Polymer Research reports results for third quarter 1996

Business Wire, Nov 12, 1996

BROOKLYN, N.Y.--(BUSINESS WIRE)--Nov. 12, 1996--Polymer Research Corp. of America (NASDAQ:PROA) today reported results for the third quarter of 1996.

Polymer's third quarter revenues were $1,442,155, an increase of 16%, over revenues in the third quarter of 1995. Net income for the quarter was $153,681 ($.11 per share) compared with $90,771 for last year's third quarter.

For the nine months ended Sept. 30, 1995, Polymer reported net income of $313,079 ($.22 per share) on revenues of $4,116,965 compared with $302,508 ($.22 per share) on revenues of $3,858,862 in the same period last year.

Earnings per share for the three and nine months ended Sept. 30, 1995 have been restated to give effect to the 10% stock dividend earlier this year.

Carl Horowitz, the company's president and chairman, stated that he was pleased with the company's continued revenue growth, which he attributed to the increased marketing efforts undertaken by the company during the past several years.

Polymer Research Corp. of America is engaged primarily in research in the area of chemical grafting on a contract basis for a wide range of manufacturing and other companies.

CONTACT: Polymer Research Corp. of America

Carl Horowitz, 718/444-4300