Mile Marker International, Inc. Announces Third Quarter 2008 Results
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POMPANO BEACH, Fla. November 17, 2008: Mile Marker International, Inc. (“the Company”) (Pink Sheets:MMRK), a specialty vehicle parts manufacturer and distributor, today announced its third quarter 2008 financial results.
Mile Marker International, Inc. today reported a net loss of $408,710, or $0.04 per common share, for the third quarter ended September 30, 2008, based on sales revenues of $3,359,909, compared to a net loss of $367,942, or $0.04 per common share based on sales revenues of $2,716,289 for the third quarter of 2007. During the second quarter of 2008, the Company reported a net loss of $113,219, or $0.01 per common share based on sales revenues of $3,784,551. The Company reported a net loss of $948,645, or $0.10 per common share, based on sales revenues of $10,189,142 for the nine months ended September 30, 2008, compared to a net loss of $847,259, or $0.09 per common share, based on sales revenues of $11,092,003 for the same period during 2007.
Alvin A. Hirsch, President and Chief Executive Officer, stated: “I am extremely disappointed to report a higher quarterly loss in the third quarter following the progress we made in the last quarter. During this quarter we began to feel the effects of the economic downturn as both military sales and electric winch sales were lower than the previous quarter and margins were compressed by a combination of lower priced products and higher cost of goods. Additionally, our expenses were adversely affected by the bankruptcy of one of our longstanding customers and the direct and indirect costs of the ongoing legal attacks by Richard Aho. Our industry is seeing as much as a 50% decline in sales, and many warehouse distributors have reduced their purchasing and are drawing down their existing inventories due to falling retail demand. As this trend continues, the Company will need to realign its cost structure accordingly in order to return to profitability.”