SUN VALLEY, Calif., Aug. 11, 2004 (PRIMEZONE) -- Flamemaster Corporation (Nasdaq:FAME) today reported net income of $180,843 or $.11 per share on revenues of $1,420,850 for the quarter ended June 30, 2004, compared to net of $241,591 or $.15 per share basic and $.13 per share fully diluted on revenues of $1,593,772 in the year earlier period. The per share figures for the quarter ending June 30, 2003 have been adjusted to reflect a 12.5% stock dividend issued in May of 2004.
For the nine month period ended June 30, 2004, revenues were $3,726,552 compared to $4,002,187 in the year earlier period. Net income for the nine months was $377,283 or $.23 per share vs. $492,439 or $.31 per share basic and .28 fully diluted.
The decline in earnings for the quarter and nine-month period was due to higher health insurance costs and increased reporting requirements of the SEC and NASDAQ.
Flamemaster is a Southern California based specialty chemicals manufacturer of high performance sealants, adhesives and coatings.
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
6/30/04 6/30/03 6/30/04 6/30/03
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Revenues 1,420,850 1,593,772 3,726,552 4,002,187
Income before
income taxes 306,306 422,534 609,282 813,000
Income taxes 125,463 180,943 231,999 320,561
Net income 180,843 241,591 377,283 492,439
Net income per
share, basic $.11 **0.15 $.23 **0.31
Fully diluted n/a **0.13 n/a **0.28
**Adjusted for 12.5% stock dividend received May 2004