Sam-- News on APII, did what they said they would do.
Also, look at brliz warrants, still unmoved by recent action in the stock. There is a brli thread.>>APII news>>>>>>>>>>Wednesday July 16 12:11 PM EDT
Company Press Release
Source: Action Products International, Inc.
Action Products Reports Record Second Quarter
OCALA, Fla., July 16 /PRNewswire/ -- Action Products International, Inc. (Nasdaq:APII) today
announced record results for the quarter ending June 30, 1997. The Company exceeded last years
sales of $1,736,182 with record second quarter sales of $1,809,623. The Company's gross profit
margin continued its climb from 33.4% for the second quarter of 1996 to 41.6% in the first quarter
of this year to 44.8% this second quarter, a net increase of 11.4 percentage points over 1996. Net
earnings more than doubled to $234,702 from $112,837 in the second quarter 1996, or
$0.15/share in Q2 1997 vs. $0.08/share in Q2 1996.
The Company attributes the increases in sales and gross profit margin primarily to its transition
from distributor to manufacturer, new product development, and divisionalization. Sales were
particularly strong in the Company's proprietary products developed for the space and science
markets.
The Company expects these trends to continue with comparative gains in the 3rd and 4th quarters.
Earnings are expected to increase even if sales finish slightly off from last year. The Company
forecasts increases in revenues and profits in 1998, which will be in line with the new divisional
focus, new products, and new profit model.
Ronald Kaplan, CEO since 1996, commented on the state of the Company, ``This second quarter
was a record breaking quarter in many ways. We had record sales and earnings for the second
quarter, which also included the best sales month in Action Product's history.'' He added, ``I am
confident in the ability of this management team to continue to compound upon the changes and
strides we have made in our products and marketing. 1998 will be an exciting year for APII.''
Quarterly Financial Highlights
For the three months ended For the six months ended
June 30, June 30,
Operations 1997 1996 1997 1996
Sales $1,809,623 $1,736,182 $2,954,009 $3,173,846
Gross profit 811,309 580,390 1,287,542 1,102,247
Gross profit
margin 44.8% 33.4% 43.6% 34.7%
Net income 234,702 112,837 170,967 241,617
Net income per
share $0.15 $0.08 $0.11 $0.16
Weighted avg.
# shares 1,549,926 1,499,926 1,549,926 1,499,926
Action Products International, Inc. and its divisions, Action Products Toys, Action
Publishing(TM), Action Apparel, Action Snacks(R), and Logo America(TM), design and market
an extensive line of creative merchandise to edutainment specialty retailers, museums, zoos, theme
parks, attractions and toy stores in the United States and worldwide.
Any statements that are not historical facts contained in this release are forward looking
statements. It is possible that the assumptions made by management for purposes of such
statements may not materialize. Actual results may differ materially from those projected or implied
in any forward looking statements. Such statements may involve risks and uncertainties, including
but not limited to those relating to product demand, pricing, market acceptance, the effect of
economic conditions, and intellectual property rights and the outcome of competitive products,
risks in product development, the results of financing effort, the ability to complete transactions,
and other risks identified in this release and the Company's Securities and Exchange Commission
filings.
SOURCE: Action Products International, Inc.
Contact: Deborah Coy, Director of Investor Relations, Action Products International, 352-680-3516, or E-mail,
dcoy@apii.com or http: |
