In the third quarter, the Company's cash position decreased to $14.4 million from $15.6 million at June 30, 2006. This $1.2 million decrease was primarily due to the $4.0 million increase in accounts receivable and the $1.1 million increase in inventory (including consigned inventory) partially offset by the $3.7 million of pre tax income generated.
The increase in accounts receivable is primarily attributable to the $3.6 million increase in sales for the third quarter as compared to the three months ending June 30, 2006.
Share and per share data for all periods presented reflect the effect of the 5 percent stock dividend distributed on July 15, 2005 and the one share for every four shares owned stock split, effected in the form of a 25 percent stock dividend, distributed on January 30, 2006.
In addition, on April 18, 2006 the Board of Directors declared a $.08 per share cash dividend which was distributed on June 15, 2006 to shareholders of record on May 31, 2006.
The Company will also hold a conference call with senior management to discuss the financial results at 4:45 p.m. ET on October 17, 2006.
marketing@alchempro.com
