Meridian National Reports First Quarter Results
16 July 1999
Meridian National Reports First Quarter Results
TOLEDO, Ohio--July 16, 1999--Meridian National Corp. (OTC BB:MRCO)(OTC BB:MRCOP) today reported for the fiscal first quarter ended May 31, 1999 net income of $13,000, or nil per share on sales of $10.9 million.This compares to a net loss of $396,000, or 12 cents per share on sales of $15.8 million for the same period of the prior year.
The sales decrease in the current quarter was due to the reduced availability of steel products and a significant cut back in the fourth quarter of the prior year of the steel processing operations at the Gary, Ind. facility. Operating results reflect improved margins from the availability of steel at lower prices for the company's automotive customer base and the reduction of operating and overhead expenses at the Gary facility.
Meridian National processes and distributes steel products and provides commercial paint waste recycling services principally to industrial customers.
Meridian National Corp.
Financial Highlights
Quarter Ended May 31
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1999 1998
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Net sales $10,863,631 $15,829,978
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Net income (loss) 13,275 (395,865)
Dividends on preferred stock 28,383 28,382
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Net loss applicable to common
stock ($15,108) ($2,763,101)
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Loss per common share -
basic and diluted $0.00 ($0.12)
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Weighted average common
shares outstanding -
basic and diluted 3,717,552 3,488,278
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