SUN VALLEY, Calif., August 8, 2003 (PRIMEZONE) -- Flamemaster Corporation (Nasdaq:FAME) today reported net income of $247,978 or $.18 per share on revenues of $1,595,972 for the quarter, compared to net of $182,702 or $.13 per share on revenues of $1,385,388 in the year earlier period. Sales from operations expanded to $1,478,940 in the quarter from $1,329,107 in the prior year.
The Company's balance sheet is very strong with a current ratio of more than 17.4 to 1. Working capital expanded to $7,090,220 from $6,953,667 in the year earlier.
For the nine month period ended June 30, 2003, revenues were $4,004,387 compared to $3,940,609 in the year earlier period. Net income for the nine months was $498,826 or $.36 per share vs. $513,815 or $.36 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 Nine months ended
---------------------- ----------------------
6/30/03 6/30/02 6/30/03 6/30/02
--------- --------- --------- ---------
Revenues 1,595,972 1,385,388 4,004,387 3,940,609
Income before
income taxes 428,921 361,225 819,387 872,329
Net income 247,978 182,702 498,826 513,815
========= ========= ========= =========
Net income per
share, basic $.18 $.13 $.36 $.36
Fully Diluted $.16 --- $.33 ---