AMCOR 1997 Third Quarter Results
On July 17, 1997 - AMCOR Capital Corporation announced net income of $805,000 or 11 cents per share for the third quarter ended May 31, 1997 compared to net income of $56,000 or 1 cent per share for the same period of 1996. Net income for the first nine months of the fiscal year was $ 1.5 million or 20 cents per share, compared to 11 cents per share earned in the year earlier period.
Revenues for the nine months increased 133% to $5.6 million from $2.4 million in the prior nine month period.
Company Chairman, Fred Behrens noted that the Company's gross revenues were significantly higher due primarily to a very abundant May/June table grape harvest. The Company also had increased management and development fees related to its Las Palomas golf course and subdivision located southeast of San Antonio Texas, and income from its California biomass operations.
Mr. Behrens went on to say, "AMCOR should complete its sixth consecutive year of sales and earnings growth in 1997. This year's table grape harvest as well as the expansion of its AMCOR Biomass Farms, LLC subsidiary have contributed to AMCOR's earnings and operating margin growth."
Total assets increased over 34% to 42.9 million, due primarily to the acquisition of additional agricultural properties from affiliates, larger inventories pertaining to the 1997 table grape crop and expansion of the biomass processing plant and equipment.
On July 10, 1997, the Company acquired the green waste division of TransPacific Environmental, Inc., a privately held California corporation conducting a green waste processing, storage and transfer business in Santa Fe Springs, California, where the Company also has processing operations.
The Company has also applied for listing on NASDAQ's National Market System where formal approval is expected this month.
AMCOR has three operating divisions: a fully integrated agricultural division, which produces over 150 million pounds of food products annually in California and Oregon; a real estate division which manages a portfolio of development properties in California and Texas and; AMCOR Biomass Farms, LLC which is engaged in green waste recycling operations in California.
For further information lokk at our web site at:
http:\\www.amcorcapital.com |
