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Advanced Environmental Recycling Technologies (AERT) Releases 3rd Quarter Results
Advanced Environmental Recycling Technologies, Inc. announced its 3rd quarter results today. Sales were down compared to the third quarter of last year, dropping from $25.2 million in the third quarter of 2007 to $18.6 million today. However, since the company was also able to reduce operating expenses during that time, gross margins increased to 10.1% of sales in the third quarter of this year, versus 8.2% last year. The net loss stayed about the same-this year it was $1.9 million, and in the third quarter of last year it was $2.0 million, which still works out to a net loss of .04/share.
Here is what Joe Brooks, AERT’s CEO, had to ay about the results:
"In spite of the current difficult economic conditions, I am pleased to report a number of developments within the quarter that have greatly improved AERT’s ability to take advantage of an eventual economic turnaround. The continued marketing and distribution of the MoistureShield(r) product line with increased international sales focus is fast gaining traction. The acquisition and control of the ChoiceDek brand, the agreement with Lowe’s to be a direct supplier of ChoiceDek products, and a preliminary agreement to settle the class-action litigation together combine to make us a stronger competitor going forward. Although the difficult quarter presented us with various challenges, I am cautiously optimistic going forward. Agreements reached within the quarter significantly strengthen our position within the industry. Globally, AERT’s focus on Green building and using sustainable and renewable resources has also positioned us well within the stated priorities of our nation’s incoming administration."
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