Plymouth Rubber Company, Inc. Reports Improved Results for the First Quarter of 2004
02 Abril 2004 - 8:00PM
PR Newswire (US)
Plymouth Rubber Company, Inc. Reports Improved Results for the
First Quarter of 2004 CANTON, Mass., April 2 /PRNewswire-FirstCall/
-- Plymouth Rubber Company, Inc. announced today financial results
for the first quarter ended February 27, 2004. Plymouth's first
quarter 2004 sales increased 9% to $14,822,000, from $13,543,000 in
2003. Net loss for the first quarter decreased to a loss of
$797,000, or a loss of $0.39 diluted earnings per share, compared
to a loss of $1,380,000, or a loss of $0.67 diluted earnings per
share in 2003. "We were pleased by our continued improvement in the
quarter, as our sales strengthened significantly from the previous
year and our seasonally normal first quarter loss was reduced by
42%," stated Maurice J. Hamilburg, Plymouth's President and Co-CEO.
"We continue to plan higher sales for the remainder of 2004 which
should produce considerable further improvement. Our goal is to
return Plymouth to profitability in 2004." Plymouth Rubber Company,
Inc. manufactures and distributes plastic and rubber products,
including automotive tapes, insulating tapes, and other industrial
tapes and films. The Company's tape products are used by the
electrical supply industry, electric utilities, and automotive and
other original equipment manufacturers. Through its Brite-Line
Technologies subsidiary, Plymouth manufactures and supplies highway
marking products. This release contains forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities and Exchange Act of 1934. The
Company's actual results could differ materially from those set
forth in the forward-looking statements as a result of various
factors, including those referenced inthe "Management's Discussion
and Analysis" section of the Company's most recent Quarterly Report
on Form 10-Q and Annual Report on Form 10-K which are on file with
the SEC. Contact: Joseph J. Berns Vice President -- Finance (781)
828-0220 Ext. 1377 Source: Plymouth Rubber Company, Inc. Table
Follows PLYMOUTH RUBBER COMPANY, INC. REPORTS IMPROVED RESULTS FOR
THE FIRST QUARTER OF 2004 (Continued) (in Thousands, Except Share
and Per Share Amounts) (Unaudited) First Quarter Ended Feb. 27,
Feb.28, 2004 2003 Net Sales $14,822 $13,543 Net Loss $(797)
$(1,380) Per Share Data: Basic Earnings Per Share: Net Loss $(0.39)
$(0.67) Weighted average shares outstanding 2,058,976 2,058,976
Diluted Earnings Per Share: Net Loss $(0.39) $(0.67) Weighted
average shares outstanding 2,058,976 2,058,976 DATASOURCE: Plymouth
Rubber Company, Inc. CONTACT: Joseph J. Berns, Vice President --
Finance of Plymouth Rubber Company, Inc., +1-781-828-0220 Ext.1377
Web site: http://www.plymouthrubber.com/
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