SUN VALLEY, Calif., Dec. 12, 2002 (PRIMEZONE) -- Flamemaster Corporation (Nasdaq:FAME) reported net income of $625,063 on a 12% increase in revenues to $5,061,386 for the year ended September 30, 2002. In the year previous fiscal year earnings were $647,024 on revenues of $4,520,019. Per share results were $.44 basic and $.40 fully diluted in 2002 vs. $.41 basic as fully diluted in 2001.
For the 4th quarter revenues were $1,120,777 down moderately from the $1,268,244 in the 4th quarter of fiscal 2001 due to a reduction in new aircraft construction. Net income also declined moderately in the 4th quarter to $111,248 from $167,811 in the prior year. Per share results for the quarter ended September 30, 2002 were $.08 basic vs. $.12 basic in the previous year.
Flamemaster Corporation is a specialty chemical manufacturer servicing the aerospace and defense industries with high performance aircraft sealants and coatings. The Company holds stakes in several other companies and also has an extensive investment portfolio.
The release herein may contain or identify a forward-looking statement. These statements are based on a number of assumptions and estimates, which are inherently subject to uncertainty and contingencies, many of which are beyond the control of the Company and reflect future business decisions, which are subject to change.
12 Months 12 Months Three Months Three Months
Fiscal Year Fiscal Year Ended Ended
09-30-2002 09-30-2001 09-30-2002 09-30-2001
Revenues 5,061,386 4,520,019 1,120,777 1,268,244
Income before
Taxes 969,600 986,714 97,271 278,592
Income taxes 344,537 339,690 -13,977 110,781
Net income 625,063 647,024 111,248 167,811
Net income per
share (Basic) $.44 $.41 $.08 $.12