Net sales for the quarter were $10,086,456 compared to $10,289,049 in the second quarter of 2002. Net income before extraordinary item was $514,036, up from $413,391 for the same period last year. Net income after extraordinary item was $2,392,257. On a fully diluted per share basis, after extraordinary item, net income for the quarter rose to $0.06 per share from $0.01 per share in 2002.
Net sales for the six months ended June 30, 2003, increased to $21.2 million, up from $19.6 million in 2002.
AERT Chairman, Joe G. Brooks, said, "The company's associates are working hard on improving efficiencies and executing our overall business plan. Unfortunately, the company experienced an accidental fire at the Junction, Texas, facility on March 28, 2003, which temporarily closed the facility. Our AERT Texas associates and suppliers have done an outstanding job in getting this facility back on-line in a very timely manner.
"The company received reimbursement from its insurance carriers to reconstruct the Junction facility following the fire. The insurance proceeds have resulted in an extraordinary gain of $1,878,221 for the second quarter of 2003. The company is working to have the rest of the facility rebuilt by the end of the year."