AQM Announces Q1 Results for 1999
17 March 1999
AQM Announces Record Sales and Profits for Q1 99; Annual General Meeting of Shareholders On Tuesday May 4th, 1999
WOODBRIDGE, Ontario--March 17, 1999-- AQM Automotive Corporation (AQM) today announced its consolidated financial and operating results for the first quarter of 1999 (December 1, 1998 to February 28, 1999).Sales volumes for the 1st quarter of 1999 increased by 21% or $540,430 over the 1st quarter of 1998, to $3,138,469. Gross profit increased by the same percentage, to $917,562 for the quarter.
Earnings before interest, taxes, depreciation and amortization (EBITDA), for the 1st quarter of 1999 were $218,183 (2.0 cents per share), up 42% from $153,349 reported for the 1st quarter of 1998.
Net income for the 1st quarter of 1999 was $84,198 (0.8 cents per share), an increase of 47% over the 1st quarter of 1998.
First Quarter Ended
28-Feb-99 28-Feb-98 Change
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Sales 3,138,469 2,598,040 21%
Gross Profit 917,562 759,676 21%
Gross Profit Margin 29.2% 29.2% 0%
EBITDA 218,183 153,349 42%
Net Income 84,198 57,345 47%
EDITDA per share 2.0 cents 1.3 cents 50%
Net Income Per Share 0.8 cents 0.5 cents 54%
Commenting on the quarterly results, Mr. Leslie Leib, Chairman of the Company, stated he was looking forward to further increases in sales and profits, as the Company continued to implement its strategy of increasing market share.
The Company also wishes to announce the first sales made by its new joint venture, Filtronic (Asia) Inc. This operation was established late last year with the objective of supplying bulk product directly to non-North American markets world wide, and is expected to have positive material effects on the Company during 1999. Furthermore, in February, 1999, Mr. Jerry Stevens joined G. K. Industries Ltd. as Vice President, Canadian Sales. Jerry has 25 years of experience with several national brand parts lines, and for the last nine years was responsible for Canadian Sales at Aimco Brake Products.
Finally, the Company wishes to announce that they will hold the Annual General and Special Meeting of Shareholders of the Company at 9:00 a.m. on Tuesday May 4th, 1999, at the Toronto Board of Trade, Airport Centre, 830 Dixon Road, Etobicoke, Ontario.
AQM Automotive Corporation is a publicly traded, Canadian based holding company whose shares are listed on the Toronto Stock Exchange and the Nasdaq OTC Bulletin Boards. G.K. Industries Ltd. (G.K.I.) is the operating component of the AQM group of companies, and one of the leading companies of its kind in North America. It is a fast growing supplier of automotive fuel filters and transmission filter kits to retail and traditional distribution channels in the automotive aftermarket. Offering a complete line, custom packaging and increasing recognition of its own brand, the Company's strategy is to gain market share through product quality, service and aggressive pricing.
The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.
For further information, please contact:
Tim Nigh, Director. Toll Free 1-800-947-8621 Fax:(905) 851-2007
AQM Automotive Corporation www.aqmcorp.com
CUSIP No. 001949 10 6