Exhibit 99-Press Release of Amistar Corporation dated March 30, 2006, reporting
Amistar's financial results for the fourth quarter 2005.
AMISTAR REPORTS FOURTH QUARTER 2005 FINANCIAL RESULTS
SAN MARCOS, CALIFORNIA, March 30, 2005 /PRIMEZONE/ -- Amistar Corporation (OTC
Bulletin Board-AMTA.OB) today reported sales and results for the three and
twelve months ended December 31, 2005.
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 December 31, 2005 decreased $186,000 or 22%
to $655,000, compared to $841,000 for the same quarter in 2004. Net sales for
the twelve months ended December 31, 2005 decreased $33,000 or .1% to
$3,418,000, compared to $3,451,000 for the same period in 2004.
There was a net loss from continuing operations for the three months ended
December 31, 2005 of $1,270,000 or $0.40 per share compared to a net loss from
continuing operations of $1,116,000 or $0.36 per share for the same quarter in
2004. There was a net loss for the three months ended December 31, 2005 of
$1,073,000 or $0.40 per share compared to a net loss of $1,346,000 or $0.36 per
share for the same quarter in 2004. The income from discontinued operations was
$197,000 for the three months ended December 31, 2005 compared to a $230,000
loss during the same period in 2004.
There was a net loss from continuing operations for the twelve months ended
December 31, 2005 of $4,293,000 or $1.36 per share compared to a net loss from
continuing operations of $3,050,000 or $0.99 per share for the same period in
2004. There was a net loss for the twelve months ended December 31, 2005 of
$4,157,000 or $1.32 per share compared to a net loss of $3,371,000 or $1.09 per
share for the same period in 2004. The income from discontinued operations was
$136,000 for the twelve months ended December 31, 2005 compared to a $321,000
loss from discontinued operations during the same period in 2004.
The operating loss from continuing operations for the three months ended
December 31, of 2005 and 2004, respectively, includes:
o $317,000 and $408,000, for start-up and machine development costs
related to the new Distributed Delivery Networks venture to provide
automated equipment and systems to the retail pharmacy market.
o $361,000 and $357,000, related to litigation defense and counter-suit
costs (in 2005) for the lawsuit with Asteres, Inc.
The income from discontinued operations for the three months ended December 31,
2005 increased over the loss from discontinued operations during the same period
in 2004, due primarily to an $190,000 gain on sale of equipment. The income from
discontinued operations during the twelve months increased from the loss from
discontinued operations during the same period in 2004, due primarily to
increased gross profit on increased sales, a $271,000 gain on sale of equipment
and partially offset by employee separation costs.
"The Company is pleased to have settled its litigation in January 2006, and now
is able to focus on providing automation solutions, including bringing the new
Rx-APM(TM) from the development stage to the market. Working jointly with our
majority-owned subsidiary Distributed Delivery Networks, the Company during the
fourth quarter of 2005 continued its software and hardware development of the
Rx-APM, including the development of integration interfaces for another pharmacy
chain trial installation" stated Stuart Baker, Amistar's President.
Condensed Consolidated Statements of Operations
Three Months Ended Twelve Months Ended
December 31, December 31,
2005 2004 2005 2004
------------ ------------ ------------ ------------
Net sales $ 655,000 $ 841,000 $ 3,418,000 $ 3,451,000
Cost of sales 592,000 639,000 2,701,000 2,563,000
------------ ------------ ------------ ------------
Gross profit 63,000 202,000 717,000 888,000
Operating expenses 1,453,000 1,270,000 5,477,000 3,881,000
------------ ------------ ------------ ------------
Loss from continuing operations (1,390,000) (1,068,000) (4,760,000) (2,993,000)
Other income (expense) 121,000 - 472,000 (7,000)
------------ ------------ ------------ ------------
Loss from continuing operations before income taxes (1,269,000) (1,068,000) (4,288,000) (3,000,000)
Income taxes 1,000 48,000 5,000 50,000
------------ ------------ ------------ ------------
Net loss from continuing operations (1,270,000) (1,116,000) (4,293,000) (3,050,000)
Income (loss) from discontinued operations, net of
income taxes 197,000 (230,000) 136,000 (321,000)
------------ ------------ ------------ ------------
Net loss $ (1,073,000) $ (1,346,000) $ (4,157,000) $ (3,371,000)
============ ============ ============ ============
Loss per common share on continuing
operations-basic and diluted $ (0.40) $ (0.36) $ (1.36) $ (0.99)
============ ============ ============ ============
Income (loss) per common share on
discontinued operations-basic and diluted $ 0.06 $ (0.07) $ 0.04 $ (0.10)
============ ============ ============ ============
Loss per common share-basic and diluted $ (0.34) $ (0.43) $ (1.32) $ (1.09)
============ ============ ============ ============
Shares used In per share calculation-
basic and diluted 3,168,232 3,115,794 3,152,313 3,093,775
============ ============ ============ ============
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.
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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
customers.
Additional information about Amistar is available at www.amistar.com and
Distributed Delivery Networks Corporation at www.ddncorp.com
Contact:
Gregory Leiser
Vice-President Finance and CFO
760-471-1700
gregL@amistar.com
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