Advanced Environmental Recycling Technologies, Inc. announced financial results for the year ended Dec. 31, 2003. Net sales were $43.5 million compared to $41.4 million in 2002 -- an increase of 5.1 percent. Net loss before extraordinary item for the year ended December 31, 2003 was $941,921 compared to net income of $915,250 for the prior year.
“The company has experienced significantly higher petrochemical related raw material costs this year as compared to prior periods. Our company’s previous inability to recycle the majority of our scrap plastics in-house hurt margins and reduced profits significantly this past year. AERT has initiated a program designed to significantly increase in-house plastic recycling capacity at our Springdale, Ark., Lowell, Ark., and Alexandria, La. facilities, in order to reduce raw material costs during 2004,” stated Joe Brooks, AERT chairman.
“In addition, the company’s Junction, Texas facility is currently undergoing rebuilding and additional composite production which should commence by June. Additional information will be forthcoming in the near future.”
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