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Mile Marker International, Inc. Announces Two Cash Dividends
Mile Marker International, Inc. Announces Two Cash Dividends
Business Editors
POMPANO BEACH, Fla.--(BUSINESS WIRE)--MMRK--
Mile Marker International, Inc. (OTCBB:MMRK), a
specialty vehicle parts distributor, announced the payment of two cash
dividends totaling $0.07 per common share in the fourth quarter of
2003.
On September 17, 2003, the Board of Directors of Mile Marker
International, Inc. declared a cash dividend of $0.015 per common
share to be paid on October 15, 2003 to all shareholders of record as
of October 10, 2003. The Company's Board of Directors also voted to
issue a special dividend of $0.055 per common share on December 10,
2003 to all shareholders of record as of December 1, 2003.
With these two dividends, the Company has declared cash dividends
totaling $0.10 per common share during 2003. Based on a closing share
price of $1.65 for Mile Marker stock on September 29, 2003, these
dividends represent a yield of approximately 6% per annum.
Richard Aho, President and CEO of Mile Marker International, Inc.,
said: "With our growing electric and hydraulic winch sales and our
increased military business, I expect 2003 to be a record year for
Mile Marker in all aspects: sales, net income and dividends."
On October 4, 2003, Mile Marker International, Inc. (the “Registrant”) received notice from the United States Army Tank – Automotive and Armaments Command of the U.S. Department of the Army (“TACOM”) that its wholly-owned subsidiary, Mile Marker, Inc., had been awarded another significant purchase order under its new multi-year U.S. government contract issued on July 10, 2003. This latest military order provides for the delivery of 1,899 Mile Marker hydraulic winch/bumper assemblies after the delivery of the 1,534 Mile Marker hydraulic winch/bumper assemblies ordered by the U.S. military in July. The dollar value of this latest order is $4,827,258, which increases the total value of all Mile Marker hydraulic winch/bumper orders to date under this multi-year TACOM contract to $8,726,686. The Company anticipates making its first deliveries under this latest order starting in the fourth calendar quarter of 2003.
3mo, 9mo Sept 30:
Sales of $8,588,343 for the nine months ended September 30, 2003, were
$288,591 or approximately 3%, more than sales of $8,299,752 during the same
period in 2002. Sales for the third quarter ended September 30, 2003 were
$3,618,656, compared to sales of $1,906,837 for the same quarter in 2002, an
increase of approximately 90%. The quarter's sales increase was due primarily to
the shipment of $1,911,584 of military winch sales under the Company's military
order received in July. The sales increase for the nine months was principally
due to higher commercial winch sales, particularly electric winch sales. These
sales increases were offset by lower sales of military winches and special
products in the nine-month period ended September 30, 2003, compared to the same
period in 2002.
The Company's results of operations for the first nine months of 2003
reflected income from operations of $1,225,690 compared to income from
operations of $1,785,089 during the same period in 2002, a decrease of $559,399,
or approximately 31%. This decrease was due to the smaller profit margin and
higher general and administrative expenses during the nine months ended
September 30, 2003. However, income from operations in the three months ended
September 30, 2003, was $744,143, compared to $139,479 in income from operations
during the same period in 2002. This substantial increase was due primarily to
the fact that sales in the third quarter of 2003 were approximately 90% more
than sales in the same period in 2002, with better profit margins,
notwithstanding the higher general and administrative expenses in 2003.
ABOUT:
Mile Marker History
From our legendary Hydraulic Winch system for the U.S. Military to our Selective Drive ALL Wheel Drive System, MileMarker designs and creates the most unique products for your offroad vehicle. For over a decade, MileMarker has been manufacturing and supplying parts for Chrysler, Rockwell International & Dana Corporation. The quality of our products is assured.
MileMarker manufactures Off road Accessories such as Winches, Mounts, Viscous Couplings, Air Compressors, Transer-case components, Lock-out Hubs as well as manufactures many gears, brackets and shafts for other companies.
The revolutionary MileMarker winches set the standard for the new millennium utilizing the vehicle's original power steering pump as a hydraulic source.
Every day more than 200 million power steering pumps operate flawlessly. Used in all types of vehicles, under every condition, from 50 below to 135 degrees above, the pump must perform for years without service or adjustment. It has to withstand every type of abuse without failure. Having a built-in governor (the pressure relief valve), it is impossible to overload or overwork the pump. The only maintenance required is checking fluid in the system and refilling if needed. Steering is arguably the most important function while driving, so the power steering pump has evolved into the most reliable system on vehicles today. It never fails unless the fluid leaks out for some reason, such as a torn hose. MileMarker chose to design a winch to use this continuous reliable power supply over the battery power used by competitors. After rigorous testing, we learned it was the right choice. We found the pump would operate continuously while pulling heavy loads with our winch and actually ran cooler when winching then it did while driving off-road. Our tests have been confirmed by many others independently, including magazines worldwide, 2 * years of testing by the U.S. Military, and testing by the University of Technology in Australia.
MileMarker has passed the most rigorous testing, earning multiple contracts to replace electric winches on military HUMVEE's using the factory installed power steering pumps. |
