AMR enjoys record sales in third quarter 1999
TORONTO, Nov. 11 /CNW/ - AMR TECHNOLOGIES INC. (TSE:AMR) today reported
its results for the third quarter ending September 30, 1999.
Sales for the first nine months of 1999 were US$27.9 million, an increase
of 17% over sales of US$23.8 million in the same period in 1998. Sales for the
third quarter of 1999 were US$10.2 million compared to US$8.6 million in the
third quarter of 1998. Both the Rare Earth and Magnetic Divisions have
increased sales in all three quarters of 1999.
Net income for the first nine months of 1999 was US$603,000, which
compares to US$856,000 in the first nine months of 1998. Net income for the
third quarter of 1999 was US$492,000 compared to US$40,000 in the third
quarter of 1998. Quarterly net income has also improved consistently
throughout the year (3Q99 : US$492,000; 2Q99 : US$331,000; 1Q99 :
(US$220,000)). This is due to continuing improvement in sales volumes in our
Magnetic Division. September was the Magnetic Division's first month of
profitable operations.
Said AMR Chairman and CEO, Peter Gundy: ``The achievement of full
commercialization of AMM would not have been possible without the dedication
of the Magnetic Division's management and staff and we are pleased to report
that all key management positions have been filled in Thailand. The technical
and operational expertise of our team is truly our competitive advantage. As
sales orders increase, the financial results of the Division improve. So far,
in the fourth quarter of this year, we have already exceeded sales for the
third quarter.
Sales and profits in the Rare Earth Division continue to increase to
record levels. We continue to enjoy increasing demand for our existing rare
earth products and are vigorously pursuing new applications. In our continued
effort to be regarded by rare earth customers as an industry leader, we have
been upgrading our product development and analytical capabilities. This
investment has given us the ability to improve the specification tolerances of
our product and compete effectively with more complex products offered by the
non-Chinese sector of the rare earth industry.'
Dr. John Croat, the inventor of Neodymium bonded magnets and a leading
scientific authority in the industry is responsible for the Magnetic Division.
In October, Dr. Croat exchanged his interest in the Magnetic Division for
250,000 AMR shares issued from treasury, thereby making the Magnetic Division
a wholly owned subsidiary of AMR. The exchange is consistent with the
increasingly active role Dr. Croat has been assuming in AMR's Senior
Management in addition to his responsibilities in the Magnetic Division.
The Common Shares of the Company are listed on The Toronto Stock Exchange
under the symbol AMR.
<<
AMR TECHNOLOGIES INC.
SELECTED FINANCIAL INFORMATION
FOR THE PERIOD ENDED SEPTEMBER 30, 1999
(Thousands of US Dollars, except for per share amounts)
(unaudited)
-------------------------------------------------------------------------
3 months 9 months
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September 30 1999 1998 1999 1998
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Restated due Restated due
to change in to change in
accounting accounting
policy policy
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REVENUE $10,190 $8,629 $27,908 $23,785
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OPERATING INCOME BEFORE 1,145 1,060 2,553 3,065
R&D EXPENSES
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R&D EXPENSES 276 737 1,028 1,311
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OPERATING INCOME 869 323 1,525 1,754
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NET INCOME 492 40 603 856
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NET INCOME PER COMMON .030 .002 .037 .052
SHARE (US$)
-------------------------------------------------------------------------
NET INCOME PER COMMON .044 .003 .055 .077
SHARE (C$)
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>>
Note: Average exchange rates used between US$ and Cdn$ are 1.4907 for
three months ended September 30, 1999, 1.539 for three months ended
September 30, 1998, 1.4874 for nine months ended September 30, 1999, and
1,4768 for nine months ended September 30, 1998.
AMR produces, processes and develops rare earth materials and
applications which are essential to many of today's high technology products.
These include computers, TVs, VCRs, cell phones and CD players. AMR separates
and purifies rare earth materials at two plants in China and sells to
multinationals in Europe, North America, Korea and Japan. AMR's subsidiary,
Advanced Magnetic Materials (Thailand) Ltd., manufactures Neodymium-Iron-Boron
magnetic powder and magnets for the electronics and automotive markets.
Headquartered in Toronto, AMR has approximately 1,000 employees throughout its
international operations.
The Company's quarterly financial statements will be available when they
are mailed to registered shareholders.
-30-
For further information: Leanna Dean, Investor Relations,
(416) 367-8588, website: www.amr-ltd.com, e-mail: amrinfo@amr-ltd.com; To
request a free copy of this organization's annual report, please go to
www.newswire.ca and click on reports@cnw. |
