SUN VALLEY, Calif., May 12, 2004 (PRIMEZONE) -- Flamemaster Corporation (Nasdaq:FAME) (OTCBB:PERF) today reported net income of $123,745 or $.08 per share on revenues of $1,231,140 for the quarter ended March 31, 2004, compared to net of $124,038 or $.09 per share on revenues of $1,231,958 in the year earlier period.
For the six month period ended March 31, 2004, revenues were $2,305,701 compared to $2,408,415 in the year earlier period. Net income for the six months was $196,439 or $.13 per share vs. $253,848 or $.18 per share.
The decline in earnings for the quarter and six-month period was due to higher health insurance costs and increased reporting requirements of the SEC and Nasdaq.
Flamemaster is a Southern California-based specialty chemicals manufacturer of high performance sealants, adhesives and coatings.
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.
Flamemaster Corporation
(Unaudited)
Three months ended Six months ended
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3/31/04 3/31/03 3/31/04 3/31/03
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Revenues 1,231,140 1,231,958 2,305,701 2,408,415
Income before income
taxes 177,102 193,521 302,975 393,466
Income taxes 53,357 69,483 106,536 139,618
Net income 123,745 124,038 196,439 253,848
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Net income per share,
basic & diluted $.08 $.09 $.13 $.18