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| | Business Summary: Advanced Environmental Recycling Technologies, Inc. develops, manufactures, and markets composite building materials that are used for exterior applications in building and remodeling homes, and other industrial or commercial building purposes. | | | Address
914 N. Jefferson St.
Springdale
, AR 72764
Phone: 479-756-7400
Fax: 479-756-7410
Website: http://www.aertinc.com
| | | Transfer Agent |
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American Stock Transfer & Trust Co.
| Employees: 462
ShareHolders: 1400 | Founded: 1988
Domicile: Delaware | | | |
| | Advanced Environmental Recycling Technologies, Inc. develops, manufactures, and markets composite building materials that are used for exterior applications in building and remodeling homes, and other industrial or commercial building purposes. Its products are made primarily from waste wood fiber and recycled polyethylene plastics. The company manufactures various product lines, which include commercial and residential decking planks and accessories, such as balusters and handrails under the MoistureShield and ChoiceDek brand names; exterior door components; exterior housing trims under the MoistureShield brand name; deck tiles; and recycled resin compounds. Its products are primarily used in renovation and remodeling by consumers, homebuilders, and contractors as an exterior green building alternative for decking, railing, and trim products. The company was founded in 1988 and is based in Springdale, Arkansas. | | History: INCORPORATED in Delaware Dec. 2, 1988. | | | | | | Capital Expenditures, thousand. US Dollars |
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| Year | Amount | | 2009 | 10,312 |
| | | | | | Research and Development Expenditures, thousand. US Dollars |
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| Year | Amount | | 2009 | 300 |
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Management
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| Officers | Position |
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| Joseph G. Brooks | Chairman & Chief Executive Officer | | Stephen W. Brooks | Secretary, Chief Operating Officer & Vice Chairman | | Timothy D. Morrison | President | | J. R. Brian Hanna | Chief Financial Officer | | Eric E. Barnes | Chief Accounting Officer | | J. Douglas Brooks | SR VP | | Katy Reagan | Investor Relations Contact |
| | Directors |
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| Joseph G. Brooks | | Stephen W. Brooks | | Jerry B. Burkett | | Edward P. Carda | | Timothy D. Morrison | | | |
| | | | Capitalization as of 03/31/2010: | | | | | Authorized Shares | Outstanding Shares |
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| Class B Convertible Common $0.01 par | 7,500,000 | 1,465,530so1 | | Class A Common $0.01 par | 100,000,000 | 48,105,554 | | Preferred $0.01 par | 5,000,000 | 748,772so3 |
| | | | LONG TERM DEBT: $28,609,000. | | | | Class A Common $0.01 par | | | | CLASS A COMMON is identical to Class B Common with respect to dividends and liquidation rights. | | | |
Stockholders:
03/24/2010,
1400.
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Transfer Agent: American Stock Transfer & Trust Co.
New York
, NY | | | | OTC Bulletin Board( Primary): AERT | | | | Exchange | Year | High | Low |
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| OTC Bulletin Board | 2009 | 0.7500 | 0.1200 | | Nasdaq Capital Market | 2008 | 1.3900 | 0.0300 | | Nasdaq Capital Market | 2007 | 2.0700 | 0.7000 | | Nasdaq Capital Market | 2006 | 3.7100 | 1.4800 | | Nasdaq Capital Market | 2005 | 1.8500 | 1.1900 | | NASDAQ Small Cap | 2004 | 1.7200 | 1.0000 | | NASDAQ Small Cap | 2003 | 1.8200 | 0.9800 | | NASDAQ Small Cap | 2002 | 2.7400 | 1.1000 | | NASDAQ Small Cap | 2001 | 1.6000 | 0.7100 | | NASDAQ Small Cap | 2000 | 3.5600 | 0.6500 |
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| | | | DIVIDENDS: Class A Common $0.01 par: None. | | | | | |
so1Closely held. Each Class B share is convertible into one Class A share. | |
so3Closely held. | |
| | Annual Report |
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| | | Income Statement | |
| 2009 | 2008 |
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| REVENUES |
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| | Net Sales | 71,073 | 87,398 | | EXPENSES |
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| | Cost of Goods Sold | (55,223) | (78,317) | | Selling and Administrative Costs | (11,924) | (20,530) | | Gain/loss from Asset Impairment and Disposition | 92 | (5,516) | | Net Interest Expense | (3,396) | (3,781) | | Late Registration Fees | 273 | (682) | | Estimated Liability for Claims from Class Action Settlement | (5,100) | (2,870) | | Estimated Liability from Expected Class Action Settlement | - | (1,963) | | Earnings before Taxes | (4,205) | (26,261) | | TAXES AND OTHER EXPENSES |
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| | Provision for Income Tax | - | (8,831) | | Net Income (Loss) | (4,205) | (35,092) | | CHARGES ON NET INCOME |
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| | Dividends on Preferred Stock | (805) | (826) | | Net Income Available to Common Shareholders | (5,010) | (35,918) | | SUPPLEMENTARY INFO |
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| | Gross Profit/loss | 10,750.00 | 6,211.00 | | Operating Income (Loss) | (1,082.00) | (19,835.00) | | Basic EPS - Continuing Operations | (0.10) | (0.75) | | Diluted EPS - Continuing Operations | (0.10) | (0.75) |
| | | | Balance Sheet | |
| 2009 | 2008 |
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| CURRENT ASSETS |
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| | Cash and Cash Equivalents | 243 | 1,238 | | Accounts Receivables | 5,163 | 1,574 | | Inventories | 6,795 | 10,551 | | Prepaid Expenses | 707 | 933 | | Restricted: Cash and Cash Equivalents | - | 7,631 | | Total Current Assets | 12,908 | 21,927 | | NON CURRENT ASSETS |
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| | Construction in Progress | 16,006 | 5,810 | | Building & Leasehold Improvements | 8,903 | 9,213 | | Land | 1,989 | 1,989 | | Transportation Equipments | 830 | 1,125 | | Machinery, Equipment | 45,296 | 46,680 | | Office Equipment | 2,396 | 2,801 | | Less Accumulated Depreciation | (36,240) | (33,004) | | Debt Issuance Costs | 2,941 | 3,151 | | Other Assets | 1,087 | 371 | | Debt Service Reserve Fund | 222 | 2,101 | | Total Assets | 56,338 | 62,164 | | LIABILITIES |
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| | Accounts Payable-trade | 9,078 | 10,700 | | Accounts Payable-related Parties | 636 | 487 | | Other Accrued Liabilities | 6,578 | 6,305 | | Working Capital Line of Credit | 7,829 | 10,579 | | Notes Payable | 1,238 | 1,167 | | Current Maturities of Long-term Debt | 2,878 | 8,490 | | Current Maturities of Capital Lease Obligations | 244 | 215 | | Accruals Related to Expected Settlement of Class Action Lawsuit | 7,245 | 4,650 | | Total Current Liabilities | 35,726 | 42,593 | | NON CURRENT LIABILITIES |
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| | Long-term Debt-less Current Maturities | 28,260 | 23,244 | | Capital Lease Obligations-less Current Maturities | 401 | 582 | | Preferred Stock Convertible | 7 | 8 | | Preferred Stock Equity Adjustments | 948 | 143 | | SHAREHOLDERS' EQUITY |
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| | Common Stock - Par Value | 481 | 474 | | Common Stock - Par Value | 15 | 15 | | Additional Paid in Capital | 52,711 | 52,306 | | Accumulated Deficit | (63,744) | (58,734) | | Warrants Outstanding | 1,533 | 1,533 | | Total Shareholders Equity | (8,997) | (4,398) | | Total Liabilities & Shareholders Equity | 56,338 | 62,164 |
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| | Interim Report
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| | | Data Not Available | | | | | | | | | |
| | Pro Forma Report
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| | | Data Not Available | | | | | | | | | |
| | Quarterly Report Information
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| | | Quarterly Revenue, US$ |
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| Year | Quarter | Revenue | | 2010 |
1 | 16,390,000 | | 2010 |
2 | 23,230,000 | | 2009 |
1 | 16,650,000 | | 2009 |
2 | 22,090,000 | | 2009 |
3 | 19,100,000 | | 2009 |
4 | 13,240,000 | | 2009 |
Full Year
| 71,070,000 | | 2008 |
1 | 29,360,000 | | 2008 |
2 | 25,080,000 | | 2008 |
3 | 18,630,000 | | 2008 |
4 | 14,320,000 | | 2008 |
Full Year
| 87,400,000 | | 2007 |
1 | 22,370,000 | | 2007 |
2 | 25,340,000 | | 2007 |
3 | 24,800,000 | | 2007 |
4 | 9,700,000 | | 2007 |
Full Year
| 82,210,000 | | 2006 |
1 | 27,670,000 | | 2006 |
2 | 28,110,000 | | 2006 |
3 | 20,800,000 | | 2006 |
4 | 21,270,000 | | 2006 |
Full Year
| 97,840,000 | | 2005 |
1 | 19,940,000 | | 2005 |
2 | 20,950,000 | | 2005 |
3 | 23,100,000 | | 2005 |
4 | 23,320,000 | | 2005 |
Full Year
| 87,310,000 |
| | | | | | Quarterly Net Income, US$ |
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| Year | Quarter | Revenue | | 2010 |
1 | (200,000) | | 2010 |
2 | 1,470,000 | | 2009 |
1 | (1,420,000) | | 2009 |
2 | 1,540,000 | | 2009 |
3 | (3,870,000) | | 2009 |
4 | (450,000) | | 2009 |
Full Year
| (4,200,000) | | 2008 |
1 | (1,220,000) | | 2008 |
2 | (7,550,000) | | 2008 |
3 | (1,710,000) | | 2008 |
4 | (24,620,000) | | 2008 |
Full Year
| (35,090,000) | | 2007 |
1 | (1,170,000) | | 2007 |
2 | (380,000) | | 2007 |
3 | (1,530,000) | | 2007 |
4 | (6,430,000) | | 2007 |
Full Year
| (8,870,000) | | 2006 |
1 | 910,000 | | 2006 |
2 | 1,720,000 | | 2006 |
3 | (310,000) | | 2006 |
4 | (520,000) | | 2006 |
Full Year
| 1,810,000 | | 2005 |
1 | 670,000 | | 2005 |
2 | 920,000 | | 2005 |
3 | 1,650,000 | | 2005 |
4 | 4,560,000 | | 2005 |
Full Year
| 7,797,700 |
| | | | | | Quarterly EPS, US$ |
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| Year | Quarter | Revenue | | 2010 |
1 | (.01) | | 2010 |
2 | .03 | | 2009 |
1 | (.03) | | 2009 |
2 | .03 | | 2009 |
3 | (.08) | | 2009 |
4 | (.01) | | 2009 |
Full Year
| (.10) | | 2008 |
1 | (.03) | | 2008 |
2 | (.16) | | 2008 |
3 | (.04) | | 2008 |
4 | (.51) | | 2008 |
Full Year
| (.75) | | 2007 |
1 | (.03) | | 2007 |
2 | (.01) | | 2007 |
3 | (.03) | | 2007 |
4 | (.13) | | 2007 |
Full Year
| (.21) | | 2006 |
1 | .02 | | 2006 |
2 | .04 | | 2006 |
3 | (.01) | | 2006 |
4 | (.01) | | 2006 |
Full Year
| .04 | | 2005 |
1 | .01 | | 2005 |
2 | .02 | | 2005 |
3 | .04 | | 2005 |
4 | .11 | | 2005 |
Full Year
| .22 |
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