Polymer Research reports first quarter earnings

Business Wire, May 12, 1997

BROOKLYN, N.Y.--(BUSINESS WIRE)--May 12, 1997--Polymer Research Corp. of America (NASDAQ: PROA) today reported results for the first quarter of 1997.

Polymer's first quarter revenues were $1,380,980, an increase of 5.0%, over revenues in the first quarter of 1996. Net income for the quarter was $106,957 (eight cents per share) compared with $80,065 (six cents) for last year's first quarter. The increase was attributable to increased revenues, improved gross margins and reduced interest expense which resulted from a partial prepayment of the company's mortgage.

Carl Horowitz, the company's president and chairman, stated that he was pleased with the company's revenue growth.

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., Brooklyn

Carl Horowitz, 718-444-4300