N@N

Mile Marker International, Inc. Announces Third Quarter 2008 Results

^{Published on 2008-11-17 15:22:49 - Market Wire}
 

POMPANO BEACH, Fla.--([ BUSINESS WIRE ])--Mile Marker International, Inc. ("the Company") (Pink Sheets:MMRK), a specialty vehicle parts manufacturer and distributor, today announced its third quarter 2008 financial results.

Mile Marker International, Inc. today reported a net loss of $408,710, or $0.04 per common share, for the third quarter ended September 30, 2008, based on sales revenues of $3,359,909, compared to a net loss of $367,942, or $0.04 per common share based on sales revenues of $2,716,289 for the third quarter of 2007. During the second quarter of 2008, the Company reported a net loss of $113,219, or $0.01 per common share based on sales revenues of $3,784,551. The Company reported a net loss of $948,645, or $0.10 per common share, based on sales revenues of $10,189,142 for the nine months ended September 30, 2008, compared to a net loss of $847,259, or $0.09 per common share, based on sales revenues of $11,092,003 for the same period during 2007.

Alvin A. Hirsch, President and Chief Executive Officer, stated: "I am extremely disappointed to report a higher quarterly loss in the third quarter following the progress we made in the last quarter. During this quarter we began to feel the effects of the economic downturn as both military sales and electric winch sales were lower than the previous quarter and margins were compressed by a combination of lower priced products and higher cost of goods. Additionally, our expenses were adversely affected by the bankruptcy of one of our longstanding customers and the direct and indirect costs of the ongoing legal attacks by Richard Aho. Our industry is seeing as much as a 50% decline in sales, and many warehouse distributors have reduced their purchasing and are drawing down their existing inventories due to falling retail demand. As this trend continues, the Company will need to realign its cost structure accordingly in order to return to profitability."

Included in this release are certain "forward-looking" statements, involving risks and uncertainties, which are covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's financial performance.Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements.In addition, actual future results may differ materially from those anticipated, depending on a variety of factors, sales and earnings growth, ability to attract and retain key personnel and general economic conditions, including uncertainties relating to global political conditions, such as terrorism. Information with respect to important risk factors that should be considered is contained in the Company's previous filings with the U.S. Securities and Exchange Commission.Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.The Company does not intend to update any of the forward–looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.