SAN MARCOS, Calif., Nov. 29, 2007 (PRIME NEWSWIRE) -- Amistar Corporation (Pink Sheets:AMTA) today reported sales and results for the three months ended March 31, 2007.
Net sales for the first quarter of 2007 increased $1,548,000, or 215%, to $2,269,000, compared to $721,000 for the comparable period in the prior year. The increase in net sales was primarily due to an increase in custom factory automation machine sales, and to a lesser extent, to an increase in distributed machine and accessory sales and partially offset by a decrease in DataPlace label machine sales.
Net loss for the three months ended March 31, 2007 was $522,000 or $0.16 per share compared to a net loss of $918,000 or $0.32 per share for the comparable quarter in 2006.
Preliminary Unaudited Condensed Consolidated Statements of Operations
(In Thousands)
Three Months Ended
March 31,
2007 2006
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Net sales $ 2,269 $ 721
Cost of sales 1,672 628
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Gross profit 597 93
Operating expenses 1,195 1,224
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Loss from continuing operations (598) (1,131)
Other income 77 127
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Loss from continuing operations before income
taxes (521) (1,004)
Income taxes 1 1
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Net loss from continuing operations (522) (1,005)
Income from discontinued operations, net of
income taxes -- 87
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Net loss $ (522) $ (918)
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Loss per common share on continuing
operations-basic and diluted $ (0.16) $ (0.32)
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Income per common share on
discontinued operations-basic and diluted $ -- $ 0.03
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Loss per common share-basic and diluted $ (0.16) $ (0.29)
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Shares used In per share calculation-
basic and diluted 3,308 3,170
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Financial Statement Information
This report contains condensed financial statements that are preliminary, have not been audited or reviewed by our auditors and are subject to change.
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.
Additional information about Amistar is available at www.amistar.com and pinksheets.com