PR September 2019

 

FOR IMMEDIATE RELEASE:  September 6, 2019

Contact:       Joseph Mazin, President & CEO

Telephone: (818) 890-1401

Fax: (818) 890-6001

Web Site:                    http:/www.Flamemaster.com

E-mail:                        info@flamemaster.com

FLAMEMASTER REPORTS RECORD SALES OF $8,415,693 FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2018 A 21.1% INCREASE FROM THE PRIOR YEAR

Pacoima, California, September 6, 2019 – Flamemaster Corporation (Pink Sheets “FAME.PK”) reported a net loss of ($81,694) on sales of $8,415,693 for the year ended September 30, 2018.  The loss was not related to operations.  The Company, however, reported a robust income from operations before taxes and other non-operational expenses of $911,320 compared to $249,516 in the previous year. In the previous year 2017 earnings were $402,209 on sales of $6,946,673.  Per share results were ($.07) fully diluted in 2018 vs. $.36 fully diluted in 2017.

Flamemaster continues to grow its product line and expand its customer base.

Due to various agreements entered into by Flamemaster and its strategic business partner, The Company is prohibited from declaring and distributing dividends to its shareholders.  Flamemaster is further limited in the amount of repurchases of its common stock from its stockholders it can execute per year.

Flamemaster is a Southern California based specialty chemicals manufacturer of high performance sealants, adhesives and coatings, servicing the Aerospace, Defense, Energy, Marine and Transportation industries.

The release herein may contain or identify a forward-looking statement.  These statements are based on a number of assumptions and estimates, which are inherently subject to uncertainty and contingencies, many of which are beyond the control of the Company and reflect future business decisions, which are subject to change.

Please see following audited 9/30/18 Statement of Income.

THE FLAMEMASTER CORPORATION

STATEMENTS OF INCOME

                                                                                               SEPTEMBER 30, 

2018

2017

NET SALES (Note L) $ 8,415,693 $ 6,946,673
 

COSTS AND (EXPENSES):

Cost of Goods Sold

 

 

$ 5,021,189

 

 

$ 4,333,681

Laboratory Costs 606,853 604,930
Selling and Administrative 1,726,119 1,639,580
Interest, Royalties and Other Expenses 150,212 118,966
$ 7,504,373 $ 6,697,157
INCOME FROM OPERATIONS $ 911,320 $ 249,516
OTHER INCOME AND (EXPENSE)

Interest and Dividend Income

189,951  222,298
Gain/(Loss) on Transfer of Investments (Note E) (1,166,741)
Gain or (Loss) on Sale of Marketable Securities 824 2,047
Net Rental Income/(Loss) from Solar Investment 957 957
Other Income or (Expense) 33,499 101,147
TOTAL OTHER INCOME AND (EXPENSE) $ (941,510) $ 326,449
INCOME BEFORE INCOME TAXES $(30,190) $ 575,965
 

PROVISION FOR INCOME TAXES

 

(51,504)

 

(173,756)

NET INCOME /(LOSS) $ (81,694) $ 402,209
NET INCOME PER SHARE, BASIC (Note I) -0.07 $ 0.36
 

WEIGHTED AVERAGE SHARES OUTSTANDING, BASIC

 

1,112,874

 

1,115,355

 

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