ACTRADE Reports Record-Breaking Revenues For The First Quarter, Fiscal
1997 Three Month Net Income Up 81%, Earnings Per Share Up 67%
NEW YORK (Nov. 4) BUSINESS WIRE -Nov. 4, 1996--ACTRADE INTERNATIONAL,
LTD. (NASDAQ: ACRT), creator of the innovative TAD Program, today
announced revenues reached $7,578,034 for the 1st quarter period of
fiscal 1997 ending September 30, 1996; a 38% increase from $5,481,776
for the comparable 1st quarter ending September 30, 1995. Net income
climbed to $259,875; an 81% increase over the comparable September 30,
1995 quarter, while earnings per share for the 3-month period rose to
$0.05, up 67% from $0.03 in the comparable period ending September 30,
1995, further strengthening the Company's upward trend line of
profitability. For the first time since its inception, Actrade Capital,
Inc., the Company's fastest growing subsidiary, had revenues of more
than $3 million surpassing the revenues generated by any of Actrade's
other subsidiaries. In discussing this milestone, Amos Aharoni, the
Company's CEO stated, "Our success has resulted from a combination of
accelerating enrollment of new TAD Program customers and repeat business
from existing customers." Actrade Capital is engaged in the discount
purchase of commercial Trade Acceptance Drafts through its proprietary
Trade Acceptance Draft (TAD) Program. Specifically targeted for the
domestic market, the TAD Program is a new, innovative financial service
which allows suppliers (Sellers) of products and services to sell to
other businesses (Buyers), on special terms including up to five monthly
installments, and then have ACTRADE Capital purchase and process these
payments. The TAD Program can be used in addition to current, existing
credit lines. It requires no liens or UCC filings and decreases the
hassle and paperwork involved with collecting accounts receivable. -0-
SELECTED FINANCIAL INFORMATION AS REPORTED TO THE SECURITIES AND
EXCHANGE COMMISSION ON FORM 10-Q
Three Month Three Month Percent Fiscal Year
Ended Ended Change Ending
9/30/96 9/30/95 6/30/96
Revenues from operations $7,578,034 $5,481,776 38% $23,837,985
Net Income $259,875 $143,796 81% $757,374
Earnings Per Share $0.05 $0.03 67% $0.14
Weighted Average number of
Shares Outstanding 5,701,621 5,330,681 5,378,427
BALANCE STATEMENT
Total Assets $8,980,608 $7,146,685 26% $8,088,521
Total Current
Liabilities $2,169,577 $3,941,046 -45% $3,198,814
Retained Earnings $2,041,877 $1,163,233 76% $1,782,002
SHAREHOLDERS EQUITY $6,757,587 $3,205,639 111% $4,889,707
-0-
ACTRADE'S financial reports may be accessed through the Internet
via the World Wide Web at acrt.com. ACTRADE
INTERNATIONAL, LTD. is the parent Company with two operating
divisions. ACTRADE INTERNATIONAL CORP. and its foreign subsidiary,
ACTRADE S.A., constitute the international trade division. ACTRADE
CAPITAL, INC. is the financial services division and is engaged in
the development and commercialization of its TAD Program.
Actrade progressing well... Mike |
