PRESS RELEASE May 10, 2012
For confirmation call:
ACMAT Corporation Henry W. Nozko, Jr., President
233 Main St. (860) 229-9000
New Britain, CT 06050
ACMAT CORPORATION REPORTS FOURTH QUARTER
AND YEAR END 2011 RESULTS
Quarter Ended Year Ended
December 31, December 31,
2011 2010 2011 2010
Net earnings (loss) $214,144 ($286,764) $1,201,811 $940,693
Revenues $1,412,020 $1,544,391 $6,447,544 $8,063,085
Basic earnings (loss) per-share $0.16 ($0.21) $0.88 $0.69
Diluted earnings (loss) per-share $0.14 ($0.20) $0.81 $0.64
Net earnings (loss) for the quarter ended December 31, 2011 increased $500,908 from ($286,764) for the quarter ended December 31, 2010 to $214,144 for the quarter ended December 31, 2011. Basic earnings (loss) per-share increased from ($0.21) per-share in the fourth quarter of 2010 to $0.16 in the fourth quarter of 2011. Net income increased $261,118 from $940,693 for the year ended December 31, 2010 to $1,201,811 for the year ended December 31, 2011. Basic earnings per-share increased from $0.69 per-share in 2010 to $0.88 per-share in 2011. The quarter and year ended December 31, 2010 include a non-recurring, pre-tax impairment charge of $401,624 related to the carrying value of the Company’s office building in New Britain, CT. The building was sold to an unrelated party in 2011.
For the three months ended December 31, 2011, the Company recorded revenues of $1,412,020 compared to $1,544,391 for the same quarter of 2010. For the year ended December 31, 2011, the Company recorded revenues of $6,447,544, as compared to $8,063,085for the year ended December 31, 2010.
ACMAT’s insurance subsidiary, ACSTAR Insurance Company, is licensed nationwide and provides surety bonds for prime contractors, specialty trade and environmental remediation contractors. ACSTAR also provides miscellaneous surety and some general liability.