UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURTIES AND EXCHANGE ACT OF 1934
Date of Report: November 17, 2006
Date of earliest event reported: November 16, 2006
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AMISTAR CORPORATION
(Exact name of registrant as specified in its Charter)
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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)
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Item 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On November 16, 2006, Amistar Corporation issued a press release announcing its
financial results for the third 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 November 16, 2006,
reporting Amistar's financial results for the third quarter 2006.
AMISTAR REPORTS THIRD QUARTER 2006 FINANCIAL RESULTS
SAN MARCOS, CALIFORNIA, November 16, 2006 /PRIMEZONE/ -- Amistar Corporation
(OTC Bulletin Board-AMTA.OB) today reported sales and results for the three and
nine months ended September 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 third quarter of 2006 increased $1,617,000, or 297%, to
$2,162,000 compared to $545,000 for the same period in 2005. Net sales for the
nine months ended September 30, 2006, increased $1,305,000, or 47% to $4,069,000
from $2,764,000 in the same period in 2005.
Net income from continuing operations for the three months ended September 30,
2006 was $1,391,000 or $0.42 per share compared to a net loss from continuing
operations of $1,285,000 or $0.40 per share for the same quarter in 2005. The
loss from discontinued operations was $3,000 for the three months ended
September 30, 2006 compared to net income of $110,000 during the same period in
2005. There was a net loss from continuing operations for the nine months ended
September 30, 2006 of $354,000 or $0.11 per share compared to a net loss from
continuing operations of $3,026,000 or $0.96 per share for the same period in
2005. The income from discontinued operations was $8,000 for the Nine months
ended September 30, 2006 compared to a $59,000 loss during the same period in
2005.
The operating loss from continuing operations for the three months ended
September 30, of 2006 and 2005, respectively, includes:
o $218,000 and $349,000, 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 $431,000, related to litigation defense and
counter-suit costs for the lawsuit (now settled) with a
competitor.
"We are pleased to report a significant increase in sales for the third quarter
of 2006, compared to prior quarters in 2006 and the third quarter of 2005,
resulting from increases in sales of all product lines, including our first two
initial sales of the Rx-APM-448(TM) machine through our majority-owned
subsidiary Distributed Delivery Networks. The Amistar Distributed product line
had the largest sales increase, resulting primarily from a six-machine sale to
one customer that expanded manufacturing capacity. The remaining product lines
that had increases in sales, in order of magnitude were: Customer Factory
Automation equipment, DataPlace machines and Through-hole assembly machine spare
parts and service.
We have experienced a recent trend of increases in machine and Custom Factory
Automation orders. In addition, we completed a significant expense reduction
effort near the end of the third quarter of 2006, which included the reduction
of the facility from approximately 80,000 to 31,000 square feet, in order to
match more closely our current manufacturing capacity to current demand levels.
Our cash flow is expected improve with the increased volume of business, lower
expenses and increased deposits on the increase in orders from customers.
The third quarter 2006 results include increased recognition of non-operating
gain related to the sale and lease back transaction of the Company's facility
due to the termination of the existing lease and the consummation of a new lease
for reduced space and term" stated Stuart Baker, President.
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Condensed Consolidated Statements of Operations
(In thousands, expect per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
2006 2005 2006 2005
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Net Sales $ 2,162 $ 545 $ 4,069 $ 2,764
Cost of Sales 1,658 502 3,271 2,114
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Gross Profit 504 43 798 650
Operating Expenses 1,150 1,445 3,425 4,025
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Operating Loss (646) (1,402) (2,627) (3,375)
Other Income 2,038 118 2,276 353
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Income (Loss) Before Income Taxes 1,392 (1,284) (351) (3,022)
Income Taxes 1 1 3 4
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Net Income (Loss) from Continuing
operations 1,391 (1,285) (354) (3,026)
Income (Loss) from Discontinued Operation (3) 110 8 (59)
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Net Income (Loss) $ 1,388 $(1,175) $ (346) $(3,085)
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Income (Loss) Per Common Share on Continuing
Operations-Basic and Diluted $ 0.42 $ (0.40) $ (0.11) $ (0.96)
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Income (Loss) Per Common Share on
Discontinued Operations-Basic and Diluted $ (0.00) $ 0.03 $ 0.00 $ (0.02)
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Shares Used In Per Share Calculation-
Basic and Diluted 3,307 3,155 3,251 3,147
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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 filled 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
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