Cleaning & Restoration Breaking News

Arrow-Magnolia Posts 2000 Results

March 14, 2001
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Substantial one-time expenses in the fourth quarter and exceptionally heavy demands on management’s time are blamed for the negatively affected sales.

Dallas, Texas (PRNewswire) -- Arrow-Magnolia International, Inc. says results for its fourth quarter and the year ended December 31, 2000 reveal that sales increased to $14.2 million from $14.0 million a year earlier. Net income was $951,000, or $.29 per basic share ($.26 diluted), compared with $1.0 million, or $.32 cents per basic share ($.29 cents diluted) in 1999.

For the fourth quarter, sales were $3.0 million compared to $3.1 million in the fourth quarter of 1999, and the company reported a net loss of $38,000, or $.01 per share, compared to net income of $70,000, or $.02 per share, basic and diluted, in the fourth quarter of 1999.

Morris Shwiff, Chairman of the Board, commented that the company incurred substantial one-time expenses in the fourth quarter related to a proposed merger plan that was terminated. He added that exceptionally heavy demands on management’s time negatively affected sales.

Arrow-Magnolia International, Inc. is a Dallas-based company engaged primarily in the manufacture and distribution of specialty chemical products, for use in cleaning and maintaining equipment, and generalized maintenance and sanitation products.

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