American Access Technologies Reports Second Consecutive Record Sales Year
09 März 2005 - 7:06PM
PR Newswire (US)
American Access Technologies Reports Second Consecutive Record
Sales Year Sales Increase 47.5% in Zone Cabling Division KEYSTONE
HEIGHTS, Fla., March 9 /PRNewswire-FirstCall/ -- American Access
Technologies, Inc. (NASDAQ:AATK) is pleased to report results for
the year ended December 31, 2004 and the fourth quarter 2004. Total
revenues for the year ended December 31, 2004 were an all-time
record of $6.740 million (+22.2%), compared with $5.515 million for
the year ended December 31, 2003. Total revenues for the fourth
quarter of 2004 were $1.787 million (+23.6%), compared with $1.446
million for the fourth quarter of 2003. The net loss for 2004 was
approximately $857,500, or diluted EPS ($0.13), compared with an
approximate net loss of $842,000, or diluted EPS ($0.14), for 2003.
The net loss for the fourth quarter of 2004 was approximately
$172,000, or diluted EPS ($0.02), compared with net income of
$47,500 or diluted EPS $0.01, in the fourth quarter of 2003.
Summary and Outlook In announcing the financial results, Joe
McGuire, Chief Financial Officer of American Access Technologies,
Inc., stated, "In 2004, we took another step forward in continuing
to focus our efforts to increase our revenues, control our
expenses, achieve profitability, which we steadfastly believe is
very close at hand, and increase shareholders' value. "In 2004, we
attained an all-time record in total revenues of $6.740 million.
Total revenues increased a solid 22.1% over the prior year,
primarily as the result of a 47.5% increase in our zone cabling
products. Our strategic alliance with Chatsworth Products, Inc.
("CPI") is continuing to result in extraordinary sales growth of
our products. Our formed metal division increased sales 9.2%, which
is primarily attributable to an increase in orders from existing
customers. "In addition to the record sales in 2004, not only did
we retain key production employees, we also invested in new
equipment to increase productivity and lower production costs while
at the same time maintaining the high quality standards our
customers expect. The Company purchased $221,000 of new equipment
during 2004 and we expect our new laser cutter to go online in
March 2005, further adding to productivity and revenues from
additional production capabilities of this equipment. "We
experienced an increase in our net loss in 2004 of $15,400 over
2003. Our cost of sales as a percentage of revenue increased by
only 1.8% over 2003 even though we experienced dramatic price
increases in the cost of steel, fuel and transportation.
Additionally, the unprecedented Florida hurricane season caused
shipments and production time to be negatively impacted. Selling,
general and administrative costs increased by $158,700 over 2003.
"Other significant events in 2004 included the following: "Our
balance sheet improved in 2004. We continue to remain debt-free
while improving our cash position by generating approximately $1.4
million in cash through the sale of common stock and warrants to
institutional investors and from the exercise of outstanding stock
options by employees and consultants. The proceeds will enable our
Company to continue to fund our manufacturing expansion, increase
working capital and fund general corporate purposes. "On December
9, 2004, we reported that the Telecommunications Industry
Association ("TIA") adopted the first official standard covering
active zone enclosure products, TIA-569-B. The publication of the
new standard gives official recognition to the concept and
application of active zone enclosures, called Telecommunication
Enclosures. We noted that our zone cabling products comply with the
new TIA standards adopted for telecommunications enclosures for
performance and functionality. These new TIA standards should
further the acceptance of zone cabling and our zone enclosures.
Network engineers, architects and others responsible for designing
and specifying telecommunications networks now have the assurance
that there are TIA standards covering not only their zone cabling
configurations, but also the zone enclosure products utilized in
zone cabling networks. With the TIA publication, there can be no
further doubt that zone cabling has arrived and is accepted in the
market. "Looking ahead, we anticipate that our sales results will
continue to reflect economic trends in our industry groups and
benefit from improvements in CPI's sales and marketing activities
as well as our OEM channels. In August 2004, we announced an OEM
supply agreement with the Voice & Data Division of Leviton
Manufacturing Company, Inc., a leading manufacturer of electrical
and electronic wiring devices. Leviton Voice & Data is noted
for bringing its customers products that meet and exceed the latest
official standards, and challenging the market with innovative new
solutions. We expect Leviton, as well as many of our existing OEM
partners, to make an impact in 2005. "We further believe that our
strategic relationship with CPI for the marketing and sales of zone
cabling products and our OEM partners will facilitate exposure of
our 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 again in this year'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 Audited
Annual Report (10K-SB), which will be filed with the Securities and
Exchange Commission in approximately a 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
subsidiary, Omega Metals, Inc., 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 the company's future sales, income and business
plans. 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/
Copyright
American Access (NASDAQ:AATK)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
American Access (NASDAQ:AATK)
Historical Stock Chart
Von Jun 2023 bis Jun 2024