2002 3rd Quarter Report
To Our Stockholders,
Sales for the third quarter were $2,970,798, an 18% increase over the same quarter of 2002 and a record for the period. Earnings were $85,812 or $0.07 per basic and diluted share compared to a loss of $0.06 per basic and diluted share for the comparable period.
For the nine months of the year, sales are $8,917,425, 10.5% above last year and earnings per basic and diluted share are $0.19 compared to a loss of $0.01 for the period in 2001.
Third quarter sales followed the pattern of the second quarter with advances in most product lines and geographical areas. Margins held steady.
We are introducing two new inkjet printable films for various graphic arts applications. AccuBlack™ and AccuMark™ will join AccuArt™ in the AccuFilm family of inkjet substrates. During the past year, AccuArt has established itself as the leadership product, particularly for color inkjet printing. AccuBlack is specifically formulated for printing high quality photopositives and negatives. AccuMark will fill the need for a less demanding and more economical film. These films complement our existing product line and we anticipate strong sales.
Barring an economic downturn, we anticipate the favorable trends that began in the second quarter will continue through 2003. This growth will be driven by new products and by bringing our technology to new markets. We also intend to keep a tight rein on costs.
For the Board of Directors,
William C. Ulland Chairman, President & CEO