SUN VALLEY, Calif., Feb. 6, 2003 (PRIMEZONE) -- Flamemaster Corporation (Nasdaq:FAME) today reported net income of $129,809, or $.09 per share, on revenues of $1,176,456 for the 1st quarter compared to net of $125,439 or $.09 per share on revenues of $1,259,833 in the year earlier period. The company continues to perform well despite a sluggish economy and a decline in corporate spending. The company experienced an approximate 30% decline in investment and interest income during the quarter.
The company's balance sheet is strong with a current ratio of better than 40.65 to 1. Working capital stood at a healthy $6,617,491.
The company maintains a healthy product development program and will be introducing at least two new sealant products and two new line extensions during the current quarter.
Flamemaster Corporation is a Southern California-based specialty chemicals manufacturer of high performance aircraft and aerospace sealants protective coatings and fire stop systems. The Company also has an extensive investment portfolio and holds stakes in several other companies.
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.
Flamemaster Corporation
(Unaudited)
December 31,
2002 2001
Revenues $1,176,456 $1,259,833
Income before income taxes 199,944 215,849
Income taxes 70,135 90,410
Net income 129,809 125,439
Net income per share, basic & diluted $ .09 $ .09