ASXI - .28 cents x .315 cents.
Astrex, Inc. Reports Continued Profitable Operations and a New Chief Financial Officer
PLAINVIEW, N.Y., Aug. 12 /PRNewswire-FirstCall/ -- Astrex, Inc. (OTC Bulletin Board: ASXI - News) has filed its First Quarter 10-QSB report for the period ended June 30, 2002 reporting continued profitable results notwithstanding the difficult current environment. In a move to structure the Company for continued growth the Board of Directors has further announced that Joseph Looney has joined the Company as its Chief Financial Officer and Executive Vice President.
Announcing First Quarter results as compared to the same period in the previous fiscal year, the Company reports:
* Net Income of approximately $129,000 as compared to approximately
$184,000 a year ago, a 30% decline. (Net Income in last year's
first quarter was reduced by approximately $36,000 due to losses from
discontinued operations. Disregarding that loss the percentage
decline in Net Income from continuing operations was 41%);
* Per Share (diluted) Net Income of approximately $0.02 as compared
to $0.03 a year ago;
* Net Sales of approximately $3,753,000 as compared to approximately
$4,876,000 a year ago, a 23% decline;
* Total Shareholders' Equity as of June 30, 2002 of approximately
$4,865,000 as compared to $4,735,000 at the same date last year,
a 3% increase.
* Bookings (i.e. orders) for the First Quarter of approximately
$3,642,000 as compared to approximately $4,417,000 a year ago,
an 18% decrease; and
* Backlog (i.e. confirmed but not yet shipped orders) at June 30, 2002
of approximately $2,851,000 as compared to $4,096,000 a year ago,
a 30% decrease.
Given the present economic conditions the Company is pleased by the continuation of profitable operations and shareholder equity growth notwithstanding declining sales and that it has been able to do so not only by reducing SG&A and interest expense but also by improving gross margins through emphasizing higher margin product line sales. However, noting the decreased Backlog and Bookings figures, the Company believes that it will continue to be challenged with a difficult economic environment.
For the past several years the Board of Directors has been pleased to consistently announce growing, profitable operations, as well as more recently the Company's comparatively strong performance during the past several difficult months. In order to strategically strengthen the Company for future growth the Board has elected Joseph Looney the Company's new CFO and Executive Vice President. Mr. Looney brings over twenty years of strong financial experience to the Company. Prior to joining the Company and since 1996, Mr. Looney served as the Vice President of Finance for Manchester Technologies, Inc. Lori Sarnataro, the Company's current Chief Financial Officer, has resigned to pursue other opportunities. While the Board is not presently contemplating any significant actions, it believes that with the retention of Mr. Looney the Company will have the foundation necessary to take advantage of future opportunities.
This press release briefly summarizes only certain portions of the Company's Quarterly Report on Form 10-QSB for the first quarter ended June 30, 2002 and readers should review the entire report filed with the SEC. Further, the Company cautions that the results for the First Quarter reported in its just filed 10-QSB have not been subject to audit and emphasizes that they are only for the First Quarter and thus are not necessarily indicative of what the results will be for the entire fiscal year.
This announcement contains forward-looking statements that involve risks and uncertainties, including those relating to the future business performance of Astrex. More information about some of the many potential factors which could affect the Company's business and financial results are included in the Company's Annual Report on Form 10-KSB for the year ended March 31, 2002, including (without limitation) under the captions "Description of Business", "Description of Property" and "Management's Discussion and Analysis or Plan of Operation," which is on file with the Securities and Exchange Commission (http://www.sec.gov).
SOURCE: Astrex, Inc. |
