Printer Friendly

URETHANE TECHNOLOGIES INC. POSTS NINE-MONTH REVENUE INCREASE

 IRVINE, Calif., Nov. 16 ~PRNewswire~ -- Urethane Technologies Inc. (NASDAQ: UTEC) announced today revenues of $1,702,406 for the nine-month period ended Sept. 30, 1992. The revenue figure for the period was up 44 percent over the first nine months of 1991 and, in fact, exceeded full-year 1991 revenues of $1,365,024 by 25 percent because of increased order activity by both domestic and international customers.
 Net loss for the nine-month period was $2,564,730, or ($0.48) per share, compared to a net loss of $1,312,707, or ($0.75) per share in the first nine months of 1991. The primary reasons for the increased loss were hiring additional employees and a $500,000 non-cash charge incurred in the settlement of a lawsuit.
 Revenues in the third quarter ended Sept. 30, 1992, were $489,178, a 23 percent decrease from the third quarter of 1991 because of a large equipment sale in the prior period. However, chemical revenues in the third quarter of 1992 grew by 147 percent, reflecting increased order activity.
 Net loss for the third quarter was $585,486, or ($0.10) per share, compared to $332,316,or ($0.17) per share in the third quarter of 1991. The primary reasons for the increased loss were the lower sales level in the third period of 1992, hiring additional employees and increased administrative expenses.
 "We are gratified that our quality program initiated last year is starting to bear fruit in increased sales. We look forward to some of our new technology meeting customers; more advanced product needs, particularly in the airless bicycle tire, athletic footwear, and kitchen and bathroom fixture markets. We expect the commercialization of our current development programs will begin to increase our revenues significantly and establish a profitable base to our business," stated Roy McClellan, president.
 UTEC develops and markets specially formulated, value-added chemical compounds, as well as manufacturing equipment that incorporates patented centrifugal casting technology, to original equipment manufacturers for the production of polyurethane-based products.
 -0- 11~16~92
 ~CONTACT: Shareholder Relations of Urethane Technologies, 310-553-9137~
 (UTEC)


CO: Urethane Technologies Inc. ST: California IN: CHM SU: ERN

JB-BP -- LA035 -- 1440 11~16~92 15:58 EST
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:Nov 16, 1992
Words:366
Previous Article:ODETICS REPORTS SECOND QUARTER FY 1993 LOSS
Next Article:METROPOLITAN FINANCIAL AND WESTERN FINANCIAL AGREE TO MERGE
Topics:


Related Articles
URETHANE TECHNOLOGIES POSTS SECOND QUARTER REVENUE INCREASE
URETHANE TECHNOLOGIES REPORTS FIRST QUARTER REVENUES INCREASE 63 PERCENT
URETHANE TECHNOLOGIES REPORTS SECOND QUARTER AND FIRST HALF, 1993 RESULTS
ECOGEN REPORTS THIRD QUARTER AND NINE MONTHS RESULTS; COMPANY REVENUES JUMP OVER 50 PERCENT, NET LOSS DECREASES
URETHANE TECHNOLOGIES REPORTS SECOND QUARTER RESULTS
URETHANE TECHNOLOGIES REPORTS RECORD FIRST QUARTER 1995 RESULTS
URETHANE TECHNOLOGIES REPORTS 1ST QUARTER 1996 RESULTS, CONFIRMS COMMITMENT TO PROFITABLE GROWTH, INTERNALLY AND VIA ACQUISITIONS
Urethane Technologies Announces 2nd Quarter 1996 Results, Workforce Reductions of 11% and Aggressive Cost-Saving Programs
/C O R R E C T I O N -- URETHANE TECHNOLOGIES, INC./(Correction Notice)
Urethane Technologies Reports 3rd Quarter 1996 Results, Further Cost-Saving Measures, New Licensing Agreement

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters