SPRINGDALE, Ark., Nov. 10, 2008 (GLOBE NEWSWIRE) -- Advanced Environmental Recycling Technologies, Inc. (Nasdaq:AERT), a leading plastics recycler and manufacturer of Green building products, announced today the filing of its 2008 Q3 financial results with the Securities and Exchange Commission. Sales for the quarter ended September 30, 2008 were $18.6M versus $25.2M for the prior year period. The planned expense and overhead reductions resulted in an increase in gross margin to 10.1% of sales for the third quarter of 2008 versus 8.2% in 2007. The net loss, before extraordinary items, for the quarter was $1.9M versus $2.0M for the third quarter of 2007. Net loss per share remained unchanged at $0.04, before extraordinary items.
Q3 Milestones
Within its 10Q, the Company announced that it had negotiated an extension of its line of credit with Liberty Bank of Arkansas through year-end 2008 as a bridge to a larger credit accommodation the Company is seeking. Additionally, the 10Q report highlights both AERT's agreement with Lowe's Companies, Inc to exclusively supply and distribute all ChoiceDek(r) brand decking materials beginning in 2009 and its agreement to acquire the ChoiceDek brand name from Weyerhaeuser Company.
Company Outlook
Commenting on the Company's current outlook, AERT CEO Joe Brooks said, "In spite of the current difficult economic conditions, I am pleased to report a number of developments within the quarter that have greatly improved AERT's ability to take advantage of an eventual economic turnaround. The continued marketing and distribution of the MoistureShield(r) product line with increased international sales focus is fast gaining traction. The acquisition and control of the ChoiceDek brand, the agreement with Lowe's to be a direct supplier of ChoiceDek products, and a preliminary agreement to settle the class-action litigation together combine to make us a stronger competitor going forward. Although the difficult quarter presented us with various challenges, I am cautiously optimistic going forward. Agreements reached within the quarter significantly strengthen our position within the industry. Globally, AERT's focus on Green building and using sustainable and renewable resources has also positioned us well within the stated priorities of our nation's incoming administration."
Q3 Conference Call
Company Executives will be available to discuss its Q3 results on its quarterly conference call tomorrow, November 11th at 11:00 a.m. CST. To join the call, please dial 877-397-0272. Web access to the conference call can be found at http://investor.shareholder.com/media/eventdetail.cfm?mediaid=34271&c=AERT&mediakey=B3C8495A7148AFB34CF4439E0D9CD7A0&e=0.
For complete information concerning AERT's business and financial results for the period ended September 30, 2008, please consult the Securities and Exchange Commission website's EDGAR database www.sec.gov/edgar.shtml
About Advanced Environmental Recycling Technologies, Inc.
Since 1989, AERT (Nasdaq:AERT) has pioneered the use of recycled polyethylene plastic in the manufacture of composite building materials. With its constantly evolving portfolio of patented and proprietary recycling technologies, AERT has been widely recognized as a leader in resource conservation innovation and received the EPA Award for Environmental Excellence for its process of converting scrap plastic to composite outdoor decking. AERT converts reclaimed plastic and wood fiber waste into quality outdoor decking systems, fence systems, and door and window components. The Company is the exclusive manufacturer of Weyerhaeuser ChoiceDek(r) decking, which is available in multiple colors and is sold in all Lowe's Home Improvement stores. See http://www.choicedek.com for more information. AERT's MoistureShield(r) decking program is expanding and products are available in many parts of the U.S. now, with national distribution planned for 2008. See http://www.moistureshield.com for product information or to find a regional distributor or dealer. AERT operates manufacturing facilities in Springdale and Lowell, with a raw materials facility in Junction, Texas and a state-of-the-art recycling facility under construction in Watts, Oklahoma. This LEED certified recycling facility is expected to be operational in the first quarter of 2009. For more information on the Company, visit http://www.aertinc.com.
The AERT, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4905
Certain statements in this news release regarding projected results of operations, or, projected results of financial plans or future strategies and initiatives, including, but not limited to, projections of revenue, projections of profitability, any and all future expectation, and plans for future activities may and should be regarded as "forward-looking statements" within the meaning of the Securities Litigation Reform Act. These statements involve, among other things, known and unknown risks, uncertainties and other factors that may cause AERT, Inc.'s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. AERT currently is considering, but may or may not in the future implement any or all of the items and issues listed in any planned budget or strategic initiative, due to, among other things, known and unknown risks, uncertainties and other factors.
AERT, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, change in strategy, or otherwise. The above-mentioned listing of risks and uncertainties is not inclusive. For a more detailed discussion of some, but not all, of the risks and uncertainties that may affect AERT, Inc., see AERT, Inc.'s filing with the Securities and Exchange Commission, including its Annual Report on Form 10-K, for the fiscal year ended December 31, 2007 and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2008.