PACOIMA, Calif., July 23, 2009 (GLOBE NEWSWIRE) -- Flamemaster Corporation (Pink Sheets:FAME) today reported a loss of ($51,666) or ($.04) per share before extraordinary charges of $75,525 to write off securities, reporting a net loss of ($127,191) or ($.10) per share on sales of $1,104,850 for the quarter ended June 30, 2009, a decline of 30%. For the year earlier period, The Company reported net income of $239,296 or $.20 per share on sales of $1,592,979.
For the nine-month period ended June 30, 2009, sales decreased by 17% to $3,730,126 compared to $4,500,848 in the year earlier period. Net income for the nine months decreased to $141,609 or $.12 per share before extraordinary charges. Net income after extraordinary charge was $66,084 or $.06 per share compared to $490,084 or $.40 per share in the previous year.
The Company has been affected by the deep recession being experienced in the United States economy and weak markets around the world. Flamemaster, however, has recently developed and added several new products to its line-up. The Company has expanded its customer base, reflecting an increase in the number of orders and requests for quotes being received. The order size has decreased due to our customer's lower volume of business.
Flamemaster is a Southern California based specialty chemicals manufacturer servicing the aerospace, electronic, communication, marine, energy, transportation and defense industries with high performance aircraft sealants and coatings.
The release herein may contain or identify a forward-looking statement. These statements are based on a number of assumptions and estimates, which are inherently subject to uncertainty and contingencies, many of which are beyond the control of the company and reflect future business decisions, which are subject to change.
Flamemaster Corporation
(Unaudited)
Three months ended Nine months ended
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6/30/09 6/30/08 6/30/09 6/30/08
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Sales 1,104,850 1,592,979 3,730,126 4,500,848
Net income or (loss) (127,191) 239,296 66,084 490,084
Net income per share,
basic & diluted ($.10) $.20 $.06 $.40