PRAB Reports First Quarter Results
KALAMAZOO, Mich.--March 13, 2001--PRAB Inc. (OTC:PRAB) reports first quarter sales of $3,684,000 and a net profit of $60,000 for the period ended Jan. 31, 2001.These results compare with sales of $3,423,000 and a net profit of $5,000 in the same period a year ago.
The per share loss reported in the first quarter of 2000 was primarily due to the convertible preferred stock redemption completed on Dec. 28, 1999. In calculating earnings per share, first quarter 2000 net income was reduced by the premium paid on the convertible preferred stock redeemed which totaled $322,667. The impact of this transaction was to reduce earnings per share by approximately 18 cents for the first quarter of 2000.
PRAB Inc. Summary of Financial Results (in thousands of dollars except per share data) First Quarter Ended First Quarter Ended Jan. 31, 2001 Jan. 31, 2000 Sales $3,684 $3,423 Net income 60 5 Per share (loss) $ 0.03 $(0.18)