So Good had to see them again.....
To: Z man (5178 )
From: stan s. Thursday, Apr 23 1998 4:28PM ET
Reply # of 5404
ACTRADE Reports Record-Breaking Revenues for 3rd Quarter, Fiscal
1998 Three Month Net Income Up 120%, Earnings Per Share Up 63%
NEW YORK, April 23 /PRNewswire/ -- ACTRADE INTERNATIONAL, Ltd. (Nasdaq: ACRT - news), which has
developed an innovative financing program utilizing Trade Acceptance Drafts (or ''TADs'') for buyers and sellers of goods and
services, today announced revenues reached $25,553,958 for the third quarter of fiscal 1998, ended March 31, 1998, up over
97% from the third quarter of fiscal 1997. Net income climbed to $1,107,219; a 120% increase over the comparable period in
fiscal 1997. Earnings per share for the 3-month period rose to $0.13, up 63% from $0.08 in the comparable quarter in fiscal
1997.
For the nine month period ended March 31, 1998, revenue reached $68,671,402 as compared to $29,456,296 for the
comparable nine month period, a 133% increase. Net income climbed to $3,144,163; a 177% increase over the comparable
period in fiscal 1997. Earnings per share for the 9-month period rose to $0.37, up 106% from $0.18 in the comparable period
in fiscal 1997.
On a consolidated basis, at March 31, 1998 the Company's total assets climbed to $22,758,931, an increase of 17.5% from
June 30, 1997, fiscal 1997-year end. Current liabilities dropped almost 31% to $2,186,034 and stockholders' equity increased
to $20,537,493, up almost 27% from fiscal 1997-year end.
Mr. Alex Stonkus, the Company's COO and CFO stated that ''Actrade's growth rate will accelerate during the fourth quarter
and in fiscal 1999. During the past year we have seen a number of America's largest companies, ranging from a ''big 4''
accounting firm to leading machinery and equipment manufacturers, agricultural concerns and computer companies sign on to
the TAD Program.''
''We are continuing to build a strong domestic sales force to keep up with increasing demand for the product. And,
significantly, we have full patent rights to the TAD Program,'' he added.
''Overall we have been very pleased with the Company's performance during fiscal 1998,'' Stonkus added. ''With total
revenues exceeding $25.5 million for the 3-months ended March 31, 1998, we expect revenues for fiscal 1998 to approach
$100 million.''
SELECTED FINANCIAL INFORMATION AS REPORTED TO
THE SECURITIES AND EXCHANGE COMMISSION ON FORM 10-Q
INCOME THREE MONTH THREE MONTH PERCENT
STATEMENT ENDED MARCH ENDED MARCH CHANGE
31, 1998 31, 1997
REVENUES FROM
OPERATIONS $25,553,958 $12,997,729 97%
NET INCOME $1,107,219 $503,721 120%
EARNINGS PER SHARE $0.13 $0.08 63%
WEIGHTED AVERAGE
NUMBER OF SHARES
OUTSTANDING 8,625,248 6,635,125 30%
SELECTED FINANCIAL INFORMATION AS REPORTED TO
THE SECURITIES AND EXCHANGE COMMISSION ON FORM 10-Q
INCOME NINE MONTH NINE MONTH PERCENT YEAR ENDING
STATEMENT ENDED MARCH ENDED MARCH CHANGE JUNE 30, 1997
31, 1998 31, 1997
REVENUES FROM
OPERATIONS $68,671,402 $29,456,296 133% $43,499,312
NET INCOME $3,144,163 $1,135,775 177% $1,903,581
EARNINGS PER SHARE $0.37 $0.18 106% $0.28
WEIGHTED AVERAGE
NUMBER OF SHARES
OUTSTANDING 8,496,387 6,216,547 37% 6,828,971
BALANCE SHEET
NINE MONTH NINE MONTH PERCENT YEAR ENDING
ENDED MARCH ENDED MARCH CHANGE JUNE 30, 1997
31, 1998 31, 1997
TOTAL ASSETS $22,758,931 $11,369,552 101% $19,364,462
TOTAL LIABILITIES $2,221,438 $2,405,270 -8% $3,172,345
RETAINED EARNINGS $6,829,746 $2,917,777 135% $3,685,583
SHAREHOLDERS'
EQUITY $20,537,493 $8,964,282 129% $16,192,117
ACTRADE INTERNATIONAL, Ltd. has two operating divisions. ACTRADE CAPITAL, Inc. is the financial services
division, 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 tool which
allows suppliers (Sellers) of products and services to sell to other businesses (Buyers), on special terms including up to twelve
monthly installments, and then have Actrade Capital purchase and process these payments. The TAD Program can be used in
addition to current or existing credit lines. It requires no liens or UCC filings and decreases the hassle and paperwork involved
with collecting accounts receivable. ACTRADE INTERNATIONAL CORP. is the international trade and export division.
Except for historical information contained herein, the matters discussed in this press release contain forward-looking
statements that involve risks and uncertainties which are described in the company's SEC reports, including the 10-KSB for the
period ended June 30, 1997, and the 1O-Qs for the periods ended September 30, 1997, December 30, 1997 and March 30,
1998. ACTRADE's financial reports may be accessed through the Internet via the World Wide Web at
acrt.com.
SOURCE: ACTRADE INTERNATIONAL, Ltd.
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