Great NEWS!!! BARTOW, Fla., Oct. 18 /PRNewswire-FirstCall/ -- American Commerce
Solutions, Inc. (OTC Bulletin Board: AACS) today released results of
operations for the second quarter ending August 31, 2004 showing an increase
in revenue of 77% over the same quarter in 2003.
Daniel L. Hefner, President and Chief Executive Officer of American
Commerce Solutions, Inc., stated, "We are pleased to announce that the
consolidated net sales of ACS have increased dramatically over the same period
in the prior year. Even when adjusted for the Chariot acquisition, the revenue
of International Machine and Welding, Inc. was 50% higher than the prior
year."
Hefner continued, "We continue to improve each quarter. Revenue growth is
a good barometer of that improvement. With acquisitions come many increased
costs to integrate that operation into existing programs and plans. Chariot
Manufacturing has had tightly controlled sales for the first two quarters.
Revenue was within $50 for the first two quarters of being the same. Cost of
management, AFG asset acquisition costs, tooling, and travel expense spread
over a light revenue base have not been conducive to profitability, but that
will come. Steve Smith is meeting his sales forecasts, which show ramped up
revenue reflecting production capability and cash availability. As cash is
infused, sales orders will be filled more rapidly. Chariot has been enhanced
by the addition of the AFG assets. This new revenue source will be felt
quickly. The nature of the product mix allows for smaller items to be produced
as filler between the more complex trailers, thus better utilizing each labor
hour."
According to the recent 10QSB filing, the consolidated financial
statements show an increase in revenue and gross profit, while decreasing
interest expense, sales, general and administrative expenses and net losses.
Hefner continued, "Although we will never be satisfied with losses, we
must also recognize that we have increased revenue, improved cash flow,
reduced our losses and continued to build on fundamentals. Additionally, for
the six months ended August 31, 2004 debt was reduced by 17%. This follows our
stated position from one year ago."
Last year Hefner was quoted as stating the following: "It is our goal to
continue the efficiencies that have been started and build the revenues with
improved margins. We want to stop talking about 'less losses' and talk about
'profits.' Meanwhile, we will continue to reduce debt, improve cash flow, cut
losses and build on solid fundamentals. We owe no less to our employees, our
stockholders or ourselves."
American Commerce Solutions, Inc. maintains websites http://www.aacssymbol.com and http://www.chariot-trailer.com .
Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995: The statements contained in this release that are not historical, are
forward-looking statements that are subject to risks and uncertainties that
could cause results to differ materially from those expressed in the forward-
looking statements, including but not limited to, certain delays and risks
detailed from time to time in the company's filings with the Securities and
Exchange Commission.
SOURCE American Commerce Solutions, Inc.
Contact Information:
Daniel L. Hefner, President and Chief Executive Officer of American Commerce Solutions, +1-863-533-0326
WebSite: http://www.aacssymbol.com http://www.chariot-trailer.com
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'wid ma mind on ma money an' ma money on ma MIND!!!!!!!
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