Plymouth Rubber Company, Inc. Reports Improved Financial Results for the Third Quarter of Fiscal 2004
October 12 2004 - 3:57PM
PR Newswire (US)
Plymouth Rubber Company, Inc. Reports Improved Financial Results
for the Third Quarter of Fiscal 2004 CANTON, Mass., Oct. 12
/PRNewswire-FirstCall/ -- Plymouth Rubber Company, Inc.
(AMEX:PLR.AAMEX:PLR.B) today announced financial results for the
third quarter of fiscal 2004 ended August 27, 2004. Plymouth's
third quarter 2004 sales increased 13% to $18,077,000, from
$15,970,000 in 2003. Net loss for the third quarter decreased to a
loss of $771,000, or a loss of $0.37 diluted earnings per share,
compared to a loss of $1,118,000, or a loss of $0.54 diluted
earnings per share in 2003. The third quarter was adversely
affected by a $598,000 excise tax accrual, from which the Company
is seeking to obtain some relief, pending a decision by the IRS.
For the first nine months of 2004, sales were $52,872,000, an 11%
increase from $47,800,000 last year. Net loss for the first nine
months decreased to a loss of $1,014,000, or a loss of $0.49
diluted earnings per share, from a loss of $2,682,000, or a loss of
$1.30 diluted earnings per share last year. "Despite our excise tax
accrual, we continue to be encouraged by our financial improvement
in operations in fiscal 2004, especially by our double digit sales
growth for the third quarter and the year, although continued high
costs for raw materials and energy, have somewhat moderated the
year to year profitability improvement," stated Maurice J.
Hamilburg, Plymouth's President and Co-CEO. "We plan for continued
higher sales and improvements for the remainder of 2004." Plymouth
Rubber Company, Inc. manufactures and distributes plastic and
rubber products, including automotive tapes, insulating tapes, and
other industrial tapes and films. The Company's tape products are
used by the electrical supply industry, electric utilities, and
automotive and other original equipment manufacturers. Through its
Brite-Line Technologies subsidiary, Plymouth manufactures and
supplies highway marking products. This release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities and
Exchange Act of 1934. The Company's actual results could differ
materially from those set forth in the forward-looking statements
as a result of various factors, including those referenced in the
"Management's Discussion and Analysis" section of the Company's
most recent Annual Report on Form 10-K, which is on file with the
SEC. Contact: Joseph J. Berns Vice President - Finance (781)
828-0220 Ext. 1377 Table Follows Plymouth Rubber Company Reports
Financial Results for the Third Quarter of Fiscal 2004 (in
Thousands, Except Share and Per Share Amounts) (Unaudited) Third
Quarter Ended Nine Months Ended Aug. 27, Aug. 29, Aug. 27, Aug. 29,
2004 2003 2004 2003 Net Sales $18,077 $15,970 $52,872 $47,800 Net
Income (Loss) $(771) $(1,118) $(1,014) $(2,682) Per Share Data:
Basic Earnings Per Share: Net Income (Loss) $(0.37) $(0.54) $(0.49)
$(1.30) Weighted average shares outstanding 2,058,976 2,058,976
2,058,976 2,058,976 Diluted Earnings Per Share: Net Income (Loss)
$(0.37) $(0.54) $(0.49) $(1.30) Weighted average shares outstanding
2,058,976 2,058,976 2,058,976 2,058,976 DATASOURCE: Plymouth Rubber
Company, Inc. CONTACT: Joseph J. Berns, Vice President - Finance of
Plymouth Rubber Company, +1-781-828-0220 ext. 1377 Web site:
http://www.plymouthrubber.com/
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