TELLUS INDUSTRIES REPORTS EARNINGS
TELLUS INDUSTRIES REPORTS EARNINGS CARSON CITY, Nev., Feb. 19 /PRNewswire/ -- Tellus Industries, Inc.
(NASDAQ: TLLS) registered a better than five-fold increase in sales in the first quarter of its present fiscal year ending next Sept. 30. For the three months ended Dec. 31, 1991, historically the company's weakest quarter, Tellus's sales jumped to $3,388,365 from the $509,189 reported a year earlier, a result described by Tellus President Glen Burke as having been "on target."
A sharp turnaround in the profitability of operations brought the company back into the black as it also announced nominal earnings of $519 as compared with the loss of $157,524 reported for the comparable fiscal 1990 period. Unusually high costs and special charges in Tellus's shipping and fulfillment businesses adversely affected profit margins in the latest quarter and are not expected to recur in the future. Tellus Industries, a diversified multifaceted company engaged in direct sales and distribution as well as in providing financial services, has projected its fiscal 1992 sales will rise to $28 million from the $9.7 million and $74,838 reported in fiscal 1991 and 1990. After-tax profits are projected to sharply increase to $2.9 million from a loss of $125,004 and a loss of $73,210 for the same years ($0.22, $0.01 and $0.01 per share). TELLUS INDUSTRIES, INC. 12/31/90 12/31/91 Sales $509,189 $3,388,365 Earnings (157,524) 519 Earnings per share $(.002) -- Shares outstanding 7,059,542 12,789,634 -0- 2/19/92 /CONTACT: Glen Burke of Tellus Industries, 702-251-1979, or Michelle Sotnikow of Howard Bronson & Company, 212-867-6160, for Tellus/ (TLLS) CO: Tellus Industries, Inc. ST: Nevada IN: SU: ERN CK-OS -- NY075 -- 0610 02/19/92 16:22 EST
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|Date:||Feb 19, 1992|
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