AERT Announces 1st Quarter 2013 Results
SPRINGDALE, Ark., May 13, 2013 (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 March 31, 2013 were $18.7 million, $3 million less than the quarter ended March 31, 2012. The sales decrease was due to a variety of factors including prior success of our winter buy program, prolonged winter weather conditions in most of the US, and lower than anticipated inventory build at some key distributors.
Cost of goods sold, as a percentage of sales, decreased by 8.7 percentage points, reflecting manufacturing efficiencies.
SG&A first quarter costs were up $0.1 million from the first quarter of 2012 and operating income of $1.7 million was generated this year, a $1.0 million improvement from the first quarter of 2012. Net income for the quarter was $0.6 million versus a net loss of $0.3 million in the first quarter of 2012.AERT's President, Tim Morrison, stated, "We are pleased with manufacturing efficiencies realized and will continue to focus on investing in efficiency improvements and revenue generation projects and activities. While year-over-year first quarter sales were down we built finished goods inventory in anticipation of future demand." AERT will host their first quarter conference call and webcast on Tuesday, May 14, 2013 commencing at 11:00 am (EDT)/10:00 am (CDT) 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. 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.
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