"We certainly are disappointed with the current operating results," company co-chairman, president and CEO Alan R. Abrams says in a statement. He says the first-quarter performance was "significantly impacted by legal and professional fees of approximately $367,000."
However, Abrams says he "remains confident that our ongoing strategies to diversify our revenue base by entering new business markets and broadening our product and service offerings will enable us to re-create a profitable business in the near future that benefits our shareholders and stakeholders."
He says last year's net loss from continuing operations was "net of a $450,000 pre-tax expense reduction, which resulted from a decrease in an allowance for doubtful accounts reserve." The previous year's net earnings of $163,818 included $628,766 in net earnings from discontinued operations.
Abrams says the company is continuing efforts to buy the operating business and assets of Atlanta-based Wheatstone Energy Group Inc. which provides energy-saving lighting programs for commercial, industrial, educational and government buildings throughout the US.
However, he adds, "The terms of the proposed transaction are being restructured from those originally contemplated, and there can be no assurance that any transaction will ultimately occur."
Abrams Industries will be paying shareholders its 97th consecutive quarterly dividend on Oct. 8. The four-cents-per-share dividend goes to holders of record on Sept. 24.
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