Oakhurst Company Announces Results of Operations
12 July 1999
Oakhurst Company Announces Results of Operations
WILMINGTON, Del.--July 9, 1999--Oakhurst Company, Inc. (OTC BB:OAKC) today announced operating results for its first fiscal quarter ended May 31, 1999.The Company's automotive businesses reflected an operating improvement of $200,000 compared with the first quarter of the prior year, principally due to increased sales and profits at Steel City Products, Inc. As expected, however, a loss was incurred at the Company's Oakhurst Technology ("OTI") subsidiary, principally related to the budgeted start-up losses of OTI 's investment in New Heights Recovery and Power, LLC ("New Heights"). Continued start-up losses are budgeted as part of the restructuring of the New Heights facility; the first revenues are not expected until later in 1999.
OAKHURST COMPANY, INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED RESULTS OF OPERATIONS
(dollar amounts in thousands, except per share data)
(Unaudited)
Three months Three months
ended ended
May 31, 1999 May 31, 1998
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Revenues $ 8,273 $ 8,042
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Loss before loss on equity
investment and income taxes (307) (354)
Loss from equity investment (246) --
Income tax expense -- (5)
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Net loss $ (553) $ (359)
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Basic and diluted net loss per share $ (0.11) $ (0.11)
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Weighted average number of shares
outstanding used in computing per share
amounts 4,943,018 3,208,936
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