SUN VALLEY, Calif., Feb. 10, 2004 (PRIMEZONE) -- Flamemaster Corporation (Nasdaq:FAME), today reported net income of $72,692, or $.05 per share, on revenues of $1,074,559 for the 1st quarter compared to net of $129,809 or $.09 per share on revenues of $1,176,456 in the year earlier period.
The decrease in net earnings was a result of increased raw material and health care costs as well as additional costs associated with increased regulatory requirements of the Sarbanes-Oxley Act.
The Results were in line with management's expectations, after giving consideration to the disposition of assets through the spin off of StarBiz Corporation to the Company's shareholders during the quarter.
Flamemaster Corporation is a Southern California-based specialty chemicals manufacturer of high-performance aircraft and aerospace sealants, protective coatings and fire stop systems.
The release herein may contain or identify a forward-looking statement. These statements are based on a number of assumptions and estimates, which are inherently subject to uncertainty and contingencies, many of which are beyond the control of the company and reflect future business decisions, which are subject to change.
Flamemaster Corporation
(Unaudited)
December 31,
2003 2002
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Revenues $ 1,074,559 $ 1,176,456
Income before income
taxes 125,871 199,944
Income taxes 53,179 70,135
Net income 72,692 129,809
Net income per share,
basic & diluted $ .05 $ .09