SPRINGDALE, Ark., Aug. 19, 2008 (GLOBE NEWSWIRE) -- Advanced Environmental Recycling Technologies, Inc. (Nasdaq:AERT), a leading plastics recycler and manufacturer of Green building products, today timely filed its quarterly report on form 10-Q with the Securities and Exchange Commission, as permitted under rule 12b-25.
Sales for the quarter ended June 30, 2008 were $25.1M, off slightly from $25.6M in the prior year's 2nd quarter. Net Loss for the quarter was $(7.7)M, $5.9M of which was attributable to legal fees and claims resolution in the now settled class action suit brought against the Company and another $.68M was attributable to penalties connected with the late filing of a registration statement in connection with the Company's Series D preferred stock. Net loss per share on a fully diluted basis was $(.16) versus a net loss of $(.01) per share for the same period in 2007.
Sales for the six months ended June 30 were $54.4M, versus $48.2M, a strong increase of 12.8%. Net loss for the period was $(9.2)M, $5.9M of which was, again, attributable to the charges incurred in the 2nd quarter, described above.
Joe Brooks, CEO, commenting on the results said, "While economists argue about whether or not we are in a recession, there is no question that in our markets, the impact of the economic slowdown has been recession-like. That we continue to hold our own is a testament to the commitment and dedication of our associates, the loyalty of our customers, the strength, reliability, and performance of our product offerings and the quality of our customer service."
Brooks elaborated, "We are already starting to see signs we are at or nearing the bottom of the trough. We have continued to invest in marketing and distribution and are starting to benefit from a number of extremely positive developments: the Direct Distribution agreement we are entering into with Lowes beginning January, 2009, the acquisition by AERT of the ChoiceDek(r) brand from Weyerhaeuser, the overhead restructuring and process re-engineering we have undertaken to reduce costs and increase efficiencies, the launch of a new line of products, our entry in the Chinese market, and the commencement of our Advanced Resource Recovery Project that will help secure future raw material supply and control costs. These all have the potential to impact our operating performance, not just through the rest of the year, but for years to come," he pointed out.
"We continue to believe that the future of AERT is bright," Brooks went on. "We remain at the forefront of the Green environmental movement, our technology and products continue to receive awards and recognition from industry and non-industry critics, and our internal processes and re-invigorated management team, led by President, Tim Morrison, continue to lay the groundwork for growth and future improved operating performance. We remain committed to providing the best products and service to our customers, and to providing solid returns to our shareholders," he concluded.
Certain statements in this news release regarding projected results of operations, or, projected results of financial plans or future strategies and initiatives, including, but not limited to, projections of revenue, projections of profitability, any and all future expectation, and plans for future activities may and should be regarded as "forward-looking statements" within the meaning of the Securities Litigation Reform Act. These statements involve, among other things, known and unknown risks, uncertainties and other factors that may cause AERT, Inc.'s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. AERT currently is considering, but may or may not in the future implement any or all of the items and issues listed in any planned budget or strategic initiative, due to, among other things, known and unknown risks, uncertainties and other factors.
AERT, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, change in strategy, or otherwise. The above-mentioned listing of risks and uncertainties is not inclusive. For a more detailed discussion of some, but not all, of the risks and uncertainties that may affect AERT, Inc., see AERT, Inc.'s filing with the Securities and Exchange Commission, including its Annual Report on Form 10-K, for the fiscal year ended December 31, 2007 and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2008.
About Advanced Environmental Recycling Technologies, Inc.
Since 1989, AERT (Nasdaq:AERT) has pioneered the use of recycled polyethylene plastic in the manufacture of composite building materials. With its constantly evolving portfolio of patented and proprietary recycling technologies, AERT has been widely recognized as a leader in resource conservation innovation and received the EPA Award for Environmental Excellence for its process of converting scrap plastic to composite outdoor decking. AERT converts reclaimed plastic and wood fiber waste into quality outdoor decking systems, fence systems, and door and window components. The Company is the exclusive manufacturer of Weyerhaeuser ChoiceDek(r) decking, which is available in multiple colors and is sold in all Lowe's Home Improvement stores. See www.choicedek.com for more information. AERT's MoistureShield(r) decking program is expanding and products are available in many parts of the U.S. now, with national distribution planned for 2008. See www.moistureshield.com for product information or to find a regional distributor or dealer. AERT operates manufacturing facilities in Springdale and Lowell, with a raw materials facility in Junction, Texas and a state-of-the-art recycling facility under construction in Watts, Oklahoma. This LEED certified recycling facility is expected to be operational in the first quarter of 2009. For more information on the Company, visit www.aertinc.com.
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