PACOIMA, Calif., July 24, 2012 (GLOBE NEWSWIRE) -- Flamemaster Corporation (OTC Pink Sheets "FAME") today reported earnings of $302,661 or $.26 per share on a 13.4% rise in sales to $1,564,792 for the quarter ended June 30, 2012. In the prior year's quarter, The Company reported a net of $141,214 or $.12 per share on sales of $1,380,379.
For the nine-month period ended June 30, 2012, sales declined by 7.4% to $3,639,650 compared to $3,931,916 in the year earlier period. The Company reported earnings of $58,605 for the nine-month period ended June 30, 2012 compared to $219,904 in the prior year. Per share results were $.05 for the 2012 period vs. $.18 for the 2011 period.
Flamemaster's sales for the nine month period were impacted due to supplier (raw material) performance issues for several of its products. The Company curtailed shipments of those products during the period. Management believes that most of the issues have been resolved and has resumed shipments.
The Company continues to invest in Research and Development to improve and add to its product offerings and is close to submitting for qualification to the QPG (Qualifying Products Group) a series of High Performance, High Temperatures sealants that are essential to the Aerospace, Transportation and Defense industries. These products have been updated and are an improvement to existing products the Company is already selling.
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 | |||
| 6/30/12 | 6/30/11 | 6/30/12 | 6/30/11 | |
| Sales | 1,564,792 | 1,380,379 | 3,639,650 | 3,931,916 |
| Net income or (loss) | 302,661 | 141,214 | 58,605 | 219,904 |
| Net income per share, basic & diluted | $.26 | $.12 | $.05 | $.18 |