AERT Sales Increase 3 Percent
Posted: November 5, 2009 at 4:14 a.m.
SPRINGDALE — Sales for Springdale-based Advanced Environmental Recycling Technologies increased 3 percent in the third quarter, to $19.1 million.
AERT released earnings for the third quarter ending Sept. 30 on Wednesday reporting $18.6 million in sales revenue.
The company had $1 million in net income in the third quarter, compared with a loss of $1.5 million in the same quarter last year.
Financial analysts had no estimates for AERT income, according to Yahoo! Finance, as the site didn’t list any analysts that cover the small company.
In addition, AERT did not hold an earnings call with investors and financial analysts Wednesday, but will wait to hold that call at 3 p.m. Nov. 16. Web access to the conference call will be at www.aertinc.com/investor.asp.
AERT stock is closely held by the Brooks family, including Joe Brooks, chief executive officer, and his mother, Marjorie Brooks, a former AERT company director, according to a proxy statement fi led with the U.S. Securities and Exchange Commission.
Marjorie Brooks and shares she owns represent 21.6 percent of the votes to be cast at annual shareholder meetings and she could control the company.
Fewer than 38,000 shares of stock were traded Wednesday and the value of all outstanding shares is about $24 million.
AERT has increased its estimate by $5.1 million for the amount needed to settle lawsuit claims related to mold growing on its composite deck material.
A federal court in Seattle approved the settlement in January, which could have affected about 387,000 customers who bought AERT’s ChoiceDek items between 2004 and 2008.
Consumers had to file claims by September and request to have their decks inspected, cleaned and treated with a mold inhibitor.
The settlement also required AERT to tell customers to clean their decks to avoid surface debris buildup which can lead to mold and mildew growth. Customers could get an instructional cleaning video on request.
News, Pages 4 on 11/05/2009
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