AMR TECHNOLOGIES INC - Record Sales in Second Quarter 1999 [214]
Canadian Market News from Market News Publishing, Friday, August 13, 1999 at 18:17
(Published on Thursday, August 12, 1999 at 09:06)
AMR TECHNOLOGIES INC. reported its results for the second quarter
ending June 30, 1999.
Sales for the first half of 1999 were US$17.7 million, an increase of
16% over sales of US$15.2 million in the first half of 1998. Second quarter
sales for 1999 were a record US$9.5 million, compared to US$8.1 million in
the second quarter of 1998. This growth in sales took place in both the
Rare Earth and Magnetic Divisions.
Net Income for the first half of 1999 was US$111,000 countering losses
of US$220,000 in the first quarter of 1999 which were attributable to
startup costs of the Magnetic Division. In the second quarter of 1999, Net
Income was US$331,000 reflecting continued progress in the Magnetic
Division. On a segmented basis, the Rare Earth Division contributed
US$811,000 to Net Income in the second quarter of 1999 compared to
US$723,000 in the first quarter of 1999. The Magnetic Division had a loss
of US$480,000 in the second quarter of 1999 compared to a loss of
US$943,000 in the first quarter of 1999.
Said AMR Chairman and CEO, Peter Gundy: "Sales growth has continued
resulting in our best quarter ever for the Rare Earth Division with net
sales of US$9 million. The Company continues to be focused on creating the
conditions for substantial growth in both of its divisions.
"AMR passed another quality milestone recently. In 1996, both of our
Chinese factories were the first rare earth producers in China to receive
international ISO 9002 certification. Our JAMR subsidiary has now passed
the audit and will shortly be awarded ISO 14000 certification. ISO 14000 is
the international standard for environmental management. Once again, this
is the first time a rare earth producer in China has achieved this level of
international quality recognition."
The Common Shares of the Company are listed on The Toronto Stock
Exchange under the symbol AMR. |
