Standard Automotive Reports Sales and Earnings for the Quarter Ended June 30, 1999
29 July 1999
Standard Automotive Corporation Reports Record Sales and Earnings for the Quarter Ended June 30, 1999
HILLSBOROUGH TOWNSHIP, N.J.--July 29, 1999--Division Immediately Accretive to Earnings
Standard Automotive Corporation (AMEX:AJX,AJX.PR) (the "Company" or "Standard Automotive") today announced record sales and earnings for the first quarter ended June 30, 1999. Sales for the quarter increased to $35,044,000, representing an increase of 345% as compared with sales of $7,880,000 that the Company reported for the comparable quarter ended June 30, 1998. The sales for the quarter ended June 30, 1999 also represent a sequential increase of 32% over sales of $26,595,000 for the quarter ended March 31, 1999. Operating income increased to $3,370,000, a 317% increase over the $809,000 reported for the comparable quarter ended June 30, 1998.
For the quarter ended June 30, 1999 the Company reported earnings of $.35 per common share, as compared to earnings of $.02 reported for the quarter ended June 30, 1998. The earnings of $.35 per share for the quarter ended June 30, 1999 were above the Street's estimates.
The acquisition of Ranor, Inc. on June 16, 1999, part of the Company's recently established Critical Components Division, was immediately accretive to earnings. The Company's new chassis plant in Sonora, Mexico also added to the Company's revenues and earnings for the quarter.
Standard Automotive Corporation, through its Trailer/Truck Division maintains production facilities strategically located throughout the U.S. and Mexico, and is a leading manufacturer of trailer chassis, dump truck bodies and a wide variety of truck and specialty dump trailers. The Company's recently established Critical Components Division is a leading supplier of high tolerance components to the aerospace and nuclear industries.
This release contains certain forward-looking statements which involve known and unknown risks, uncertainties, and other factors not under the Company's control which may cause actual results, performance, and achievements of the Company to be materially different from the results, performance or expectations of the Company. These factors may include, but are not limited to those detailed in the Company's periodic filings with the Securities and Exchange Commission.