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TVI Corporation Completes 1998 Financial Audit and Schedules Annual Meeting
GLENN DALE, Md., June 1 /PRNewswire/ -- TVI Corporation announced Tuesday that its independent auditor had completed the audit of 1998 operations and submitted its final Audit Report.
The Company has scheduled its Annual Meeting of Shareholders for Wednesday, June 30, at 2:00 p.m. The meeting will be held at the offices of the company.
The Report indicates company revenue in 1998 of $1,473,445. There was an operating loss of $76,072 and a net loss of $139,800. For 1997, revenue was $1,762,374, operating loss was $100,618 and net loss was $3,634.
Allen Bender, company president, noted that significant progress was made in 1998 in spite of the disappointing numbers. The company's progress and status are detailed in the Form 10-KSB report to be mailed to shareholders and filed with the SEC in about ten days.
Mr. Bender explained that revenues were down slightly due to lower sales of targets and resale equipment. However, both gross margin percentage and gross profit improved in 1998 due to manufacturing efficiencies and better product mix. As noted in a previous press release, the company believes its target market has stabilized at more normal levels.
The company also released unaudited results for the first quarter. Financial results for the quarter ending March 31 of 1999 and 1998 were as follows:
1999 1998
Revenue $352,006 $345,841
Cost of Goods 171,215 256,038
Gross Profit 180,791 89,803
S,G, & A Expense 151,355 166,499
Operating Income (Loss) 29,436 (76,696)
Other Income (Expense) 104,812 00
Interest Expense (7,898) (12,079)
Net Income (Loss) 126,350 (88,775)
The company announced that it had received a $180,000 order for thermal targets from a large Army armor training range. It expects to ship the order during the second quarter.
TVI's common stock trades on the OTC Bulletin Board under the symbol TVIN. Product and corporate information may be viewed at its Home Page at www.tvicorp.com.
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