SUN VALLEY, Calif., Aug. 4, 2005 (PRIMEZONE) -- Flamemaster Corporation (Pink Sheets:FAME) today reported net income of $125,603 or $.10 per share on sales of $1,396,049 for the quarter ended June 30, 2005, compared to net of $180,843 or $.15 per share on sales of $1,346,686 in the year earlier period. The per share figures for the quarter ending June 30, 2004 have been adjusted to reflect the 1 for 10 reverse split and the 7 for 1 forward split issued in the first quarter of this year.
For the nine-month period ended June 30, 2005, sales increased to $3,776,769 compared to $3,628,019 in the year earlier period. Net income for the nine months declined to $361,416 or $.29 per share vs. $377,283 or $.33 per share.
The decrease in net earnings was due to a number of factors including higher raw material costs, an increase in IT costs and additional expenses associated with the now rescinded merger with Best Candy and Tobacco.
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
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6/30/05 6/30/04 6/30/05 6/30/04
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Sales 1,396,049 1,346,686 3,776,769 3,628,019
Income before
income taxes 199,658 306,306 591,683 609,282
Income taxes 74,055 125,463 230,267 231,999
Net income 125,603 180,843 361,416 377,283
Net income per
share, basic and
diluted $.10 0.15(a) $.29 0.33(a)
(a) Adjusted for a 1 for 10 reverse split and a 7 for 1 forward split