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Accord Advanced Technologies Fifty Four Percent Increase in Revenues for First Quarter 2000
TEMPE, Ariz., May 18 /PRNewswire/ -- Accord Advanced Technologies, Inc. (OTC Bulletin Board: AVTI) announced today that its wholly owned subsidiary, Accord SEG, has increased its revenues by 54% over the same quarter in 1999.
Travis Wilson, president and chief executive officer of Accord Advanced Technologies, stated that, "The company began increasing its staff toward the end of last year to meet the demands of the market, our strategy is becoming successful as evidenced by this large increase in revenues for the subsidiary company Accord SEG. Sales increased from $1,006,000 for the three months ended March 31, 1999 to $1,553,000 for the three months ended March 31, 2000, an increase of $547,000 or 54%. The sales increase is mostly attributable to an increase in the service portion of the company's business."
Wilson went on to state that, "The gross profit increased from $351,000 in the period ended March 31, 1999 to $616,000 in the period ended March 31, 2000, an increase of $265,000 or 75%. The gross profit margin increased to approximately 40% in 2000 from 35% in 1999. Earnings per share were basically breakeven in that the company has been following its strategy to invest in additional necessary personnel."
Accord Advanced Technologies, Inc. is a leader in providing remanufactured capital equipment and global engineering consultant services to semiconductor manufacturers worldwide. Through its wholly owned subsidiary, Accord Semiconductor Equipment Group, Inc., the company remanufactures, upgrades and provides full-service support for semiconductor wafer-processing systems and related consumables. Accord continues its development of its present and impending patented technologies that will improve current and future manufacturing applications
Note. Any statements released by Accord Advanced Technologies, Inc. that are forward looking are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Editors and investors are cautioned that forward-looking statements invoke risk and uncertainties that may affect the company's business prospects and performance. These include economic, competitive, governmental, technological and other factors discussed in the company's filings with the Securities and Exchange Commission.
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SOURCE: Accord Advanced Technologies, Inc.
CONTACT: Investor Relations of Accord Advanced Technologies, Inc., 480-820-1400 |
