UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURTIES AND EXCHANGE ACT OF 1934
Date of Report: August 21, 2006
Date of earliest event reported: August 18, 2006
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AMISTAR CORPORATION
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(Exact name of registrant as specified in its Charter)
CALIFORNIA 0-13403 95-2747332
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) file number) Identification No.)
237 VIA VERA CRUZ
SAN MARCOS, CA 92078-2698
(Address of principal executive
offices)
AREA CODE (760) 471-1700
(Registrant's telephone number,
including area code)
Item 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On August 18, 2006, Amistar Corporation issued a press release announcing its
financial results for the second quarter of 2006. A copy of the press release is
furnished as Exhibit 99 to this report and is incorporated herein by reference.
Item 9.01
Exhibit 99-Press Release of Amistar Corporation dated August 18, 2006, reporting
Amistar's financial results for the second quarter 2006.
AMISTAR REPORTS SECOND QUARTER 2006 FINANCIAL RESULTS
SAN MARCOS, CALIFORNIA, August 18, 2006 /PRIMEZONE/ -- Amistar Corporation (OTC
Bulletin Board-AMTA.OB) today reported sales and results for the three and six
months ended June 30, 2006.
The Condensed Consolidated Statements of Operations included in this release
reflect the AMS operating results presented as a discontinued operation.
Net sales for the three months ended June 30, 2006 increased $99,000 or 9% to
$1,186,000, compared to $1,087,000 for the same quarter in 2005. Net sales for
the six months ended June 30, 2006 decreased $312,000, or 14%, from $2,219,000
in the six months ended June 30, 2005, to $1,907,000.
There was a net loss from continuing operations for the three months ended June
30, 2006 of $740,000 or $0.23 per share compared to a net loss from continuing
operations of $1,134,000 or $0.36 per share for the same quarter in 2005. The
loss from discontinued operations was $76,000 for the three months ended June
30, 2006 compared to a $122,000 loss during the same period in 2005. There was a
net loss from continuing operations for the six months ended June 30, 2006 of
$1,745,000 or $0.54 per share compared to a net loss from continuing operations
of $1,742,000 or $0.56 per share for the same period in 2005. The income from
discontinued operations was $11,000 for the six months ended June 30, 2006
compared to a $168,000 loss during the same period in 2005.
The operating loss from continuing operations for the three months ended June
30, of 2006 and 2005, respectively, includes:
o $221,000 and $522,000, for start-up and machine development
costs related to the Distributed Delivery Networks venture to
provide automated equipment and systems to the retail and
other pharmacy markets.
o $0 and $299,000, related to litigation defense and
counter-suit costs for the lawsuit (now settled) with a
competitor.
Condensed Consolidated Statements of Operations
(In thousands, expect per share data)
Three Months Ended Six Months Ended
June 30, June 30,
2006 2005 2006 2005
------- ------- ------- -------
Net Sales $ 1,186 $ 1,087 $ 1,907 $ 2,219
Cost of Sales 985 870 1,613 1,612
------- ------- ------- -------
Gross Profit 201 217 294 607
Operating Expenses 1,051 1,466 2,275 2,580
------- ------- ------- -------
Operating Loss (850) (1,249) (1,981) (1,973)
Other Income 111 117 238 234
------- ------- ------- -------
Loss Before Income Taxes (739) (1,132) (1,743) (1,739)
Income Taxes 1 2 2 3
------- ------- ------- -------
Net Loss from Continuing operations (740) (1,134) (1,745) (1,742)
Income (Loss) from Discontinued Operation (76) (122) 11 (168)
------- ------- ------- -------
Net Loss $ (816) $(1,256) $(1,734) $(1,910)
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Loss Per Common Share on Continuing
Operations-Basic and Diluted $ (0.23) $ (0.36) $ (0.54) $ (0.56)
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Income (Loss) Per Common Share on
Discontinued Operations-Basic and Diluted $ (0.02) $ (0.04) $ 0.00 $ (0.05)
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Shares Used In Per Share Calculation-
Basic and Diluted 3,270 3,143 3,227 3,143
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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 Part 1 of the Company's Annual Report on Form 10-KSB. Actual
results may differ materially from anticipated results.
Amistar Corporation provides automation solutions primarily for the industrial
and retail markets. 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. Through its
majority-owned subsidiary, Distributed Delivery Networks Corporation, the
Company provides automated point-of-sale machines that control the dispensing of
securely stored items such as consumer products and prescriptions to retail and
other customers.
Additional information about Amistar is available at www.amistar.com and
Distributed Delivery Networks Corporation at www.rx-apm.com
Contact:
Gregory Leiser
Vice-President Finance and CFO
760-471-3967
gregL@amistar.com