Acorn Announces Third Quarter Results
NEW YORK, Nov. 16 /PRNewswire/ -- Acorn Holding Corp. (Nasdaq: AVCC - news; the ''Company'') announced today the results of operations on an operating basis for the third quarter ended September 30, 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 three months ended September 30, 1999, the Company, on a consolidated basis, reflected net sales of $989,774 with net loss of $189,305, while for the three months ended September 30, 1998, it reflected net sales of $1,704,344 with net income of $12,466. For the nine months ended September 30, 1999, the Company, on a consolidated basis, reflected net sales of $2,970,698 with net loss of $685,651, while for the nine months ended September 30, 1998, it reflected net sales of $5,901,353 with net income of $287,469. The loss per share for the third quarter ended September 30, 1999 was ($.12) based on a weighted share average of 1,627,362, while earnings per share for the third quarter ended September 30, 1998 was $.17 based on a weighted share average of 1,518,157 shares.
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Stephen A. Ollendorff, Chairman and Chief Executive Officer of the Company, noted that, ''the decline in sales and profitability during the third quarter was due primarily to the slow down in demand for wafers in the semiconductor industry. However, the Company is experiencing an increase in orders which should translate into higher sales at least for the first quarter of the year 2000.'' |
