Oakhurst Company Announces Second Quarter Results
18 October 1999
Oakhurst Company Announces Second Quarter Results
Business Editors
WILMINGTON, Del.--Oct. 15, 1999--Oakhurst Company, Inc.
announced operating results for the second quarter ended Aug. 31, 1999.
The Company's automotive businesses reflected an operating
improvement of approximately $180,000 for the second quarter and
$380,000 for the first six months compared with the same periods in
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; New Heights
began limited operations in July 1999.
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OAKHURST COMPANY, INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED RESULTS OF OPERATIONS
(dollar amounts in thousands, except per share data)
(Unaudited)
Three months Six months
ended ended
August 31, August 31,
1999 1998 1999 1998
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Revenues $ 9,083 $ 9,071 $ 17,357 $ 17,113
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Loss before loss on equity
investment and income taxes (188) (161) (495) (515)
Loss from equity investment (382) - (628) --
Income tax expense (1) - (1) (6)
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Net loss $ (571) $ (161) $ (1,124) $ (521)
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Basic and diluted net loss
per share $(0.12) $ (0.05) $ (0.23) $ (0.16)
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Weighted average number of
shares outstanding used in
computing per share
amounts 4,943,018 3,212,962 4,943,018 3,210,982
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