PRAC .95...$.08 per sh fully dil for 1st qtr...clean report:
Three Months Ended September 30, 2003 Compared to Three Months Ended September
30, 2002
Unaudited revenues earned for the quarter ended September 30, 2003 were
$7,564,463, as compared to $6,736,943 for the quarter ended September 30, 2002,
an increase of 12%. Gross profit for the quarter ended September 30, 2003 was
$1,614,060, representing a 3% increase compared to the $1,574,052 gross profit
for the quarter ended September 30, 2002. The increase in gross profits was
principally due to the higher volume, although the higher volume overall was
less profitable due to continued margin pressure, which derived from continued
slower economic activity in the capital goods industry. Management also believes
the capital goods sectors in which the Company participates continue to exhibit
excess capacity.
Consolidated selling, general and administrative (SG&A) expenses were $1,220,619
or 20% lower than the quarter ended September 30, 2002 SG&A expenses of
$1,526,416. The reduction in SG&A expenses for the quarter ended September 30,
2002 was due to continued cost controls and cost reductions at both operating
subsidiaries.
The income from operations for the quarter ended September 30, 2003 was
$393,441, compared to income from operations for the quarter ended September 30,
2002 of $47,636. This increase for the quarter resulted from higher sales and
lower SG&A expenses discussed above. |
