Printer Friendly

RYAN-MURPHY REPORTS FOURTH QUARTER AND YEAR END RESULTS UNDERWRITING GROSS PROCEEDS $1,950,000

 RYAN-MURPHY REPORTS FOURTH QUARTER AND YEAR END RESULTS
 UNDERWRITING GROSS PROCEEDS $1,950,000
 DENVER, May 11 /PRNewswire/ -- Ryan-Murphy Inc. (NASDAQ: RMII) today announced net income for the fiscal year ended Jan. 31, 1992, was $41,131, less than 1 cent a share, on operating revenues of $11,907,899. Revenues were up $389,000 from the year earlier $11,518,886.
 Fourth quarter revenues were $3,922,191 with a net profit of $168,149 or 1 cent a share. This compares to revenues of $3,333,313 and a $108,115 net loss, or 1 cent a share, in the fourth quarter a year earlier.
 As reported July 16, 1991, the company signed an agreement with a customer to build nine Good Earth Machines (GEMs), over the next two years, two of these were ordered and delivered in fiscal year end January 1992. A contract dispute has arisen concerning the customers alleged non-performance under the agreement. As a result, no new GEMs are anticipated to be ordered until the dispute is resolved. Pending resolution of the dispute, the company has elected to begin pursuing GEM services in selected areas, which had formerly been reserved exclusively for the customer under the contract which the company claims is now in default.
 The company renegotiated the royalty agreement with the vice president of the GEM Division, Robert Barcell. Under the new terms the company acquired all of the rights to the patent for the GEM in exchange for $1,100,000 and 1,000,000 common shares of stock. Effective Feb. 28, 1992, the company will no longer be obligated to pay royalties to Barcell. Additional remuneration would be paid if Barcell successfully develops new technology consisting of thermal remediation of chlorinated and fluorinated hydrocarbons, creosote, crude and coal tar. Payment to Barcell was paid from a public stock offering completed by Drake Capital, Santa Monica, Calif. The company raised gross proceeds of $1,950,000. Balance of proceeds are to be used for working capital.
 The company also announced the opening of two new sales offices in Houston and Londonderry, N.H.
 "The important factor here is that RMI made tremendous progress during fiscal 1992, we have positioned the company for a strong growth during this year and beyond," said Robert Jennings, president.
 -0- 5/11/92
 /CONTACT: Dennis C. Murphy of Ryan-Murphy, 303-427-4567/
 (RMII) CO: Ryan-Murphy Inc. ST: Colorado IN: SU:


MC -- DV001 -- 8449 05/11/92 09:05 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 11, 1992
Words:411
Previous Article:DIGITAL F/X APPOINTS GLENN CURRY REGIONAL SALES MANAGER FOR MIDWEST TERRITORY
Next Article:CB COMMERCIAL REAL ESTATE GROUP RELEASES FIRST QUARTER 1992 COMMERCIAL VACANCY RATES


Related Articles
RYAN-MURPHY, INC. REPORTS THIRD-QUARTER RESULTS, EXPECTS FY 1991 TO OUTPACE FY 1990
RYAN-MURPHY REPORTS FISCAL 1993 FIRST QUARTER RESULTS
LSI INDUSTRIES INC. OPERATING RESULTS YEAR ENDED JUNE 30, 1992 AND DIVIDEND DECLARED
RYAN-MURPHY REPORTS SECOND-QUARTER RESULTS
LASER-PACIFIC CUTS QUARTERLY LOSS BY 55 PERCENT
RYAN-MURPHY INC. ANNOUNCES THIRD QUARTER AND NINE MONTHS OPERATING RESULTS
Infinity Property and Casualty Corporation Announces Fourth Quarter Results.
Bristol West Reports Record Earnings For 2004, Return On Average GAAP Equity Of 26.5 Percent.
Another Record Year for RLI.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters