Imperial Announces 2000 Results and Subsidiary Management Changes

Apr 03, 2001, 01:00 ET from Imperial Industries, Inc.

    POMPANO BEACH, Fla., April 3 /PRNewswire/ --
 Imperial Industries, Inc. (OTC Bulletin Board:   IPII) announced today the
 results of operations for the year ended December 31, 2000.
     For the year ended December 31, 2000, the Company had earnings before
 taxes of $920,000, compared to $1,033,000, in 1999.  Net sales in 2000 were
 $40,730,000, an increase of 80% over 1999 sales of $22,604,000.  In 2000, the
 Company generated net income of $534,000, or $.06 per fully diluted share,
 compared to $1,220,000, or $.15 per fully diluted share in 1999.  The 2000
 results were negatively impacted by non-cash deferred income tax expense of
 $367,000, compared to the positive effect of $213,000, net deferred income tax
 benefit in 1999 due to utilization of the Company's net operating loss
 carry-forwards.
     S. Daniel Ponce, Imperial's Chairman of the Board, stated, "Year 2000
 results reflect increased sales resulting from the acquisition of seven
 building materials distributors completed in 2000.  The reduced profits in
 2000 were due in part to lower gross profits derived from the sales of gypsum
 products through the acquired distributors.  Gypsum products incurred severe
 price decreases in the latter part of 2000.  In addition, costs incurred to
 integrate the acquired distributors and to expand the Company's distribution
 capabilities for future growth had an adverse effect on operating results."
     The Company announced that Gary J. Hasbach was appointed President of the
 Corporation's operating subsidiaries, Premix-Marbletite Manufacturing Co.
 ("Premix") and Acrocrete, Inc. ("Acrocrete"), two of the Company's
 subsidiaries which are engaged in the manufacture and distribution of stucco
 and plaster products.  Mr. Hasbach will continue to serve as President of
 Just-Rite Supply, Inc., the Corporation's other principal operating subsidiary
 engaged in the distribution of building materials to contractors and sub-
 contractors.
     Mr. Hasbach had assumed the additional day-to-day responsibility for the
 Premix and Acrocrete operations after the retirement of Fred H. Hansen on
 December 31, 2000, due to his desire to travel and spend more time with his
 family.  Mr. Hansen had served as President of Premix and Acrocrete since
 September 1996.  Mr. Hansen continues to be involved with the Corporation and
 provides advisory service to the Corporation as requested pursuant to a
 consulting agreement.
     Imperial Industries, Inc., a building products company, sells products
 throughout the southeastern United States with facilities in the states of
 Florida, Georgia, Mississippi and Alabama.  The Company is engaged in the
 manufacturing and distribution of stucco and plaster products to
 building materials dealers and others through its subsidiaries, Premix-
 Marbletite Manufacturing Co., Acrocrete, Inc. and Just-Rite Supply, Inc.  As a
 result of acquisitions completed in 2000, the Company is engaged in the
 distribution of gypsum, roofing, installation and masonry products, in
 addition to products manufactured by the Company.  See Imperial's Web site at
 www.imperialindustries.com for more information about the Company.
 
                           Imperial Industries, Inc.
                              Financial Highlights
 
                                        Year Ended December 31,
                                        2000                1999
 
     Net sales                   $40,730,000         $22,604,000
 
     Income before taxes            $920,000          $1,033,000
 
     Income tax (expense) benefit  (386,000)             187,000
 
     Net income                  $534,000(a)       $1,220,000(b)
 
     Basic earnings per share           $.06                $.15
 
     Diluted earnings per share         $.06                $.15
 
     (a) In 2000, the Company recognized a non-cash $367,000 deferred income
     tax expense due to utilization of the Company's net operating loss
     carry-forwards.
 
     (b) In 1999, the Company recognized a $574,000 tax benefit derived from
     releasing a portion of the valuation allowance on the Company's deferred
     tax assets.  As a result, the Company recognized a net income tax benefit
     of $213,000, representing income before taxes at the statutory rate of 35%
     less the tax benefit described above.
 
 

SOURCE Imperial Industries, Inc.
    POMPANO BEACH, Fla., April 3 /PRNewswire/ --
 Imperial Industries, Inc. (OTC Bulletin Board:   IPII) announced today the
 results of operations for the year ended December 31, 2000.
     For the year ended December 31, 2000, the Company had earnings before
 taxes of $920,000, compared to $1,033,000, in 1999.  Net sales in 2000 were
 $40,730,000, an increase of 80% over 1999 sales of $22,604,000.  In 2000, the
 Company generated net income of $534,000, or $.06 per fully diluted share,
 compared to $1,220,000, or $.15 per fully diluted share in 1999.  The 2000
 results were negatively impacted by non-cash deferred income tax expense of
 $367,000, compared to the positive effect of $213,000, net deferred income tax
 benefit in 1999 due to utilization of the Company's net operating loss
 carry-forwards.
     S. Daniel Ponce, Imperial's Chairman of the Board, stated, "Year 2000
 results reflect increased sales resulting from the acquisition of seven
 building materials distributors completed in 2000.  The reduced profits in
 2000 were due in part to lower gross profits derived from the sales of gypsum
 products through the acquired distributors.  Gypsum products incurred severe
 price decreases in the latter part of 2000.  In addition, costs incurred to
 integrate the acquired distributors and to expand the Company's distribution
 capabilities for future growth had an adverse effect on operating results."
     The Company announced that Gary J. Hasbach was appointed President of the
 Corporation's operating subsidiaries, Premix-Marbletite Manufacturing Co.
 ("Premix") and Acrocrete, Inc. ("Acrocrete"), two of the Company's
 subsidiaries which are engaged in the manufacture and distribution of stucco
 and plaster products.  Mr. Hasbach will continue to serve as President of
 Just-Rite Supply, Inc., the Corporation's other principal operating subsidiary
 engaged in the distribution of building materials to contractors and sub-
 contractors.
     Mr. Hasbach had assumed the additional day-to-day responsibility for the
 Premix and Acrocrete operations after the retirement of Fred H. Hansen on
 December 31, 2000, due to his desire to travel and spend more time with his
 family.  Mr. Hansen had served as President of Premix and Acrocrete since
 September 1996.  Mr. Hansen continues to be involved with the Corporation and
 provides advisory service to the Corporation as requested pursuant to a
 consulting agreement.
     Imperial Industries, Inc., a building products company, sells products
 throughout the southeastern United States with facilities in the states of
 Florida, Georgia, Mississippi and Alabama.  The Company is engaged in the
 manufacturing and distribution of stucco and plaster products to
 building materials dealers and others through its subsidiaries, Premix-
 Marbletite Manufacturing Co., Acrocrete, Inc. and Just-Rite Supply, Inc.  As a
 result of acquisitions completed in 2000, the Company is engaged in the
 distribution of gypsum, roofing, installation and masonry products, in
 addition to products manufactured by the Company.  See Imperial's Web site at
 www.imperialindustries.com for more information about the Company.
 
                           Imperial Industries, Inc.
                              Financial Highlights
 
                                        Year Ended December 31,
                                        2000                1999
 
     Net sales                   $40,730,000         $22,604,000
 
     Income before taxes            $920,000          $1,033,000
 
     Income tax (expense) benefit  (386,000)             187,000
 
     Net income                  $534,000(a)       $1,220,000(b)
 
     Basic earnings per share           $.06                $.15
 
     Diluted earnings per share         $.06                $.15
 
     (a) In 2000, the Company recognized a non-cash $367,000 deferred income
     tax expense due to utilization of the Company's net operating loss
     carry-forwards.
 
     (b) In 1999, the Company recognized a $574,000 tax benefit derived from
     releasing a portion of the valuation allowance on the Company's deferred
     tax assets.  As a result, the Company recognized a net income tax benefit
     of $213,000, representing income before taxes at the statutory rate of 35%
     less the tax benefit described above.
 
 SOURCE  Imperial Industries, Inc.