Company Press Release
AERT Q3 Revenues Jump 76% to $5.8 million
SPRINGDALE, Ark. Nov. 12, 1999 Advanced Environmental Recycling Technologies Inc. (Nasdaq:AERTA) announced today that the net sales for the quarter ended Sept. 30, 1999, increased to $5.79 million, up 76% over the comparable period a year ago.
This is an increase of $2.5 million over this period last year. These significant revenue gains are not isolated to this quarter alone, but continue a trend of the past 9 months: $15.1 million versus $8.6 million for the same period last year.
Operating income for the quarter was $150,877 as compared to an operating loss of $646,219 during the third quarter 1998. Year to date operating income was $281,370 versus an operating loss of $1,856,734 during the same period in 1998. Interest expense was reduced to $109,539 compared to $344,004, generating a net income before dividends of $41,338 for the quarter compared with a loss of $990,223 for the same period last year. After interest and dividends, there was a net loss of $31,758.
According to AERT Chairman, Joe G. Brooks, "The Company continued to improve and strengthen during the quarter. Our Tex. facility produced sales of $3.07 million, yielding a gross margin of $932,278 or 30.3%, while our Ark. facility, still under construction, produced a gross margin of $268,910 or 9.8% for the quarter."
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