$0.5 Million Net Income - Momentum Continues
SPRINGDALE, Ark., Nov. 15, 2012 (GLOBE NEWSWIRE) -- Advanced Environmental Recycling Technologies, Inc. (OTCBB:AERT), a leading plastic recycler and manufacturer of green building products, announced today that sales for the quarter ended September 30, 2012 were $17.8 million, unchanged from the third quarter of 2011. Year to date sales are up 25% versus 2011.
Third quarter gross margin improved 3.4 percentage points from 2011 primarily as a result of manufacturing efficiencies while selling and administrative costs for the quarter were down $0.7 million as the company continues to focus on cost containment.
The company recorded operating income of $1.5 million, a $1.3 million increase from the quarter ended September 30, 2011. Net income for the quarter was $0.5 million versus a $1.0 million loss for the third quarter of 2011.
Our AERT manufacturing associates continue to be focused on reducing costs and improving efficiencies. Our company diversification efforts are also gaining traction. Phase II of our Watts, OK recycling facility is nearing completion. We are initiating marketing and sustainability efforts for green plastics and expect to initiate sales of increased levels of recycled plastic resins to other manufacturers. Additional information is anticipated to be announced in the near future.
AERT will host their third quarter conference call and webcast on Friday, November 16, 2012 beginning at 11:00 am (EST)/10:00 am (CST) to discuss the results. Listeners may participate in a question and answer session toward the end of the webcast by calling 877-561-2747. To listen via internet visit http://aert.com/ir/webcasts.aspx.
About Advanced Environmental Recycling Technologies, Inc.
Since 1989, AERT (OTCBB:AERT) has pioneered the use of recycled polyethylene plastic in the manufacture of composite building materials. With its constantly evolving portfolio of patented and proprietary recycling technologies, AERT has been widely recognized as a leader in resource conservation innovation and received the EPA Award for Environmental Excellence for its process of converting scrap plastic to composite outdoor decking. The company recently received an ESGR Patriot Award for its support of our Guard and Reserve Units in the U. S. Armed Forces. AERT converts reclaimed plastic and wood fiber waste into quality outdoor decking systems, fence systems, and door and window components. The Company is the exclusive manufacturer of ChoiceDek® decking, which is available in multiple colors and is sold in Lowe's Home Improvement stores nationwide. See http://www.choicedek.com for more information. AERT's MoistureShield® decking program is expanding and products are now available throughout the U.S. See http://www.moistureshield.com for product information or to find a regional distributor or dealer. AERT operates manufacturing facilities in Springdale and Lowell, Arkansas and recently commenced operations at its Green Age recycling facility in Watts, Oklahoma. Investors can access real-time stock quotes and information at http://www.otcmarkets.com. For more information on the Company, visit http://www.aertinc.com. Sign up to receive investor information, including press releases, via email by visiting http://aert.com/ir/PressReleaseOptIn.aspx.
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Certain statements in this news release regarding projected results of operations, or, projected results of financial plans or future strategies and initiatives, including, but not limited to, projections of revenue, projections of profitability, any and all future expectation, and plans for future activities may and should be regarded as ``forward-looking statements'' within the meaning of the Securities Litigation Reform Act. These statements involve, among other things, known and unknown risks, uncertainties and other factors that may cause AERT, Inc.'s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. AERT currently is considering, but may or may not in the future implement any or all of the items and issues listed in any planned budget or strategic initiative, due to, among other things, known and unknown risks, uncertainties and other factors.
AERT, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, change in strategy, or otherwise. The above-mentioned listing of risks and uncertainties is not inclusive. For a more detailed discussion of some, but not all, of the risks and uncertainties that may affect AERT, Inc., see AERT, Inc.'s filing with the Securities and Exchange Commission, including its Annual Report on Form 10-K, for the fiscal year ended December 31, 2011.
CONTACT: For AERT