May 15, 2003
Press Release #127
CROWN ANDERSEN ANNOUNCES RESULTS FOR SECOND QUARTER OF FISCAL 2003
Crown Andersen Inc., the Peachtree City, Georgia supplier of engineered products and systems for environmental control and waste processing today announced its consolidated results for the first six months and the second quarter of fiscal 2003 (ended March 31, 2003).
By comparison, the Company reported
consolidated net loss of $291,569 or $0.16 per share (basic and
diluted) on revenues of $12,142,705 for the first six months of
fiscal 2002. For the second quarter ended March 31, 2003,
the Company reported consolidated net loss of $673,790 or $0.36
per share (basic and diluted) on revenues of $4,526,172. For
the comparable period of fiscal 2002, consolidated net income was
$28,617 or $0.02 per share (basic) and $0.01 per share (diluted)
on revenues of $6,176,841. Foreign sales (including export
sales by Andersen and sales by Montair) accounted for 65% and 33%
for the six-month periods of fiscal 2003 and 2002, respectively.
For a comparison
of current results with prior periods, see the table below:
| |
SIX MONTHS ENDED
MARCH
31,
2003
2002 |
THREE MONTHS ENDED
MARCH
31,
2003
2002 |
||
| REVENUES |
$
9,324,061 |
$12,142,705 |
$
4,526,172 |
$
6,176,841 |
| Income (loss) before taxes |
(1,091,365) |
(425,769) |
(583,490) |
52,717 |
| Income taxes (benefit) |
(33,700) |
(134,200) |
90,300 |
24,100 |
| NET INCOME (LOSS) |
$ (1,057,665) |
$
(291,569) |
$
(673,790) |
$
28,617 |
| |
|
|
|
|
| Average shares outstanding: Basic Diluted |
1,859,536 1,859,536 |
1,855,217 1,855,217 |
1,857,669 1,857,669 |
1,855,217 2,024,292 |
| EARNINGS (LOSS) PER SHARE Basic Diluted |
$ (0.57) $ (0.57) |
$ (0.16) $ (0.16) |
$ (0.36) $ (0.36) |
$0.02 $0.01 |
Forward-Looking Statements: This press release
contains certain forward-looking statements.
The Company’s results may differ materially from those in the
forward-looking statements. Forward-looking
statements are based on management’s current views and assumptions, and involve
risks and uncertainties that significantly affect expected results. For example, operating results may be
affected by several external factors.
Such factors include, but are not limited to, change in the regulatory
environment, general conditions in the environmental industry, the Company’s
competitive position, and economic conditions in international markets. FOR FURTHER INFORMATION CONTACT:
RANDALL MORGAN, CHIEF FINANCIAL OFFICER OR ANGELIA DAVIS, SHAREHOLDER RELATIONS
CROWN ANDERSEN INC., 306 DIVIDEND DRIVE, PEACHTREE CITY, GEORGIA 30269
