ENP Newswire -
Release date- 19082014 -
First Quarter Recap
In comparison with last year's first quarter sales volume, an increase in naval/maritime sales was offset by lower sales volume with energy and precision industrial customers, even as our customer base remains committed to sourcing
Additionally, we continue to work on strengthening our liquidity and financial condition. On
We continue to pursue appropriate long-term financing facilities that will allow us flexibility in delivering our superior products to the Company's blue chip customer base. Opportunities to recover some of the contract losses incurred the last two quarters remains a key focus of our senior team.'
First Fiscal Quarter 2015 Summary: Three Months Ended
Net sales decreased 12% to
Cost of goods sold included
The Company is engaged in ongoing efforts to recover significant portions of the contract losses recorded within the fourth quarter of fiscal 2014 and the first quarter of fiscal 2015.
Due to the contract losses and lower revenue, gross profit was
Selling, general and administrative expenses decreased by approximately 25%, or
The net loss was
Balance Sheet Summary
Safe Harbor Statement
This release contains certain 'forward-looking statements' relating to the business of the Company and its subsidiary companies. These forward looking statements are often identified by the use of forward looking terminology such as 'believes,' expects' or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected.
Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including recurring operating losses and the availability of appropriate financing facilities impacting our ability to continue as a going concern, to change the composition of our revenues and effectively reduce operating expenses, the Company's ability to generate business from long-term contracts rather than individual purchase orders, its dependence upon a limited number of customers, its ability to successfully bid on projects, and other risks discussed in the Company's periodic reports that are filed with the
All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume a duty to update these forward-looking statements.
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