STELAX Industries, Ltd. Announces Third Quarter and Nine Month Financial Results
DALLAS, Feb. 24 /PRNewswire/ -- STELAX Industries, Ltd. (OTC Bulletin Board Symbol: STAX) announces financial results for the third quarter and nine months ended December 31, 1999.
Net sales (loss) for the third quarter ended December 31, 1999, were ($6,372) as compared to ($199,523) for the same period in 1998. Net sales for the nine months ended December 31, 1999, were $87,071, as compared to $241,275 for the same period in 1998. Net loss for the third quarter ended December 31, 1999, was $513,558 ($.01 per share), as compared to $703,550 ($.02 per share) for the same period in 1998. Net loss for the nine months ended December 31, 1999, was $1,521,997 ($.04 per share) as compared to $2,089,283 ($.07 per share) for the same period in 1998.
Mr. Harmon Hardy, Chairman and CEO of STELAX Industries, Ltd., said, "The financial results are what we expected and anticipated. We are very pleased with our continued acceptance by the nation's DOTs. Our substantial backlog of orders should permit us to show significant improvement in our financial performance in the upcoming quarters. I look forward to the future as the Company gains momentum towards profitability and increasing shareholder value."
Headquartered in Dallas, Texas, STELAX Industries' main activity is a specialized steel mill located in South Wales (United Kingdom). In addition to production of specialized steel products, it manufactures and markets a patented stainless steel alternative known as NUOVINOX.
STELAX INDUSTRIES, LTD.
Three Months Nine Months
Ended 12/31 Ended 12/31
1999 1998 1999 1998
Sales ($6,372) ($199,523) $87,071 $241,275
Net Income (Loss) ($513,558) ($703,550) ($1,521,997) ($2,089,283)
Earnings (Loss)
Per Share ($.01) ($.02) ($.04) ($.07)
Weighted Average
Shares Outstanding 36,115,404 31,971,419 36,039,981 31,903,453
Please Visit the Company's Web Site: www.stelax.com
The information provided in this Press Release contains forward looking statements that involve risks and uncertainties. Statements made in this Press Release that are not historical facts are forward looking statements that are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. The Company's actual results could differ significantly from those discussed herein.
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SOURCE: STELAX Industries, Ltd.
CONTACT: Harmon Hardy, CEO and President of STELAX Industries, Ltd., 972-233-6041; or Jim Drewitz, Investor Relations, 817-430-3131, for STELAX Industries, Ltd. |
