OS -- NY030 -- 7225 11/26/91 10:57 EST