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Flanders Corporation Reports Second Quarter 2001 Results

August 24, 2001
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ST. PETERSBURG, Fla. -- The largest domestic manufacturer of precision air filters and filtration equipment for the HVAC industry, saw a 43 percent retreat in net earnings as the company second quarter 2001 results, which ended June 30.

ST. PETERSBURG, Fla. -- Flanders Corporation (Nasdaq:FLDR), the largest domestic manufacturer of precision air filters and filtration equipment for the HVAC industry, saw a 43 percent retreat in net earnings as the company second quarter 2001 results, which ended June 30.

"Business conditions in the second quarter were difficult, particularly in the latter part of the quarter, and certainly worse than in the first quarter of this year," said Flanders CEO Robert Amerson.

Flanders reported net earnings from continuing operations of $546,000, or 2-cents per share, down 43 percent from $959,000, or 4-cents per share in the second quarter of 2000. Revenues for the quarter were flat at approximately $50 million compared to the second quarter of 2000. Earnings before interest, taxes, depreciation and amortization (EBITDA), declined 4 percent from $5 million compared to $5.2 million for the second quarter ended June 30, 2000.

Earnings from continuing operations for the six months were $1.4 million, down 50 percent compared to $2.9 million for the six months ended June 30, 2000. Revenues for the six months ended increased 3 percent to $97 million. This compares to $94 million for the six months ended June 30, 2000.

"Year over year sales for the second quarter were flat compared to last year," Amerson said. "In particular, sales activity and operating results in the high end filtration side of our business declined significantly. Being the largest manufacturer of consumable, disposable residential and commercial air filters used in HVAC applications gives our sales and profits some additional stability, but we are not immune to fluctuations in the overall economy."

The company implemented a 10 percent salary reduction effort in August.

For more information on Flanders, visit its web site at www.flanderscorp.com.

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