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[April 2002]
AMCOL Reports First Quarter Earnings
AMCOL International Corp (Arlington Heights, IL, USA) - parent company of American Colloid Co, CETCO, Volclay International, Nanocor and others - reported net income of US$532,000 for the first quarter 2002 compared with US$2.7 million for the first quarter 2001. Net sales for the period were US$57.3 million as against US$64.4 million for Q1 2001.Larry Washow, AMCOL President and CEO, said: "First quarter sales and earnings were in line with our updated guidance which we announced last month. As expected, sales and operating profits were lower in the environmental and mineral segments".
The minerals segment, which accounted for around 59% of AMCOL's consolidated net sales for Q1 2002 reported a sales decrease of 13% and an operating profit decline of 40% over the same period last year.
Larry Washow commented: "We are optimistic that our goals of improved capacity utilization will reduce operating costs in the year ahead. As we continue to address cost restructure issues we remain confident that we will see improvement from the current levels".
Nanocomposites does not yet report as a separate segment, but Washow did say that the company was continuing to experience progress with partners in the nanocomposites field.
ENDS