AACS news.B: American Commerce Solutions, Inc. Reports Preliminary Mid-Year
Results of Operations
B: American Commerce Solutions, Inc. Reports Preliminary Mid-Year Results of Ope
ations
BARTOW, Fla., Sep 24, 2003 /PRNewswire-FirstCall via COMTEX/ -- American
Commerce Solutions, Inc. (OTC Bulletin Board: AACS) today released preliminary
results of operations for the second quarter ending August 31, 2003.
Daniel L. Hefner, President and Chief Executive Officer of American Commerce
Solutions, Inc. stated, "Based upon our preliminary review, we are pleased to
announce that ACS' wholly owned subsidiary, International Machine and Welding,
Inc. will report substantial improvement in the efficiency of the operation
compared to the same six-month period last year. Although sales have been
sluggish in the first half of the year, our employees have made the most
effective use of the resources available to them and maximized the revenue
available."
"With revenue off by over $218,000 or 19.3% for the six-month period, one should
expect that all would be disappointed. However, that is not the case with
International Machine and Welding, Inc.," Hefner continued. "Cost of sales was
reduced by $241,000 from 59.0% to 46.69%, more than making up for the lower
revenue. Additionally, gross profit increased from 41.0% to 53.31% over the same
period in 2002. Finally, the net operating loss for the six months ended August
31, 2003 is $106,843 compared to same-period losses from operations of $559,316
at August 31, 2002. Losses were reduced by $452,443 or 80.9%," Mr. Hefner
explained.
According to Hefner, the Board of Directors of American Commerce Solutions, Inc.
has endorsed and implemented, through an experienced management team, a program
of sales and operation that places emphasis on generating sales that make use of
the more unique machinery in the shop. A horizontal lathe capable of turning a
55-foot long metal shaft with an 11-foot outside diameter and a vertical boring
mill that can hold a component equivalent in size to a full size sports utility
vehicle are just two of the pieces of equipment that make International Machine
and Welding, Inc. an industry standout in the Southeast. By generating more high
profit sales, the reduced revenue had substantially less impact than would
normally be expected. The machines referenced may be seen at the company
website, WWW.AACSSYMBOL.COM .
"I don't want to leave the impression that we are satisfied with the reduced
revenue. It is our goal to continue the efficiencies that have been started and
build the revenues with improved margins. We want to stop talking about 'less
losses' and talk about 'profits'. Meanwhile, we will continue to reduce debt,
improve cash flow, cut losses and build on solid fundamentals. We owe no less to
our employees, our stockholders or ourselves," Hefner said.
Hefner emphasized that the results are preliminary and subject to adjustment
before the filing of the 10QSB in October.
Safe Harbor Statement under the Private Securities Litigation Reform Act of
1995: The statements contained in this release that are not historical, are
forward-looking statements that are subject to risks and uncertainties that
could cause results to differ materially from those expressed in the forward-
looking statements, including but not limited to, certain delays and risks
detailed from time to time in the company's filings with the Securities and
Exchange Commission.
SOURCE American Commerce Solutions, Inc.
CONTACT: Daniel L. Hefner, President and Chief Executive Officer of
American Commerce Solutions, +1-863-533-0326
/WEBSITE: aacssymbol.com
(AACS)
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Copyright (C) 2003 PR Newswire. All rights reserved.
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KEYWORD: Florida
INDUSTRY KEYWORD: OTC
MAC
SUBJECT CODE: ERN
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