when this thread first started i put this company out here...it's 50 cents now and was 50 cents then...this today:
(PR Wires) PRW: Advanced Materials Group Reports Fourth-Quarter Results
PRW: Advanced Materials Group Reports Fourth-Quarter Results
RANCHO DOMINGUEZ, Calif.--(BUSINESS WIRE)--March 1, 2001--
ADMG Posts Quarterly Earnings of 5 Cents per Share;
Fiscal Year Earnings Were 14 Cents per Share,
Compared With a 10-Cent Loss in the Previous Year
Advanced Materials Group Inc. (OTCBB:ADMG) today reported final sales and
income from operations for the fourth fiscal quarter and fiscal year ended
Nov. 30, 2000.
Net sales for the fourth quarter of fiscal 2000 were $10.1 million, vs.
$10.6 million for the comparable period of fiscal 1999. Net earnings for the
fourth quarter of fiscal 2000 were $396,000, compared with $339,000 for the
fourth quarter of fiscal 1999. Basic earnings per share for the fourth
quarter were 5 cents per share on an average of 8.6 million shares, vs. 5
cents per share on an average of 8.5 million shares in the year-ago period.
Net sales for the full 12 months of fiscal 2000 were $40.3 million, vs.
$34.8 million for the comparable period of 1999. Net earnings for the 12
months of fiscal 2000 were $1,173,000, vs. a net loss of $874,000 for the 12
months of fiscal 1999. Basic earnings per share for fiscal 2000 were 14
cents per share on an average of 8.6 million shares, vs. a loss of 10 cents
per share on an average of 8.6 million shares in fiscal 1999.
During the year, the company changed the fiscal year-end of its Ireland
subsidiary to coincide with its own. The company had previously reported the
results of this subsidiary's operations for the one-month transition period
in its fourth-quarter revenues and earnings. In order to report only 12
months of operating results, these results have now been reclassified
directly to retained earnings.
Additionally, as a result of the company's fiscal year-end audit of its
financial statements, there was an unexpected restatement of inventories at
year-end, as noted below.
Chief Executive Officer Comments on Results
and Key Personnel Addition
Commenting on the results, Advanced Materials Group Chief Executive Officer
and President Steve Scott said: "The fourth-quarter results were mixed for
Advanced Materials Group. There was an unexpected restatement of
inventories, which resulted in a $223,000 unfavorable adjustment to earnings
for the year and the fourth quarter. On the go-forward, the proper capture
of inbound freight, which had changed with the new computer system, is in
place.
"On a positive note, a litigation claim against the company relating to its
Condor subsidiary was recently dismissed by the Court of Appeals. As a
result, ADMG reversed a contingent liability of $975,000 as of year-end
November 2000. It is very positive for the company to have this overhanging
liability removed.
"While we are positive about the turnaround that ADMG executed in 2000 and
the market focus of the company, we recognize that we face challenges in
2001. Several business sectors in which we participate started slowing in
the fourth quarter 2000 and are continuing to decelerate in the first
quarter of 2001 as key customers reduce production to bring inventories in
line.
"We remain confident that ADMG is positioned well for 2001 in strong market
sectors such as inkjet cartridge, cellular phone and medical disposables,
which we expect will continue to grow in 2001. We recognize, however, that
the growth will be uneven over the year, with the inventory adjustment
slowdown in the early portion.
"We are pleased to announce that Gayle Arnold has joined Advanced Materials
Group as chief financial officer. Ms. Arnold is an experienced CFO who will
be a key member of the ADMG management team in setting the stage for growth
in 2001."
Advanced Materials Group is a leading manufacturer and fabricator of
specialty foams, foils, films and pressure-sensitive adhesive components for
a broad base of customers in the computer, medical, automotive and aerospace
industries both in the United States and abroad.
Some statements contained in this news release are forward-looking
statements that involve a number of risks and uncertainties. In addition to
the factors discussed, the following are among other factors that could
cause actual results to differ materially: general business conditions,
competitive factors, concentration of sales in markets and customers,
concentration of raw-materials suppliers, delays or cancellations in orders,
fluctuations in margins, timing of significant orders, and other risks and
uncertainties outlined by management in the company's most recent Form 10-K.
ADVANCED MATERIALS GROUP INC.
Consolidated Statements of Operations
Three months ended 12 months ended
Nov. 30, Nov. 30,
2000 1999 2000 1999
Net sales $10,115,000 $10,622,000 $40,329,000 $34,798,000
Cost of sales 8,618,000 8,898,000 34,152,000 30,257,000
Gross profit 1,497,000 1,724,000 6,177,000 4,541,000
Operating expenses:
Selling, general
and administrative 1,139,000 1,129,000 4,463,000 4,528,000
Depreciation and
amortization 81,000 43,000 286,000 220,000
Total operating
expenses 1,220,000 1,172,000 4,749,000 4,748,000
Income (loss) from
operations 277,000 552,000 1,428,000 (207,000)
Other income
(expense):
Interest expense (140,000) (162,000) (523,000) (504,000)
Foreign-exchange
loss (113,000) (24,000) (67,000) (5,000)
Other, net (22,000) (27,000) (59,000) (158,000)
Total other income
and expenses (275,000) (213,000) (649,000) (667,000)
Income (loss) before
income taxes 2,000 339,000 779,000 (874,000)
Income tax expense (273,000) -- (273,000) --
Income (loss) from
continuing
operations (271,000) 339,000 506,000 (874,000)
Net income from
discontinued
operations 667,000 -- 667,000 --
Net income (loss) $ 396,000 $ 339,000 $ 1,173,000 $ (874,000)
Basic earnings per
common share:
Income (loss) from
continuing
operations $ (0.03)$ 0.05 $ 0.06 $ (0.10)
Income from
discontinued
operations 0.08 -- 0.08 --
Net income (loss)
per share $ 0.05 $ 0.05 $ 0.14 $ (0.10)
Diluted earnings per
common share:
Income (loss) from
continuing
operations $ (0.03)$ 0.05 $ 0.06 $ (0.10)
Income from
discontinued
operations 0.07 -- 0.07 --
Net income (loss)
per share $ 0.04 $ 0.05 $ 0.13 $ (0.10)
Basic weighted
average common
shares outstanding 8,656,200 8,519,055 8,599,723 8,581,630
Diluted weighted
average common
shares outstanding 8,800,392 8,519,055 8,784,412 8,581,630
ADVANCED MATERIALS GROUP INC.
Consolidated Balance Sheets
Nov. 30,
2000 1999
Assets:
Current assets:
Cash and cash equivalents $ 1,101,000 $ 496,000
Accounts receivable, net 7,753,000 7,238,000
Inventories, net 4,962,000 3,857,000
Income tax receivable 32,000 261,000
Deferred income taxes 337,000 337,000
Prepaid expenses and other 364,000 172,000
Total current assets 14,549,000 12,361,000
Property and equipment, net 3,007,000 2,507,000
Goodwill, net 451,000 514,000
Deferred income taxes 206,000 473,000
Other assets 152,000 237,000
Total assets $18,365,000 $16,092,000
Liabilities and stockholders' equity:
Current liabilities:
Accounts payable $ 5,952,000 $ 4,448,000
Accrued liabilities 1,210,000 2,115,000
Deferred income 273,000 337,000
Line of credit 3,585,000 3,823,000
Current portion of long-term obligations 360,000 282,000
Total current liabilities 11,380,000 11,005,000
Line of credit -- --
Term loans 892,000 396,000
Convertible debentures 405,000 405,000
Deferred compensation 1,056,000 1,056,000
Other 341,000 243,000
Total liabilities 14,074,000 13,105,000
Stockholders' equity:
Preferred stock -- $.001 par value;
5 million shares authorized; no shares
issued and outstanding -- --
Common stock -- $.001 par value;
25 million shares authorized; 8,671,272
and 8,519,055 shares issued and outstanding
at Nov. 30, 2000, and Nov. 30, 1999,
respectively 9,000 9,000
Additional paid-in capital 7,083,000 6,987,000
Accumulated deficit (2,801,000) (4,009,000)
Total stockholders' equity 4,291,000 2,987,000
Total liabilities and stockholders' equity $18,365,000 $16,092,000
CONTACT: Advanced Materials Group Inc., Rancho Dominguez
Steve F. Scott or Gayle Arnold, 310/537-5444
sscott@advmatl.com or garnold@advmatl.com
13:45 EST MARCH 1, 2001
*** end of story *** |
