Shopsmith Reports Second Quarter Profit
November 19 2003 - 9:02AM
PR Newswire (US)
Shopsmith Reports Second Quarter Profit DAYTON, Ohio, Nov. 19
/PRNewswire-FirstCall/ -- Shopsmith, the leading manufacturer of
multipurpose woodworking tools, today reported a net income of
$119,000 or $.05 per diluted share on net sales of $3,174,000 for
its second fiscal quarter ending October 4, 2003. For the same
fiscal quarter of the previous year, net income of $36,000 was
reported at $.01 per diluted share on sales of $3,207,000. John
Folkerth, Shopsmith CEO said, "Our second quarter results reflect
stronger sales of our Mark V product line at high traffic
demonstrations, such as state fairs. While our focus is on
improving sales, results show our continued success in controlling
expenses, improving operating results at current sales levels."
Founded in 1972, Shopsmith, Inc. manufactures their Mark V product
line (a five in one multipurpose tool) in Dayton, Ohio. The
products are marketed through live demonstrations and direct sales
throughout the United States, Canada, and England. Results for the
Quarters Ended October 4, September 28, 2003 2002 Net sales
$3,174,000 $3,207,000 Gross profit 1,661,000 1,671,000 Income
before income taxes 123,000 36,000 Income tax expense 5,000 - Net
income 119,000 36,000 Net income per common share-Basic 0.05 0.01
Net income per common share-Diluted 0.05 0.01 Results for the Six
Months Ended October 4, September 28, 2003 2002 Net sales
$6,287,000 $6,622,000 Gross profit 3,192,000 3,469,000 Income
(loss) before income taxes (1,000) 100,000 Income tax expense 5,000
- Net income (loss) (6,000) 100,000 Net income (loss) per common
share-Basic (0.00) 0.04 Net income (loss) per common share-Diluted
(0.00) 0.04 DATASOURCE: Shopsmith, Inc. CONTACT: John R. Folkerth,
Chief Executive Officer of Shopsmith, Inc., +1-937-898-6070, ext.
500 Web site: http://www.shopsmith.com/
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