ALL: Here is today's earnings announcment press release. Who said a nickel? EPS were actually 6 cents! Way to go ACRT!!!
Monday January 27 7:14 AM EDT
Actrade reports record-breaking revenues for the 2nd
quarter, fiscal 1997
NEW YORK--(BUSINESS WIRE)--January 27, 1997--
Three Month Net Income Up 91%, Earnings Per Share Up 50%
Actrade International Ltd , creator of the innovative TAD Program, today announced revenues
reached $8,880,533 for the second three month period of fiscal 1997, ending December 31, 1996, up
over 56% from the second quarter of fiscal 1996. Net income climbed to $372,179; a 91% increase
over the comparable fiscal 1996 quarter, while earnings per share for the 3-month period rose to
$0.06, up 50% from $0.04 in the comparable quarter in fiscal 1996. For the first six months of fiscal
1997 ending December 31, 1996, revenue was $16,458,587; a 47% increase from $11,192,070 for
the comparable six month period. Net income climbed to $632,054; an 86% increase over the
comparable six months of fiscal 1996, while earnings per share for the 6-month period rose to
$0.10, up 67% from $0.06 in the comparable period.
The increase in gross revenue during this period continues to be due primarily to the expansion of
Actrade International, Ltd.'s operations through the continued growth of Actrade Capital, Inc.'s
TAD Program and the continued growth within Actrade's existing product lines, including Actrade
S.A. Betti Melnik, Actrade International, Ltd.'s Chief Financial Officer stated, "It is important to
note that Capital's gross revenues of $7.3 million for the six month period were 103% higher than
the same period in fiscal 1996."
The rapid growth of the TAD Program springs from various products the Company is developing
as a result of small, medium and large size companies who use TADs as a special finance tool.
Small companies are using TADs when they can not get any credit lines. Medium size companies
will use TADs if their available credit lines are depleted or as a sales tool, offering their customers
extended terms. Large companies use the TAD Program for their slow paying customers to help
them pay past due amounts, with monthly installments, while keeping good relationships and
without using the services of collection agencies.
SELECTED FINANCIAL INFORMATION AS REPORTED TO THE SECURITIES AND
EXCHANGE COMMISSION ON FORM 10-Q
INCOME THREE MONTH THREE MONTH PERCENT
STATEMENT ENDED DECEMBER 31, ENDED DECEMBER 31, CHANGE
1996 1995
Revenues from
operations $8,880,533 $5,710,294 56%
Net Income $372,179 $195,166 91%
Earnings Per Share $0.06 $0.04 50%
Weighted Average
number of Shares
Outstanding 6,330,681 5,330,681
SIX MONTH SIX MONTH PERCENT YEAR ENDING
ENDED ENDED CHANGE JUNE 30, 1996
DECEMBER 31, DECEMBER 31,
1996 1995
Revenues from
operations $16,458,587 $11,192,070 47% $23,837,985
Net Income $632,054 $338,962 86% $757,374
Earnings Per Share $0.10 $0.06 67% $0.14
Weighted Average
number of Shares
Outstanding 6,330,681 5,330,681 5,378,427
BALANCE SHEET
SIX MONTH SIX MONTH PERCENT YEAR ENDING
ENDED ENDED CHANGE JUNE 30,
DECEMBER 31, DECEMBER 31, 1996
1996 1995
Total Assets $9,889,792 $7,842,247 26% $8,088,521
Total Liabilities $2,329,231 $4,436,358 -47 3,198,814
Retained Earnings $2,414,056 $1,363,483 77% $1,782,002
SHAREHOLDERS EQUITY $7,560,561 $3,405,889 122% $4,889,707
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 CAPITAL, INC. is the financial services division and 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. ACTRADE
INTERNATIONAL CORP. and its foreign subsidiary, ACTRADE S.A., constitute the
international trade division.
CONTACT: Mitch Menik, Investor Relations
(212) 563-1036, ext. 239
World Wide Web Address
acrt.com
E-mail: inv@acrt.com |
