Off topic <AVCC>
PE is 6
outstanding appr. 4 mil
FLOAT appr 1 mil shares!!!
Could be a big day for AVCC
ACORN ANNOUNCES SECOND QUARTER RESULTS
NEW YORK, Aug. 14 /PRNewswire/ -- Acorn Holding Corp. (Nasdaq: AVCC) (the "Company") announced today the results of operations for the second quarter ended June 30, 1998. Prior to withdrawing as a business development company on November 4, 1997, the Company had reported its results based on the net asset value of the Company. The Company's principal subsidiary is Recticon Enterprises, Inc. ("Recticon"), which manufactures monocrystalline silicon wafers which are used in the semiconductor industry.
For the three months ended June 30, 1998, the company on a consolidated basis, reflected net sales of $2,140,993 with net income of $121,004, while for the six months ended June 30, 1998, net sales were $4,197,009 with net income of $275,003. Earnings per share for the three months ended June 30, 1998 was $.029 based on a weighted share average of 4,181,928 and for the six months ended June 30, 1998 was $.063 based on a weighted share average of 4,334,500.
Since the Company for the first two quarters of 1997 reported on a net asset value basis, no comparable data, on a consolidated basis, is available. However, the following are the operating results of Recticon, on a stand-alone basis (unaudited):
RECTICON ENTERPRISES, INC.
Income Statement Data
Three Months Ended Six Months Ended
June 30, June 30,
(Unaudited) (Unaudited)
1998 1997 1998 1997
Net Sales $2,140,993 $1,968,914 $4,197,009 $3,959,719
Net Income Before
Management Fees and
Taxes $368,185 $404,825 $747,814 $771,752
Management Fees $148,500 $148,500 $297,000 $297,000
Net Income Before
Taxes $219,685 $256,325 $450,814 $474,752
The Company's stock is traded on the Nasdaq Small-Cap Market under
the symbol AVCC.
SOURCE Acorn Holding Corp.
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08/14/98 /CONTACT: Stephen A.
Ollendorff of Acorn Holding Corp., 212-685-5654/
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