(PR Wires) PRW: Ag-Bag International Limited Announces Strong 3rd Quart
PRW: Ag-Bag International Limited Announces Strong 3rd Quarter
WARRENTON, Ore.--(BUSINESS WIRE)--Oct. 14, 1999--Ag-Bag International
Limited (Nasdaq:AGBG) announced today that net sales for the third quarter
ended September 30, 1999, were $12,846,414. This was an increase of 32.73%
over third-quarter 1998 sales which were $9,678,591.
Net income was $869,845 for the third quarter just ended compared to
$515,619 for the same period last year, an increase of 68.70%. Earnings for
the quarter were $.07 per share, compared to $.04 per share reported for the
third quarter of 1998.
Regarding the third-quarter results, Ag-Bag International Limited President
and CEO Larry Inman, stated that "sales for the third quarter were up on
continued improving milk prices in the U.S. after the sharp decline in
February, coupled with continued low supplemental grain feed costs. These
factors all helped to spur farmers' purchases for machinery during the
quarter. We continue to see the benefits from the recent independent,
university research articles published on the benefits of bagging over
storage in bunkers or silos, as the company continues to see increases in
its bag and machine sales." Inman went on to say "sales of machinery for
the quarter were very strong compared to the same quarter of last year, up
over 54%, and bag sales continued to increase with a 24% gain over the third
quarter of last year."
Net sales for the nine-months ended September 30, 1999, were $28,382,079, an
increase of 17.42% over net sales of $24,172,073 for the nine months ended
September 30, 1998. Earnings for the nine-months ended September 30, 1999,
were $.11 per share, compared to $.10 per share for the same period of 1998.
3rd Quarter Nine Month Period
1999 1998 1999 1998
Net Sales $12,846,414 $ 9,678,591 $28,382,079 $24,172,073
Gross Profit from
Operations $ 3,229,834 $ 2,530,244 $ 7,065,805 $ 6,357,817
Income from
Operations $ 1,430,644 $ 896,158 $ 2,253,621 $ 2,186,984
Income before Tax $ 1,446,845 $ 859,619 $ 2,224,309 $ 2,133,126
Net Income $ 869,845 $ 515,619 $ 1,356,309 $ 1,306,926
Basic EPS $ .07 $ .04 $ .11 $ .10
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. The company also provides services
within the area of composting.
This press release may include forward-looking statements. Investors are
cautioned that forward-looking statements involve risks and uncertainties
and various factors could cause actual results to differ materially from
those in the forward-looking statements. Investors are directed to the
company's filings with the Securities and Exchange Commission for a further
description of the risks and uncertainties relating to forward-looking
statements made by the company as well as to other aspects of the company's
business.
CONTACT: Ag-Bag International Limited
Mike Wallis, 800-334-7432
11:09 EDT OCTOBER 14, 1999
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