SPRINGDALE, Ark., Nov. 7, 2013 (GLOBE NEWSWIRE) -- Advanced Environmental Recycling Technologies, Inc. (OTCBB:AERT), a leading plastic recycler and manufacturer of green building products announced today net sales for the quarter ended September 30, 2013 were $14.7 million down $3.1 million from the 2012 third quarter, largely due to lost production as a result of a fire on July 17, 2013 at the extrusion facility in Springdale, Arkansas. Four of AERT's five lines were out of commission for approximately one month and final adjustments and repairs to the extrusion lines are progressing as they are being restored to full capacity.
Operating income fell $4.0 million in the third quarter of 2013 versus 2012 and $2.2 million for the nine months ended September 30, 2013 due primarily to lost production and sales associated with the fire. AERT's insurers advanced $2.5 million in early October 2013 in relation to the Springdale fire; however, no settlement has been reached. This advance, recorded as other income, reduced the quarter's net loss to $1.1 million as compared to $0.5 million net income reported or the third quarter of 2012. The insurance claim is being prepared and the current estimated full financial impact of the fire is up to $7 million.
Tim Morrison, AERT's C.E.O., said, "Our AERT manufacturing associates continue their focus on the safe operation of our plants, reducing costs, and improving efficiencies, while developing new products to help us continue to grow."AERT will host their third quarter conference call and webcast on Friday, November 8, 2013, commencing at 11:30 am (EST)/10:30 am pm (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. 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.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts