PACOIMA, Calif., May 1, 2009 (GLOBE NEWSWIRE) -- Flamemaster Corporation (Pink Sheets:FAME) today reported net income of $88,412 or $.07 per share on sales of $1,301,718 for the quarter ended March 31, 2009, compared to net of $201,109 or $.16 per share on sales of $1,569,421 in the year earlier period. Net Income declined by 56% on a 17% decrease in sales.
For the six month period ended March 31, 2009, sales decreased by 9.7% to $2,625,276 from $2,907,916 in the year earlier period. For the six months the Company reported earnings of $154,084 or $.13 per share vs. 240,942 or $.20 per share. Sales and earnings were impacted by the overall weakness in the economy. The Company's new product development (having added several new enhanced products over the past year) provided a buffer to the down turn and cause for optimism of future growth potential.
Flamemaster is a Southern California based specialty chemicals manufacturer of high performance sealants, adhesives and coatings, servicing the Aerospace, Defense, Energy, and Transportation industries.
The release herein may contain or identify a forward-looking statement. These statements are based on a number of assumptions and estimates, which are inherently subject to uncertainty and contingencies, many of which are beyond the control of the company and reflect future business decisions, which are subject to change.
Three months ended Six months ended
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3/31/09 3/31/08 3/31/09 3/31/08
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Sales 1,301,718 1,569,421 2,625,276 2,907,916
Net Income 88,412 201,109 154,084 240,942
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Net income per share $.07 $.16 $.13 $.20
(fully diluted)