SUN VALLEY, Calif., Dec. 19, 2003 (PRIMEZONE) -- Flamemaster Corporation (Nasdaq:FAME) reported net income of $538,519 on revenues of $5,097,852 for the year ended September 30, 2003. In the previous year earnings were $625,063 on revenues of $5,061,386. Per share results were $.38 basic and $.35 fully diluted in 2003 vs. $.44 basic and $.40 fully diluted in 2002.
For the 4th quarter revenues were $1,093,465 down modestly from the $1,120,777 in the 4th quarter of fiscal 2002 due to a reduction in new aircraft construction. Net income also declined in the 4th quarter to $39,693 from $111,248 in the prior year. Per share results for the quarter ended September 30, 2003 were $.03 basic vs. $.08 basic in the previous year.
In addition to increased raw material costs and moderately higher labor costs, earnings were impacted by recently increased reporting requirements of the SEC and Nasdaq.
Subsequent to year end, Flamemaster announced the spin-off of StarBiz Corporation. The Company's management service and investment affiliate. Income from capital gains on investments will no longer be a significant component of the Company's income statement.
Flamemaster Corporation is a specialty chemical manufacturer servicing the aerospace and defense industries with high performance aircraft sealants 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.
12 Months 12 Months Three Months Three Months
Fiscal Year Fiscal Year Ended Ended
09-30-2003 09-30-2002 09-30-2003 09-30-2002
Revenues 5,097,852 5,061,386 1,093,465 1,120,777
Income before
taxes 903,340 969,600 83,953 97,271
Income taxes 364,821 344,537 44,260 -13,977
Net income 538,519 625,063 39,693 111,248
Net income per
share (Basic) $.38 $.44 $.03 $.08