Impel Pharmaceuticals (NASDAQ:IMPL)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Impel Pharmaceuticals Charts. Click Here for more Impel Pharmaceuticals Charts.](/p.php?pid=staticchart&s=N%5EIMPL&p=8&t=15)
Imperial Announces 2004 Results
POMPANO BEACH, Fla., March 30 /PRNewswire-FirstCall/ -- Imperial Industries,
Inc. (OTC:IMPL) (BULLETIN BOARD: IMPL) (formerly "IPII") announced today
results of operations for the year ended December 31, 2004.
The Company generated net income in 2004 of $2,466,000, or $1.02 per fully
diluted share (after adjusting for the reverse stock split effective March 23,
2005), compared to $640,000, or $.28 per fully diluted split adjusted share for
2003, a per share increase of 264.2%. Net sales in 2004 were $55,268,000,
compared to $41,069,000 in 2003, an increase of 34.6%. The sales increase was
principally due to higher demand for Company products because of greater
strength in the new housing and construction markets in the Company's trade
areas compared to last year, in combination with market share gains. The
increase in sales, together with greater operating efficiencies, resulted in
increased operating profits in 2004 compared to 2003.
The 2004 results include a pre-tax gain of $482,000 from settlement of
litigation against a former employee and others, arising from the former
employee's alleged violation of his non-compete agreements with the Company. In
2003, the Company closed an underperforming distribution facility that
accounted for pre-tax losses of approximately $379,000.
S. Daniel Ponce, Imperial's Chairman of the Board, stated: "The 2004 results
show our Company is well postured to realize future gains from the continuing
strength in the new housing and construction markets, as well as the rebuilding
efforts necessitated by the damage caused by four hurricanes in a number of the
Company's trade areas. We remain focused on targeting strategic opportunities
to generate market share gains in our current markets as well as new markets."
Mr. Ponce also stated: "The Company is nearing completion of a major capital
improvement project to expand and enhance the production capabilities of its
Winter Springs (greater Orlando area), Florida manufacturing facility. We
anticipate this facility will be fully operational with its upgrades in the
second quarter of 2005 and will create improved operating efficiencies and
increase capacity for future profitable growth."
As previously announced, the Company implemented a one-for-four reverse stock
split on March 23, 2005 in order to meet minimum per share market price
requirements for an initial listing on the Nasdaq Small Cap Market. The Company
is hopeful that the transition from the trading of its common stock from the
OTC Bulletin Board to the Nasdaq Small Cap Market will be completed early in
the second quarter of 2005.
Imperial Industries, Inc., a building products company, sells products
throughout the southeastern United States with facilities in the states of
Florida, Georgia, Mississippi and Alabama. The Company is engaged in the
manufacturing and distribution of stucco, plaster and roofing products to
building materials dealers, contractors and others through its subsidiaries,
Premix-Marbletite Manufacturing Co. and Acrocrete, Inc. The Company through its
subsidiary, Just-Rite Supply, Inc., is engaged in the distribution of the
Company's manufactured products, as well as gypsum, roofing, insulation and
masonry products manufactured by other companies. See our website at
http://www.imperialindustries.com/ for more information about the Company.
The statements in this press release contain certain forward-looking
statements, which are subject to risks and uncertainties. Such statements,
including those regarding, among other things, the success of the Company's
sales and marketing efforts, improvements in productivity, the Company's
strategy and future prospects, are dependent on a number of factors, including
market conditions and availability of financing, only some of which are within
the Company's control. Actual results could differ materially from those
currently anticipated due to a number of factors, including those set forth in
the Company's Securities and Exchange Commission filings under "Risk Factors."
A more detailed discussion of risks attendant to the forward-looking statements
included in this press release are set forth in the "Forward- Looking
Statements" section of the Company's Annual Report on Form 10-K for the year
ended December 31, 2004, filed with the Securities and Exchange Commission
("SEC"), and in other reports already filed with the SEC.
IMPERIAL INDUSTRIES, INC.
Financial Highlights
Year Ended December 31,
2004 2003
Net Sales $55,268,000 $41,069,000
Income before taxes $3,754,000 $938,000
Income tax expense (1,288,000) (298,000)
Net income $2,466,000 $640,000
Basic income per common share* $1.06 $0.28
Diluted income per common share* $1.02 $0.28
*Income per common share has been adjusted and restated for a one-for-four
reverse split of common stock effective at the close of business on March
22,2005.
DATASOURCE: Imperial Industries, Inc.
CONTACT: Howard L. Ehler, Jr., Executive Vice President, Imperial
Industries, Inc., +1-954-917-7665
Web site: http://www.imperialindustries.com/