Arrow-Magnolia 3Q Earnings Up 3%
Dallas, Texas (PRNewswire) -- Arrow-Magnolia International Inc., a 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, has announced that earnings for the third quarter ended September 30, 2000 increased by 15% to $352,000, or 11 cents per basic share (10 cents diluted), from $306,000, or 9 cents per basic share (8 cents diluted), in the same quarter of 1999. Net sales increased by 3% to $3.9 million from $3.8 million in the year-earlier period.
For the nine months ended September 30, 2000, earnings were $988,000, or 30 cents per share basic (27 cents diluted) on net sales of $11.2 million, compared to earnings of $978,000, or 30 cents per share basic (27 cents diluted) in the year-earlier period, on net sales of $10.9 million.
At September 30, 2000, the Company had current assets of $7.4 million, of which $2.7 million was in cash and equivalents, and current liabilities of $1.2 million, an approximate 6.2 to 1 ratio. Stockholders' equity, which was $7.2 million at year-end 1999, grew to a record $8.2 million at September 30, 2000.