Exhibit 99-Press Release of Amistar Corporation dated November 10, 2004,
reporting Amistar's financial results for the third quarter 2004.
AMISTAR REPORTS THIRD QUARTER 2004 FINANCIAL RESULTS
SAN MARCOS, CALIFORNIA, November 10, 2004 /PR Newswire-First Call/ -- Amistar
Corporation (Nasdaq:-AMTA) today reported sales and results for the three and
nine months ended September 30, 2004.
Net sales for the three months ended September 30, 2004 were $2,410,000 compared
to $3,125,000 for the same quarter in 2003. Net sales for the Nine months ended
September 30, 2004 were $7,726,000 compared to $8,546,000 for the same period in
2003.
There was a net loss for the three months ended September 30, 2004 of $930,000
or $0.30 per share compared to a net loss of $36,000 or $0.01 per share in the
third quarter of 2003. There was a net loss for the Nine months ended September
30, 2004 of $2,024,000 or $0.66 per share compared to a net loss of $261,000 or
$0.08 per share in the same period in 2003.
The loss in the current quarter was due primarily to start-up and machine
development costs incurred by the Company's new subsidiary Distributed Delivery
Networks Corporation ("ddn"), litigation defense costs related to the ddn
venture, reduced gross margins resulting from a 20% decline in AMS division
sales and lower sales from DataPlace(TM) machines compared to the third quarter
of 2003.
During the quarter ended September 30, 2004, ddn incurred $402,000 in marketing,
administrative, and machine development costs. During the same quarter, the
Company incurred $106,000 in litigation defense costs related to a trade secret
suit that it believes is frivolous and aimed at stifling competition. The
Company intends to defend itself vigorously.
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Condensed Consolidated Statements of Operations
Three Months Ended Nine Months Ended
September 30, September 30,
2004 2003 2004 2003
----------------------------- -----------------------------
Net Sales $ 2,410,000 $ 3,125,000 $ 7,726,000 $ 8,546,000
Cost of Sales 2,225,000 2,556,000 6,774,000 6,922,000
------------ ------------ ------------ ------------
Gross Profit 185,000 569,000 952,000 1,624,000
Operating Expenses 1,111,000 602,000 2,968,000 1,873,000
------------ ------------ ------------ ------------
Operating Loss (926,000) (33,000) (2,016,000) (249,000)
Other Income (Expense) (3,000) (2,000) (6,000) (9,000)
------------ ------------ ------------ ------------
Loss Before Income Taxes (929,000) (35,000) (2,022,000) (258,000)
Income Taxes 1,000 1,000 2,000 3,000
------------ ------------ ------------ ------------
Net Loss $ (930,000) $ (36,000) $(2,024,000) $ (261,000)
============ ============ ============ ============
Loss Per Common Share-
Basic and Diluted $ (0.30) $ (0.01) $ (0.66) $ (0.08)
============ ============ ============ ============
Shares Used In Per Share Calculation-
Basic and Diluted 3,090,857 3,078,319 3,084,994 3,080,808
============ ============ ============ ============
Statements contained in this release, which are not purely historical, are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 and are subject to risks and uncertainties such as
those described in the Company's Annual Report on Form 10-K. Actual results may
differ materially from anticipated results.
Amistar Corporation provides industrial automation solutions and
contract-manufacturing services. The Company designs, develops, manufactures,
markets and services a variety of automated equipment used to assemble
electronic components and product identification media to printed circuit boards
and other assemblies. In addition, the Company provides design and manufacturing
resources to create customized factory automation equipment and other products
according to customers' specification in a broad range of industries. The
Company also provides contract-manufacturing services to companies who outsource
the manufacturing of their electronic products. Through its subsidiary, ddn
Corporation, the Company provides automated point-of-sale machines that control
the dispensing of securely stored items such as consumer products, developed
photographs, medications and finished prescriptions to retail customers.
Additional information about Amistar is available at WWW.AMISTAR.COM and ddn
Corporation at WWW.DDNCORP.COM
Contact:
Gregory Leiser
Vice-President Finance and CFO
760-471-1700
GREGL@AMISTAR.COM
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