SAN MARCOS, Calif., Aug. 18, 2006 (PRIMEZONE) -- Amistar Corporation (OTCBB:AMTA) today reported sales and results for the three and six months ended June 30, 2006.
The Condensed Consolidated Statements of Operations included in this release reflect the AMS operating results presented as a discontinued operation.
Net sales for the three months ended June 30, 2006 increased $99,000 or 9% to $1,186,000, compared to $1,087,000 for the same quarter in 2005. Net sales for the six months ended June 30, 2006 decreased $312,000, or 14%, from $2,219,000 in the six months ended June 30, 2005, to $1,907,000.
There was a net loss from continuing operations for the three months ended June 30, 2006 of $740,000 or $0.23 per share compared to a net loss from continuing operations of $1,134,000 or $0.36 per share for the same quarter in 2005. The loss from discontinued operations was $76,000 for the three months ended June 30, 2006 compared to a $122,000 loss during the same period in 2005. There was a net loss from continuing operations for the six months ended June 30, 2006 of $1,745,000 or $0.54 per share compared to a net loss from continuing operations of $1,742,000 or $0.56 per share for the same period in 2005. The income from discontinued operations was $11,000 for the six months ended June 30, 2006 compared to a $168,000 loss during the same period in 2005.
The operating loss from continuing operations for the three months ended June 30, of 2006 and 2005, respectively, includes:
-- $221,000 and $522,000, for start-up and machine development costs
related to the Distributed Delivery Networks venture to provide
automated equipment and systems to the retail and other pharmacy
markets.
-- $0 and $299,000, related to litigation defense and counter-suit
costs for the lawsuit (now settled) with a competitor.
Condensed Consolidated Statements of Operations
(In thousands, expect per share data)
Three Months Ended Six Months Ended
June 30, June 30,
2006 2005 2006 2005
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Net Sales $ 1,186 $ 1,087 $ 1,907 $ 2,219
Cost of Sales 985 870 1,613 1,612
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Gross Profit 201 217 294 607
Operating Expenses 1,051 1,466 2,275 2,580
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Operating Loss (850) (1,249) (1,981) (1,973)
Other Income 111 117 238 234
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Loss Before Income Taxes (739) (1,132) (1,743) (1,739)
Income Taxes 1 2 2 3
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Net Loss from Continuing
operations (740) (1,134) (1,745) (1,742)
Income (Loss) from
Discontinued Operation (76) (122) 11 (168)
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Net Loss $ (816) $(1,256) $(1,734) $(1,910)
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Loss Per Common Share
on Continuing Operations
- Basic and Diluted $ (0.23) $ (0.36) $ (0.54) $ (0.56)
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Income (Loss) Per Common
Share on Discontinued
Operations - Basic and
Diluted $ (0.02) $ (0.04) $ 0.00 $ (0.05)
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Shares Used In Per Share
Calculation - Basic and
Diluted 3,270 3,143 3,227 3,143
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Statements contained in this release, which are not purely historical, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties such as those described in Part 1 of the Company's Annual Report on Form 10-KSB. Actual results may differ materially from anticipated results.
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. Through its majority-owned subsidiary, Distributed Delivery Networks Corporation, the Company provides automated point-of-sale machines that control the dispensing of securely stored items such as consumer products and prescriptions to retail and other customers.
Additional information about Amistar is available at www.amistar.com and Distributed Delivery Networks Corporation at www.rx-apm.com
The Amistar logo is available at http://www.primezone.com/newsroom/prs/?pkgid=2496