WARRENTON, Ore.--(BUSINESS WIRE)--May 1, 1998--Ag-Bag International Limited (NASDAQ:"AGBG") announced today that net sales for the first quarter ended March 31, 1998 were $4,717,661, an increase of 71.10% over the first quarter of last year.
Net income was $25,003 for the quarter just ended compared to a net loss of $378,477 for the same period of last year. Earnings were up $.03 per share, to $.00 per share, for the first quarter of 1998 over 1997.
Regarding the first quarter results, Ag-Bag International Limited President and CEO, Larry Inman, stated that "sales for the first quarter were up strongly on the stabilizing milk prices and lower grain feed costs which spurred farmer's purchases for machinery and equipment. Recent research articles published on the benefits of bagging over the use of bunkers and silos has helped to increase awareness of the benefits of the Ag-Bag system to farmers."
Inman went onto say "We also introduced our new hydraulic finger controlled machine during the first quarter which brings the latest in bagging technology to farmer's. In addition, the environmental division sold one composting system for approximately $150,000 during the quarter to a municipality and has additional orders pending. The Company believes sales will remain strong in the second quarter of 1998 as the bagging season begins in earnest."
Ag-Bag International Limited is a northwest company headquartered in Warrenton, Oregon with a second major facility located in Blair, Nebraska. The Company, through its international operations, manufactures and sells to the agricultural industry its farm feed management systems for the high moisture storage of silage and grains. Recently, operations were expanded to provide services within the area of composting.
CONTACT: Ag-Bag International Limited
Dan Burdette, 800/334-7432
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