Releases 1995 Earnings of $0.12 per share
Washington, North Carolina, February 27, 1996, Flanders Corporation, a leading manufacturer of precision air filters and filtration equipment, announced today that it had begun trading on the OTC Bulletin Board under the ticker symbol FLDR.
The company also released earnings of $1,145,654 for 1995, compared to a loss of $5,443 for 1994, on revenues of $38.5 million, up 48%, from $26.1 million in 1994.
Robert Amerson, President and Chief Executive Officer of Flanders, stated, "The equity we raised in December and January has given us the capital we needed for further expansion. We intend to give our stockholders the best possible return on their investment."
Flanders has been a leader in the air filtration industry since 1950.
Flanders Corporation is a supplier of air filters and equipment to:
- The semiconductor manufacturing industry, where filters are the most critical part of the cleanrooms where microchips are made;
- The commercial and industrial HVAC markets, where Flanders filters are used as pre-filters for commercial HVAC systems and specialized air cleaning systems;
- The pharmaceutical and biotechnology industries, where filters are essential for preventing cross-contamination and containing toxic process chemicals;
- The nuclear power industry, where filters are the key to radioactive containment systems; and
- many other industries.
For further information on Flanders and its products, visit its web site at http://www.flanderscorp.com/ or contact Steven Clark at (919) 946-8081.
Selected Operations Data (000's omitted except per share data)
For years ended December 31, 1995, December 30, 1994 and December 31, 1993
1995 1994 1993
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Net sales $ 38,494 $ 26,072 $ 20,569
Gross profit 9,541 7,227 6,218
Sales, general and administration 7,263 7,239 6,695
Operating income 2,419 622 356
Earnings before income taxes 1,830 171 25
Income taxes 684 176 15
Cumulative effect of
accounting change - - 307
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Net earnings (loss) $ 1,146 (5) 317
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Earnings (loss) per common and
common equivalent share $ 0.12 $ (0.00) $ 0.03
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Common and common equivalent
shares outstanding 9,832 9,693 9,654
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Selected Balance Sheets (000's omitted)
ASSETS 1995 1994 1993
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Total current assets $ 13,044 $ 9,307 $ 7,497
Other assets 184 134 68
Property and equipment, net 5,301 4,973 4,648
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Total assets $ 18,529 $ 14,414 $ 12,213
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LIABILITIES AND STOCKHOLDERS' EQUITY
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Total current liabilities $ 9,014 $ 8,959 $ 6,872
Long-term debt, less current maturities 1,307 1,502 1,374
Stockholders' equity 8,208 3,953 3,967
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Total Liabilities and Stockholders' Equity $ 18,529 $ 14,414 $ 12,213
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