American Access Technologies Reports Second Quarter Financial Results
August 03 2004 - 10:49AM
PR Newswire (US)
American Access Technologies Reports Second Quarter Financial
Results AATK Targeting Second Consecutive Record Sales Year
KEYSTONE HEIGHTS, Fla., Aug. 3 /PRNewswire-FirstCall/ -- American
Access Technologies, Inc. (NASDAQ:AATK) today is pleased to report
unaudited financial results for the three and six months ended June
30, 2004. Total sales for the three months ended June 30, 2004 were
a record-breaking all-time high of $1,754,514, an increase of 47.6%
over the sales of $1,188,347 in the second quarter of 2003. Total
sales for the six months ended June 30, 2004 were a record-breaking
six-month high of $3,031,484, an increase of 12.7% over the sales
of $2,689,745 for the six months ended June 30, 2003. For the three
months ended June 30, 2004, we generated a net loss of $200,290 or
($0.03) per share, which was a $361,604 decrease (or 64.4%) in net
loss from the net loss of $561,894 or ($0.09) per share over the
comparative three-month period in 2003. For the six months ended
June 30, 2004, we generated a net loss of $493,805 or ($0.08) per
share, which was a $175,318 decrease (or 26.2%) in net loss from
the net loss of $669,123 or ($0.11) per share over the comparative
six-month period in 2003. The following were the most notable
factors in the three- and six-month period ending June 30, 2004:
overall sales increased, margins improved and compensation
decreased. These positive factors were somewhat offset by higher
legal expenses. Most of the higher legal expenses related to the
settlement of two non-material legal matters in the second quarter
of 2004. It was management's decision that it was in the best
interest of the Company to settle these matters rather than to
continue further time-consuming and expensive litigation. In
announcing the financial results Joe McGuire, Chief Financial
Officer of American Access Technologies, Inc., stated, "Our
six-month 2004 sales of approximately $3,031,000 put us on a sales
pace ahead of the prior six years. We continue to pursue our goal
of profitability and hope to mark 2004 as the best year in our
history. Looking ahead to the second half of 2004, while economic
conditions remain uncertain, we have a number of initiatives in
place to help drive future sales growth. Based on sales through
July 2004, we continue to remain on track for a second consecutive
historic sales year. Our strategic plan continues to focus our
efforts to increase our revenues, control our expenses, continue
our march to profitability and increase shareholders' value. "We
continue to believe that our zone cabling and wireless products
have just entered the early stages of the growth phase of the
product life cycle. We believe that the publication by
Telecommunications Industry Association in February 2004 of
standards for zone cabling represents the end of the introductory
phase and will be an important catalyst to achieve growth. With the
TIA publication, there can be no further doubt that zone cabling
has arrived and is accepted in the market. In the second quarter of
2004, our zone and wireless division sales increased 60% over the
same quarter a year ago. We further believe that our strategic
relationship with Chatsworth Products Inc. for the marketing and
sales of zone cabling products will facilitate exposure of these
products to decision makers as well as improve the availability of
customer service and technical assistance to respond to expanding
interest in the products during the growth phase. This trend has
been observed in the second quarter's sales results. Nevertheless,
we recognize that our zone cabling and wireless products are
usually incorporated into a larger project, which is beyond our
ability to control. Therefore, we are subject to the general
economic trends which govern the pace of such projects." For
further detailed information, please read the Company's Quarterly
Report (10Q-SB), which will be filed with the Securities and
Exchange Commission this week. About American Access Technologies,
Inc. American Access manufactures patented zone cabling and
wireless enclosures that mount in ceilings, raised floors, and in
custom furniture for routing of telecommunications cabling, fiber
optics and wireless solutions to the office desktop. The Company's
concept of "zone cabling" reduces costs for initial network
installation and facilitates moves, adds, changes and upgrades for
the network installations of today and tomorrow. Its Omega Metals
subsidiary manufactures its proprietary products and also employs
state-of-the-art metal fabrication and finishing techniques for
public and private companies and for the U.S. government
contractors. News and product/service information are available at
http://www.aatk.com/. Note: This press release for American Access
Technologies, Inc. contains forward-looking statements as defined
in Section 27A of the Securities Exchange Act of 1934, regarding
events, conditions and financial trends that may affect the
Company's future operating results and financial position.
Prospective investors are cautioned that forward-looking statements
are not guarantees of future performance. Actual events or results
may differ from the Company's expectations, which are subject to
various risks and uncertainties listed in the Company's SEC
filings. The forward-looking statements made herein are based on
information presently available to the management of the company.
The company assumes no obligation to publicly update or revise its
forward-looking statements even if experience or future changes
make it clear that any projected results expressed or implied
therein will not be realized. Company Contact: Joe McGuire, Chief
Financial Officer (352) 473-6673/ DATASOURCE: American Access
Technologies, Inc. CONTACT: Joe McGuire, Chief Financial Officer,
American Access Technologies, Inc., +1-352-473-6673, or Web site:
http://www.aatk.com/
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