SAN MARCOS, Calif., Aug. 7, 2007 (PRIME NEWSWIRE) -- Amistar Corporation (Pink Sheets:AMTA) today reported sales and results for the three months and year ended December 31, 2006.
Net sales for the fourth quarter of 2006 increased $1,735,000, or 265%, to $2,390,000, compared to $655,000 for the comparable quarter in the prior year. The increase in net sales was primarily due to an increase in custom factory automation machine sales, a significant portion of which was from one major customer in the medical equipment and supply industry.
Net sales for the year ended December of 2006 increased $3,063,000, or 90%, to $6,481,000, compared to $3,418,000 for 2005. The increase in net sales was primarily due to an increase in custom factory automation and distributed machine sales
Net loss for the fourth quarter of 2006 was $47,000 or $0.01 per share compared to a net loss of $1,072,000 or $0.34 per share for the comparable quarter in 2006. Net loss for the year ended December 31, 2006 was $518,000 or $0.16 per share compared to a net loss of $4,158,000 or $1.32 per share for 2005. The 2006 results include increased recognition of non-operating gain related to the sale and lease back transaction of the Company's facility due to the termination of the existing lease and the consummation of a new lease for reduced space and term.
Condensed Consolidated Statements of Operations
(In thousands)
Three Months Ended Year Ended
December 31, December 31,
2006 2005 2006 2005
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Net Sales $ 2,390 $ 655 $ 6,481 $ 3,418
Cost of Sales 1,729 592 5,023 2,701
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Gross Profit 661 63 1,458 717
Operating Expenses 804 1,453 4,439 5,477
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Operating Loss (143) (1,390) (2,981) (4,760)
Other Income 97 121 2,363 471
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Loss before Income
Taxes (46) (1,269) (618) (4,289)
Income Taxes 1 1 3 5
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Loss from
Continuing
operations (47) (1,270) (621) (4,294)
Income from
Discontinued
Operations -- 198 103 136
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Net Loss $ (47) $(1,072) $ (518) $(4,158)
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Loss Per Common
Share on Continuing
Operations-Basic
and Diluted $ (0.01) $ (0.40) $ (0.19) $ (1.36)
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Income Per Common
Share on
Discontinued
Operations-
Basic and Diluted $ -- $ 0.06 $ 0.03 $ 0.04
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Loss Per Share $ (0.01) $ (0.34) $ (0.16) $ (1.32)
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Shares Used In Per
Share Calculation-
Basic and Diluted 3,308 3,168 3,264 3,152
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De-registration of Shares with the Securities and Exchange Commission
On March 31, 2006, the Company filed Form 15 with the Securities and Exchange Commission ("SEC") to voluntarily deregister its common stock under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Upon the filing of the Form 15, Amistar's obligation to file certain reports with the SEC, including Forms 10-K, 10-Q, and 8K, was suspended. Amistar's de-registration of its common stock became effective on June 30, 2006. As a result of the filing of the Form 15, the Company's shares were no longer quoted on the OTC Bulletin Board and since then, have been quoted on the Pink Sheets.
Financial Statement Information
The press release dated April 10, 2006, announcing the sale of the APM(r) assets should be read in conjunction with this release.
Forward-Looking Statements
This report contains forward-looking statements within the meaning of the Private Securities Reform Act of 1995, including statements regarding market opportunities, customer acceptance of products, sales growth, gross margin, marketing expenses, liquidity and ability to improve financial performance. These forward-looking statements involve risks and uncertainties, and the cautionary statements set forth below identify important factors that could cause actual results to differ materially from those in any such forward-looking statements. Such factors include, but are not limited to, adverse changes in general economic conditions, including changes in the specific markets for the Company's products, product availability, decreased or lack of growth in the electronics industry, adverse changes in customer order patterns, increased competition, lack of acceptance of new products, pricing pressures, lack of success in technological advancements, risks associated with foreign trade, fluctuations in the price of the Company's stock and the ability to continue as a going concern for the long term.
About the Company
Amistar Corporation provides automation solutions primarily for the industrial and retail markets. The Company designs, develops, manufactures, markets and services a variety of automated equipment used to assemble electronic components and product identification media to printed circuit boards and other assemblies. In addition, the Company provides design and manufacturing resources to create customized factory automation equipment and other products according to customers' specification in a broad range of industries.
The Amistar logo is available at http://www.primezone.com/newsroom/prs/?pkgid=2496
Additional information about Amistar is available at www.amistar.com and pinksheets.com