Polymer Research Announces Third Quarter 1998 Earnings

Business Wire, Nov 13, 1998

BROOKLYN, N.Y.--(BUSINESS WIRE)--Nov. 13, 1998--Polymer Research Corp. of America (NASDAQ - PROA) today reported results for the third quarter of 1998.

Polymer's third quarter revenues were $1,130,831, a decrease of 11%, compared with revenues in the third quarter of 1997.

Net income for the quarter was $13,418 ($.01 per share) compared with $100,125 ($.06 per share) for last year's third quarter.

For the nine months ended Sept. 30, 1998, Polymer reported net income of $428,245 ($.27 per share) on revenues of $4,681,092 compared with $305,828 ($.19 per share) on revenues of $4,103,463 in the same period last year.

Earnings per share for the three and nine months ended Sept. 30, 1997 have been restated to give effect to the 5% stock dividend earlier this year.

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.