American Access Technologies Reports First Quarter Results
May 12 2006 - 10:45AM
PR Newswire (US)
Sales Grow 17% Year Over Year KEYSTONE HEIGHTS, Fla., May 12
/PRNewswire-FirstCall/ -- American Access Technologies, Inc.
(NASDAQ:AATK) is pleased to report financial results for the
quarter ended March 31, 2006. Total revenues for the quarter ended
March 31, 2006 were $2.140 million, an increase of 17.3% over the
2005 quarter. There was a net loss of $91,170, or ($0.01) per basic
and diluted share, for the 2006 quarter compared to a net loss of
$99,273, or ($0.01) per basic and diluted share, for the 2005
quarter. Joe McGuire, Chief Financial Officer, commented on the
quarterly results and outlook for the balance of 2006 as follows:
"The first quarter sales of $2.140 million was the fourth
consecutive quarter with over $2 million in sales and was the
Company's historic best first quarter for sales. In both 2004 and
2005, the first quarter represented the lowest sales quarter of the
year and if current economic trends continue, we expect 2006 will
be our fourth consecutive record sales year and the fifth
consecutive year with double-digit sales growth. "We entered 2006
well positioned to continue with our corporate mission to increase
our revenues, control our expenses, increase shareholders' value
and achieve our fourth consecutive best year in our history. Our
progress towards profitability was substantial in 2005, reducing
net losses by 80% in 2005 over 2004 and achieving profitability in
two quarters of 2005. While we will continue to focus on achieving
this goal in 2006 through stringent cost control and manufacturing
efficiencies, we must take substantial steps to improve our gross
profit (net sales minus cost of sales) in order to achieve a
reasonable level of net income. We will seek to do so by price
increases and concentrating on higher margin products." Earnings
before interest expense, income taxes, depreciation, and
amortization, ("EBITDA"), was positive for the three months ended
March 31, 2006. EBITDA for the quarter was approximately a positive
$31,000 versus a negative $6,500 in the comparative quarter in
2005. Please see the accompanying schedule below for a
reconciliation of EBITDA to our results calculated in accordance
with accounting principles generally accepted in the United States
of America ("GAAP"). Non-GAAP Financial Measures EBITDA is a
measure of operating performance that is not calculated in
accordance with GAAP. EBITDA represents earnings before interest
expense, income taxes, depreciation and amortization. EBITDA should
not be considered a substitute for net income, income from
operations or cash flows provided by or used in operations, as
determined in accordance with GAAP. EBITDA is a measure of the
Company's operating performance used by management to focus on
operating performance. Management and some members of the
investment community utilize EBITDA to measure financial
performance on an ongoing basis. The following schedule reconciles
the GAAP net loss to EBITDA: Three months Three months ended ended
March 31, March 31, 2006 2005 Net loss per GAAP ($91,170) ($99,273)
Interest expense 249 236 Income taxes 0 0 Depreciation and
amortization 122,316 92,551 EBITDA $31,395 ($6,486) For further
detailed information, please read the Company's financial
statements and footnotes which will be included in our Quarterly
Report on Form 10-QSB to be filed with the Securities and Exchange
Commission later today. About American Access Technologies, Inc.
American Access manufactures patented zone cabling and wireless
enclosures that mount in ceilings, raised floors, and in custom
furniture, for routing of telecommunications cabling, fiber optics
and wireless solutions to the office desktop. The Company's concept
of "zone cabling" reduces costs for initial network installation
and facilitates moves, adds, changes and upgrades for the network
installations of today and tomorrow. Its Omega Metals division
manufactures its proprietary products, and also provides
state-of-the-art metal fabrication and finishing techniques to
public and private companies and U.S. government contractors. News
and product/service information are available at
http://www.aatk.com/ . Cautionary Note Concerning Forward-Looking
Statements: This press release contains forward-looking statements
as defined in Section 27A of the Securities Exchange Act of 1934,
regarding future sales, income and business plans. While the
Company believes that such forward-looking statements are based on
reasonable assumptions, there can be no assurance that such future
revenues and profits will be achieved or achieved on the schedule
indicated. Furthermore, unanticipated future events, conditions and
financial trends may affect the Company's revenues, operating
results and financial position. Investors are cautioned that these
forward-looking statements are not guarantees of future
performance. Actual events or results may differ from the Company's
expectations, and are subject to various risks and uncertainties,
including those listed in the Company's SEC filings. The Company
assumes no obligation to publicly update or revise its
forward-looking statements even if experience or future events make
it clear that any of the projected results expressed or implied
herein will not be realized. Company Contact: Joe McGuire, Chief
Financial Officer (352) 473-6673/ DATASOURCE: American Access
Technologies, Inc. CONTACT: Joe McGuire, Chief Financial Officer,
American Access Technologies, Inc., +1-352-473-6673, or Web site:
http://www.aatk.com/
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