Quipp Announces Increased Earnings And Improving Orders For The 3rd Quarter
October 27 2003 - 3:15PM
PR Newswire (US)
Quipp Announces Increased Earnings And Improving Orders For The 3rd
Quarter MIAMI, Oct. 27 /PRNewswire-FirstCall/ -- Quipp, Inc.
reported net income of $55,000, or $0.04 per share (also $0.04 per
fully diluted share), on revenues of $4,816,000 for the third
quarter. These results compare to a net loss of $71,000, or $0.05
per share (and $0.05 per fully diluted share), on revenues of
$3,702,000 during the third quarter of 2002. For the nine months
ended September 30, 2003 Quipp's net loss is $121,000 ($0.09 per
basic and fully diluted share) compared to a net loss of $171,000
($0.12 per basic and fully diluted share) during the same period of
last year. Revenues increased 11% compared to the first nine months
of 2002, to $13,145,000 in the current year. "Published reports
indicate that the newspaper industry is reflecting the uneven, but
net positive, recent gains throughout the U.S. economy," according
to Michael S. Kady, President and Chief Executive Officer of Quipp.
"Newspaper advertising revenues reportedly were modestly higher
during the first half of 2003 when compared to the first six months
of 2002, and we are hopeful that this trend will continue. The rate
of growth, however, has been tempered by depressed levels of
employment advertising, which reflects the fact that the economic
recovery has been supported largely by efficiency gains that have
not resulted in job creation." Mr. Kady also stated: "Many capital
spending projects were cancelled or delayed by newspaper executives
during the past few years because of the dramatic decline in ad
revenues. Our customers have advised us that, while newspaper
capital budgets continue to be influenced by caution associated
with tepid growth in ad revenues, some equipment and system
replacement projects are now considered to be essential." Finally,
Mr. Kady pointed out that, "Quipp's substantial increase in third
quarter orders resulted from a single order from a major U.S.
newspaper for palletizers, conveyors and ancillary equipment.
Without this order, new bookings for the July-September period were
relatively flat compared to the past two quarters." New orders for
the third quarter amounted to $8,578,000 compared to $4,899,000
during the same period last year. The order backlog totaled
$10,783,000 as of September 30, 2003, an increase from $7,021,000
at June 30, 2003 and $4,504,000 at September 30, 2002. Quipp, Inc.
Quarter Ended Nine Months Ended September 30, September 30, 2003
2002 2003 2002 (000's omitted, (unaudited) (unaudited) (unaudited)
(unaudited) except per share data) Net Sales $4,816 $3,702 $13,145
$11,878 Net Income (loss) $55 $(71) $ (121) $ (171) Basic earnings
(loss) per share $ 0.04 $(0.05) $(0.09) $(0.12) Diluted earnings
(loss) per share $ 0.04 $(0.05) $(0.09) $(0.12) Quipp, Inc.,
through its subsidiary, Quipp Systems, Inc., designs, manufactures,
and installs material handling systems and equipment to facilitate
the automated bundling and movement of newspapers from the printing
press to the delivery truck. CAUTIONARY STATEMENT: This press
release contains forward-looking statements that address, among
other things, the effects of improved conditions in the newspaper
industry. Actual results could differ materially from those
described in the forward looking statements due to, among other
things, economic conditions generally and in the newspaper
industry, fluctuations in incoming orders, delays in development of
new products and lack of customer acceptance of new products.
DATASOURCE: Quipp, Inc. CONTACT: Michael Kady, Quipp,
+1-800-345-9680 Web site: http://www.quipp.com/
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