Acorn Announces First Quarter Results
NEW YORK, June 16 /PRNewswire/ -- Acorn Holding Corp. (Nasdaq: AVCC - news; the ''Company'') announced today the results of operations on an operating basis for the first quarter ended March 31, 1999. The Company's principal subsidiary is Recticon Enterprises, Inc. (''Recticon''), which manufactures monocrystalline silicon wafers which are used in the semiconductor industry.
For the first quarter ended March 31, 1999, the Company, on a consolidated basis, reflected net sales of $877,455 with net loss of $258,927, while for the quarter ended March 31, 1998, it reflected net sales of $2,056,016 with net income of $153,999. The loss per share for the first quarter ended March 31, 1999 was ($.064) based on a weighted share average of 4,066,406, while earnings per share for the first quarter ended March 31, 1998 was $.034 based on a weighted share average of 4,490,502 shares.
The following are the operating results of Recticon, on a stand-alone basis:
RECTICON ENTERPRISES, INC.
Income Statement Data
Three Months Ended
March 31,
(Unaudited)
1999 1998
Net Sales $877,455 $2,056,016
Net Income Before
Management Fees
and Taxes ($100,232) $379,629
Management Fees $78,999 $148,500
Net (Loss) Income
Before Taxes ($179,231) $231,129
Stephen A. Ollendorff, Chairman and Chief Executive Officer of the Company, noted that ''the decline in sales and profitability during the first quarter was due primarily to the slow down in demand for wafers in the semiconductor industry. In addition, the Company's sales and profitability have been adversely effected during the second quarter of 1999 and the Company is anticipating a loss for the second quarter of 1999.'' He further indicated that ''although the Company hopes to achieve profitability during the second half of 1999, no assurance can be given.''
From time to time in both written reports and oral statements by the Company's senior management, the Company may express their expectations regarding future performance by the Company. These ''forward-looking statements'' are inherently uncertain, and investors must recognize that events could turn out to he other than what senior management expected.
The Company's stock is traded on the Nasdaq Small-Cap Market under the symbol AVCC |
