Advanced Environmental Recycling Technologies Inc. announced financial results for the first quarter.
Net sales for the first quarter were $11.1 million, an all-time high for the quarter, which represented an increase of 19 percent over the $9.3 million reported for the first quarter of 2002. Net income for the quarter was $108,233, compared to $208,443 for the quarter ended March 31, 2002.
Joe G. Brooks, chairman, stated, "The company experienced significant raw material cost increases from outside vendors during the quarter associated with the sharp rise in petrochemicals."
"With significant capital expansion underway to further increase our internal plastic recycling capacity, the company is working hard to lower and bring these costs back into line during subsequent periods."
AERT, headquartered in Arkansas, is a producer of a host of plastics products made from recycled plastics material.