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Flanders Corporation Begins Trading Releases 1995 Earnings of $0.12 per share Washington, North Carolina, February 27, 1996, Flanders Corporation, a leading manufacturer of precision air filters and filtration equipment, announced today that it had begun trading on the OTC Bulletin Board under the ticker symbol FLDR. The company also released earnings of $1,145,654 for 1995, compared to a loss of $5,443 for 1994, on revenues of $38.5 million, up 48%, from $26.1 million in 1994. Robert Amerson, President and Chief Executive Officer of Flanders, stated, "The equity we raised in December and January has given us the capital we needed for further expansion. We intend to give our stockholders the best possible return on their investment." Flanders has been a leader in the air filtration industry since 1950. Flanders Corporation is a supplier of air filters and equipment to:
For further information on Flanders and its products, visit its web site at http://www.flanderscorp.com/ or contact Steven Clark at (919) 946-8081. Selected Operations Data (000's omitted except per share data) 1995 1994 1993 ------------ ------------ ------------ Net sales $ 38,494 $ 26,072 $ 20,569 Gross profit 9,541 7,227 6,218 Sales, general and administration 7,263 7,239 6,695 Operating income 2,419 622 356 Earnings before income taxes 1,830 171 25 Income taxes 684 176 15 Cumulative effect of accounting change - - 307 ------------ ------------ ------------ Net earnings (loss) $ 1,146 (5) 317 ============ ============ ============ Earnings (loss) per common and common equivalent share $ 0.12 $ (0.00) $ 0.03 ============ ============ ============ Common and common equivalent shares outstanding 9,832 9,693 9,654 ============ ============ ============ Selected Balance Sheets (000's omitted) ASSETS 1995 1994 1993 ------------------------------------------ ------------ ------------ ------------ Total current assets $ 13,044 $ 9,307 $ 7,497 Other assets 184 134 68 Property and equipment, net 5,301 4,973 4,648 ------------------------------------------ ------------ ------------ ------------ Total assets $ 18,529 $ 14,414 $ 12,213 ============ ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY ------------------------------------------ Total current liabilities $ 9,014 $ 8,959 $ 6,872 Long-term debt, less current maturities 1,307 1,502 1,374 Stockholders' equity 8,208 3,953 3,967 ------------------------------------------ ------------ ------------ ------------ Total Liabilities and Stockholders' Equity $ 18,529 $ 14,414 $ 12,213 ============ ============ ============ |