EXHIBIT 99.1

 

FOR IMMEDIATE RELEASE

 

ACR GROUP, INC. REPORTS FIRST PROFITABLE FOURTH QUARTER

AND RECORD EARNINGS FOR YEAR FEBRUARY 28, 2005

 

>>> Income increases 76% over previous year <<<

 

Houston, TX—May 26, 2005. ACR Group, Inc. (OTC-BB: ACRG), a leading wholesale distributor of air-conditioning, heating, and refrigeration equipment and supplies, today reported record net income and sales for the fiscal year and fourth fiscal quarter ended February 28, 2005. For the first time in the Company’s history, it reported a profitable fourth fiscal quarter, a quarter in which the Company has historically incurred losses because weather conditions at that time of the year result in relatively low business activity.

 

Net income for the fiscal year ended February 28, 2005 rose 76% to $4,211,000, or $0.38 per diluted share, compared to $2,395,000, or $0.22 per diluted share, for the fiscal year ended February 29, 2004. The increase in income for fiscal 2004 to fiscal 2005 was attributable to improved operating results at all of the Company’s business units, driven by strong sales growth and gross margin enhancement.

 

Sales for fiscal 2005 were $199.6 million, compared with sales of $174.4 million in fiscal 2004, an increase of 14%. Same-store sales increased 12% in fiscal 2005, led by the business unit based in Florida, where a strong construction economy boosted sales. For calendar 2004, the Company recorded a 14% increase in same-store sales, compared to a 9% increase in industry-wide product shipments based on data compiled by a leading industry trade association. Gross margin percentage on sales increased to 23.4% in fiscal 2005 from 22.1% in fiscal 2004, as increased availability of working capital enabled the Company to take advantage of opportunities to improve purchasing and payment terms with suppliers, and the Company maintained its customer pricing disciplines to pass through increases in the cost of products manufactured from certain commodity raw materials.

 

In the fourth fiscal quarter ended February 28, 2005, the Company earned net income of $399,000, or $.04 per diluted share, compared to $8,000, or $0.00 per diluted share, in the prior year fourth quarter. Sales for the fourth quarter of fiscal 2005 increased 11% to $42.6 million, from $38.3 million in the fourth quarter of fiscal 2004.

 

(more)


The following information was filed by Acr Group Inc on Friday, May 27, 2005 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Acr Group Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Acr Group Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account