SUN VALLEY, Calif., May 13, 2003 (PRIMEZONE) -- Flamemaster Corporation (Nasdaq:FAME) today reported net income of $124,038 or $.09 per share on revenues of $1,231,958 for the quarter, compared to net of $205,672 or $.14 per share on revenues of $1,295,387 in the year earlier period.
The Company's balance sheet is very strong with a current ratio of more than 31.5 to 1. Working capital stood at $6,680,588 from $6,783,935 in the year earlier, with about 45,000 fewer shares outstanding.
For the six month period ended March 31, 2003, revenues were $2,408,415 compared to $2,555,220 in the year earlier period. Net income for the six months was $253,848 or $.18 per share vs. $331,111 or $.23 per share.
Flamemaster is a Southern California based specialty chemicals manufacturer of high performance sealants, adhesives and coatings and holds a sizeable 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.
Flamemaster Corporation
(Unaudited)
Three months ended Six months ended
3/31/03 3/31/02 3/31/03 3/31/02
Revenues 1,231,958 1,295,387 2,408,415 2,555,220
Income before
income taxes 193,521 295,253 393,466 511,102
Income taxes 69,483 89,581 139,618 179,991
Net income 124,038 205,672 253,848 331,111
Net income
per share,
basic &
diluted $.09 $.14 $.18 $.23