Imperial Announces 2004 Results
March 30 2005 - 3:38PM
PR Newswire (US)
Imperial Announces 2004 Results POMPANO BEACH, Fla., March 30
/PRNewswire-FirstCall/ -- Imperial Industries, Inc. (OTC:IMPL)
(BULLETIN BOARD: IMPL) (formerly "IPII") announced today results of
operations for the year ended December 31, 2004. The Company
generated net income in 2004 of $2,466,000, or $1.02 per fully
diluted share (after adjusting for the reverse stock split
effective March 23, 2005), compared to $640,000, or $.28 per fully
diluted split adjusted share for 2003, a per share increase of
264.2%. Net sales in 2004 were $55,268,000, compared to $41,069,000
in 2003, an increase of 34.6%. The sales increase was principally
due to higher demand for Company products because of greater
strength in the new housing and construction markets in the
Company's trade areas compared to last year, in combination with
market share gains. The increase in sales, together with greater
operating efficiencies, resulted in increased operating profits in
2004 compared to 2003. The 2004 results include a pre-tax gain of
$482,000 from settlement of litigation against a former employee
and others, arising from the former employee's alleged violation of
his non-compete agreements with the Company. In 2003, the Company
closed an underperforming distribution facility that accounted for
pre-tax losses of approximately $379,000. S. Daniel Ponce,
Imperial's Chairman of the Board, stated: "The 2004 results show
our Company is well postured to realize future gains from the
continuing strength in the new housing and construction markets, as
well as the rebuilding efforts necessitated by the damage caused by
four hurricanes in a number of the Company's trade areas. We remain
focused on targeting strategic opportunities to generate market
share gains in our current markets as well as new markets." Mr.
Ponce also stated: "The Company is nearing completion of a major
capital improvement project to expand and enhance the production
capabilities of its Winter Springs (greater Orlando area), Florida
manufacturing facility. We anticipate this facility will be fully
operational with its upgrades in the second quarter of 2005 and
will create improved operating efficiencies and increase capacity
for future profitable growth." As previously announced, the Company
implemented a one-for-four reverse stock split on March 23, 2005 in
order to meet minimum per share market price requirements for an
initial listing on the Nasdaq Small Cap Market. The Company is
hopeful that the transition from the trading of its common stock
from the OTC Bulletin Board to the Nasdaq Small Cap Market will be
completed early in the second quarter of 2005. Imperial Industries,
Inc., a building products company, sells products throughout the
southeastern United States with facilities in the states of
Florida, Georgia, Mississippi and Alabama. The Company is engaged
in the manufacturing and distribution of stucco, plaster and
roofing products to building materials dealers, contractors and
others through its subsidiaries, Premix-Marbletite Manufacturing
Co. and Acrocrete, Inc. The Company through its subsidiary,
Just-Rite Supply, Inc., is engaged in the distribution of the
Company's manufactured products, as well as gypsum, roofing,
insulation and masonry products manufactured by other companies.
See our website at http://www.imperialindustries.com/ for more
information about the Company. The statements in this press release
contain certain forward-looking statements, which are subject to
risks and uncertainties. Such statements, including those
regarding, among other things, the success of the Company's sales
and marketing efforts, improvements in productivity, the Company's
strategy and future prospects, are dependent on a number of
factors, including market conditions and availability of financing,
only some of which are within the Company's control. Actual results
could differ materially from those currently anticipated due to a
number of factors, including those set forth in the Company's
Securities and Exchange Commission filings under "Risk Factors." A
more detailed discussion of risks attendant to the forward-looking
statements included in this press release are set forth in the
"Forward- Looking Statements" section of the Company's Annual
Report on Form 10-K for the year ended December 31, 2004, filed
with the Securities and Exchange Commission ("SEC"), and in other
reports already filed with the SEC. IMPERIAL INDUSTRIES, INC.
Financial Highlights Year Ended December 31, 2004 2003 Net Sales
$55,268,000 $41,069,000 Income before taxes $3,754,000 $938,000
Income tax expense (1,288,000) (298,000) Net income $2,466,000
$640,000 Basic income per common share* $1.06 $0.28 Diluted income
per common share* $1.02 $0.28 *Income per common share has been
adjusted and restated for a one-for-four reverse split of common
stock effective at the close of business on March 22,2005.
DATASOURCE: Imperial Industries, Inc. CONTACT: Howard L. Ehler,
Jr., Executive Vice President, Imperial Industries, Inc.,
+1-954-917-7665 Web site: http://www.imperialindustries.com/
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