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Urecoats Industries Announces Second Quarter Results; Company Continues its Sequential Quarter-by-Quarter Growth
DEERFIELD BEACH, Fla. --Aug. 20, 2002--Urecoats Industries Inc., a technology-driven sales, marketing and product development company, today reported results for the second quarter ended June 30, 2002.
For the second quarter of 2002, revenues totaled $1,693,735, a 28% increase compared to revenues of $1,320,499 reported for the first quarter of 2002. The Company reported a net loss for the second quarter of ($2.37 million) or ($0.16) per diluted share, compared with a net loss of ($2.37 million) or ($0.17) per diluted share, in the first quarter of 2002. The Company deferred gross revenue of $69,588 for accounting purposes during the quarter. Timothy M. Kardok, Chief Executive Officer and President of Urecoats Industries, commented on the second quarter results, "During the quarter, sales of our revolutionary BlueMAX application system continued to grow with total revenues augmented by a significant increase in new orders of our flagship product, UrecoatsRSM-100. As a result, RSM-100 with its higher gross margin represented a greater percentage of our total revenue than in previous quarters and reflects the progress of our successful marketing efforts. We expect this model to continue to drive performance throughout the remainder of the year, with RSM-100 sales improving steadily from our expanding base of certified applicators." Kardok continued, "The second quarter of 2002 also marked a new and important era for Urecoats Industries. In May, our shareholders approved our proposed share consolidation plan, which resulted in a one-for-ten reverse split of our common stock and listing on the American Stock Exchange (AMEX). Urecoats is now poised to deliver greater value to its shareholders over the long term. Our listing on the AMEX will afford us greater access to the capital markets in order to fund future growth, while creating a more visible platform for Urecoats to share its emerging growth status within the industries it serves and the investment community at large." "We achieved several important strategic milestones including the deployment of a national sales force and development of new business opportunities with Bradco Supply Corporation, one of the nation's largest distributors of commercial roofing and weatherproofing materials. Additionally, we are continuing our geographic expansion, domestically and internationally, with recent product sales in Puerto Rico and Canada," Mr. Kardok concluded. About Urecoats Industries Inc. Urecoats Industries, through its wholly owned subsidiaries, is a developer, manufacturer, marketer, and distributor of innovative weatherproofing solutions. Urecoats offers a comprehensive line of products, some of which include recycled material in their composition, to the construction and building products industries. The company's flagship products, UrecoatsRSM-100(TM) sealant and BlueMAX(TM) application system, work in tandem to create a seamless vapor barrier that protects substrates from air or water intrusion, thereby preventing corrosion and deterioration. To find out more about Urecoats Industries Inc. (AMEX:URT), visit our website at www.urecoats.com. UrecoatsRSM-100 and BlueMAX are trademarks of Urecoats Manufacturing, Inc. Urecoats Manufacturing, Inc. is a wholly-owned subsidiary of Urecoats Industries Inc. You may register to receive Urecoats' future press releases or download a complete Digital Investor Kit including press releases, regulatory filings and corporate materials by clicking on the "Digital Investor Kit" icon at www.kcsa.com. The information contained in this news release, other than historical information, consists of forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors, including general economic conditions, consumer spending levels, adverse weather conditions and other factors could cause actual results to differ materially from the Company's expectations.
Avery Dennison Elects Bruce Karatz New Director PASADENA, Calif.--Oct. 30, 2001--Avery Dennison Corporation today announced that its board of directors has elected Bruce Karatz as a director of the Company, effective as of November 1, 2001. Eastman Chemical Company Donates Innovative Coating Technology To Eastern Michigan UniversityKINGSPORT, Tenn. and YPSILANTI, Mich., Oct. 29 -- Furthering its commitment to the advancement of higher education, Eastman Chemical Company today announced its donation of intellectual property covering thermosetting coating compositions to Eastern Michigan University's (EMU) Coating Research Institute. EMU will further develop the technology for commercial application. The patents included in the donation were valued using the Patent & License Exchange, Inc.'s (pl-x) highly acclaimed TRRU® metrics valuation tools. The estimated value of the technology was not disclosed. Trex Company Reports 16% Revenue Growth in Third QuarterWINCHESTER, Va.--Oct. 29, 2001--Trex Company, Inc., manufacturer of Trex(R)Easy Care Decking, today announced financial results for the third quarter ended September 30, 2001. Foster Wheeler Signs Letter of Agreement With ENAP for a $300 Million Chilean Coker ProjectHAMILTON, Bermuda--Oct. 29, 2001--Foster Wheeler Ltd. announced that one of its subsidiaries signed a letter of intent with Chilean state-run oil company, Empresa Nacional de Petroleo (ENAP), for the development of a delayed coker project on the site of an existing refinery CoolCan Technologies Inc. - Enters Into Funding AgreementCALABASAS, Calif.--Oct. 29, 2001--CoolCan Technologies Inc. (the "Company") announced today that it has entered into a funding agreement with Bay Financial S.A. ("Bay Financial"), a shareholder of the Company. Under the terms of the funding agreement, Bay Financial will have the right to provide up to $1,000,000 US of funding on a private placement basis in tranches over the next 12-month period. Air Liquide launches FabNet online access to TGCM customer supportDALLAS (October 29, 2001) - Air Liquide America (airliquide.com) has released its on-site service management system, FabNet. The system is designed to provide customers and Air Liquide America’s Total Gas and Chemicals Management (TGCM) employees with one-station access to aggregated data from various sources to support their operational business needs. Omnexus to form strategic alliance with The Society of the Plastics IndustryZURICH, Germany (October 26, 2001) – Omnexus (omnexus.com), an e-marketplace serving the plastics industry, has announced its intent to form a strategic alliance with The Society of the Plastics Industry. Solvay Minerals Inc. Names Carl Martin North American Business Manager for Solvay Performance ChemicalsHOUSTON--Oct. 29, 2001--Solvay Minerals Inc. announces the appointment of Carl Martin to the position of north american business manager for its marketing unit, Solvay Performance Chemicals Inc., effective Oct. 1, 2001, according to Richard L. Hogan, president. In this position, Mr. Martin is responsible for marketing products produced by Solvay Performance Chemicals' Barium/Strontium Strategic Business Unit. AT Plastics Reports Third Quarter ResultsBRAMPTON, Ontario--Oct. 30, 2001-- Third Quarter EBITDA from continuing operations up 38% from Q2 2001 -- AT Plastics benefiting from reduced feedstock costs and restructuring initiatives -- Successfully completed $35 million share issue -- On track to complete balance of restructuring plan: sell Packaging business and restructure debt. Air Products: Tight deadlines, big requirementsPHILADELPHIA – When David Beltz, Manager of B2B integration services for Air Products and Chemicals, wants to determine which e-channels to use to connect with a customer, he uses a simple two-by-two grid that ranks a customer’s technical sophistication against its network potential. To the Editor,As you rightly point out in your Oct 25 editorial entitled "Win/Win, Lose/Lose," the marketing spin and posturing of public marketplaces and consortia in the chemical industry are being tested by end users that want to maintain their competitive edge and receive a fast ROI. To the Editor,My views might not be considered neutral, with OxyChem's equity participation in Envera, but "Hub-to-Hub" connectivity was always in Envera's plans. As a founding Envera member and as an early adopter of B2B connectivity utilizing XML (in production since November 1999) OxyChem strongly endorses the need for "Hub-to-Hub" connectivity, both inter- and intra-Industry. Consider the real flywheel effects of connecting two hubs within the Chemical sector. In addition here are four thoughts on why this would be a positive step: ChemSW introduces new version of its Sample Tracking and Inventory SoftwareFAIRFIELD, California (October 29, 2001) - ChemSW chemsw.com has introduced a new Oracle version of STIS Sample Tracking and Inventory System, for the monitoring of samples and work throughout the laboratory. STIS is designed to enable users to register samples, create work lists, assign tests, enter test results and check progress and status, with complete audit trail and reporting. According to ChemSW, tests can be assigned to a single sample or to a batch of samples at once. BP Completes Deal To Strengthen Core Polymers BusinessesLONDON (November 1, 2001) - BP has completed its deal with Solvay, announced in December 2000, significantly strengthening its core polyolefins businesses in Europe and the USA. Buckeye Enters Joint Venture With Z Pellet EnterprisesMEMPHIS, Tenn. Nov. 1, 2001--Buckeye Technologies Inc. announced today that it has entered into a joint venture with Z Pellet Enterprises, Inc. of Weldon, N.C. The new venture will focus on expanding the market for FuzZpellets, a pelleted cottonseed dairy feed. The new joint venture, CottonFeed, LLC, will provide marketing, manufacturing and process technology expertise to third party manufacturers who will produce the product. American Vanguard Announces Record Third Quarter ResultsNEWPORT BEACH, Calif.-- Nov. 1, 2001--American Vanguard Corporation today reported financial results for the third quarter and nine months ended September 30, 2001. BP Solvay Polyethylene North America Names Foster Brown PresidentHOUSTON--Nov. 1, 2001--Foster Brown has been named president of BP Solvay Polyethylene North America, a new joint venture for the production of high density polyethylene (HDPE) between Solvay Polymers Inc. and BP Amoco Polymers Inc., effective Nov. 1, 2001. Hyprotech Appoints New President for European Headquarters; Cesc Batlle to Lead Hyprotech's Europe, Middle East and African OperationsCALGARY, Alberta, Canada--Nov. 2, 2001--Hyprotech is pleased to announce the appointment of Mr. Cesc Batlle as president of Europe, Middle East and Africa (EMEA), heading up the company's European Operations. Batlle's primary role will be to assure customer satisfaction and growth within EMEA, as well as to continue to provide a challenging and rewarding environment for all Hyprotech employees in the region. Airgas Completes Sale of Two Nitrous Oxide Plants and Related BusinessRADNOR, Pa.--Nov. 2, 2001--Airgas, Inc. announced today the completion of the sale of two nitrous oxide production facilities and related business to Air Liquide America Corporation. The transaction, which was originally announced on October 3, received provisional approval from the Federal Trade Commission last Friday. Rohm and Haas Acquires Flexible Packaging Adhesives Business From Benjamin MoorePHILADELPHIA, Nov. 2 -- Rohm and Haas Company announced today the acquisition of the flexible packaging adhesives business of Technical Coatings Co., a subsidiary of Benjamin Moore & Co. of New Jersey. The transaction price was not disclosed.
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