Tuesday, Advanced Environmental Recycling Technologies, Inc. (AERT), a plastics recycler and manufacturer of Green building products, reported a wider net loss for the second quarter hurt by one-time charges related to a class action suit and penalties associated with late filing of registration statement.
The company also announced that it has timely filed its quarterly reports on form 10-Q with the Securities and Exchange Commission, as permitted under rule 12b-25.
Net loss for the second quarter was $7.7 million or $0.16 per share, compared to net loss per share for the same period last year of $0.01 per share.
Results for the current quarter included legal fees and claims resolution of $5.9 million, in the new settled class action suit, $0.68 million relating to penalties associated with the late filing of a registration statement in connection with the company's Series D preferred stock.
Sales declined marginally to $25.1 million from 25.6 million in the corresponding quarter last year.
Net loss for the first six months was $9.2 million, and sales rose 12.8% to $54.4 million from $48.2 million in the same period last year.
Joe Brooks, chief executive officer, Advanced Environmental Recycling said, "the Direct Distribution agreement we are entering into with Lowes beginning January, 2009, the acquisition by AERT of the ChoiceDek(r) brand from Weyerhaeuser, the overhead restructuring and process re-engineering we have undertaken to reduce costs and increase efficiencies, the launch of a new line of products, our entry in the Chinese market, and the commencement of our Advanced Resource Recovery Project that will help secure future raw material supply and control costs. These all have the potential to impact our operating performance, not just through the rest of the year, but for years to come."
AERT closed Monday's regular trading session at $0.50
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