Pallet Management Systems Inc. announces third quarter results; completed private placement; net worth increase to record levels

Business Wire, May 19, 1995

BOCA RATON, Fla.--(BUSINESS WIRE)--May 19, 1995--Pallet Management Systems Inc. (PMSI) (NASDAQ/BB:PALT) Friday reported revenues for the fiscal third quarter and nine months ended March 31, 1995.

Revenues for the third quarter were $1,111,451 compared with the previous same quarter of $1,008,111. Revenues for the nine months ended March 31, 1995 were $3,504,813 compared to $3,684,404 for the previous nine month period. Net Loss for the quarter was $170,703 compared to a $37,577 loss the previous second quarter.

For the nine month period ended March 31, 1995 net loss was $179,678 compared to a $87,415 loss the previous same period. Net Loss per share for the third quarter was $0.16 per share compared to a $0.05 loss per share and $0.20 loss per share compared to a $0.11 loss per share for comparable nine month periods. During the third quarter, PMSI completed a $491,970 private placement and the company's net worth increased to a record high level of $588,137.

Zachary M. Richardson, president, commented: "During this quarter the company achieved several of the objectives in its strategic plan to become a dominant national pallet company. We strengthened our balance sheet, which has enabled us to expand into Georgia, commence operations at three new major accounts, and launch the company's acquisition program. These events have positioned the company to operate profitably. Subsequent to the end of the quarter, we signed a Letter of Intent to acquire Abell Industries, a Virginia based pallet company, that if completed would quadruple the size of our company." -0-

                PALLET MANAGEMENT SYSTEMS INC.