Action Products International, Inc. Files Fiscal 2011 Financial Statements
Company files prior two-year financial statements as part of full compliance with OTC Markets.
NEW YORK, Feb. 17, 2012 /PRNewswire/ -- Action Products International, Inc. (OTC Pink: APII) reports that the company has filed its 2011 unaudited financial statements with OTC Markets. Copies of these documents can be obtained from www.otcmarkets.com, or for additional information please visit the APII website at http://www.actionproductsinternational.com.
2011 Results
For the year end, December 31, 2011, total assets increased to $939,481 compared to $639,533 December 31, 2010, while total liabilities decreased to $1,526,688 compared to $1,852,926 in the same period.
Our total income decreased to $712,230 compared to $1,481,421; Gross profit decreased to $312,915 compared to $433,349, and Net loss increased to $(651,325) compared to $(422,125.64) in 2010.
Operations:
We finished 2011 with lower than expected income that can be directly attributed to a change in Department of Transportation laws that resulted in NEEL running at approximately 50% of normal trucking capacity for most of 2011. We are expecting that trucking capacity will once again return to 100% in 2012, which will return NEEL income to that of prior years. Even though NEEL income was 50% lower than in 2010, NEEL produced a net profit of $11,309.
Profit margins within NEEL fell slightly due to the cost of fuel and other transportation surcharges.
We finished 2011 with an increased net loss compared to the 2010 fiscal year. This is attributed to several factors. First we saw a reduction in NEEL income. Then there were the contingency funds that were set aside for default judgments issued against APII in lawsuits filed by former employees of the toy company in 2008. Lastly APII encountered additional costs related to business operations, such as preparations for the acquisitions of NEEL and Core Wafer Systems, Inc., as well as in the establishment of new business practices.
Commentary:
Teresa McWilliams, CFO for APII, states, "We have uncovered many difficult financial issues as we have examined company records from the past few years. I believe we can now move forward in paying down old debt, and in returning profitability to the company. NEEL financial data has been included in our 2011 financials, but CWS will only be included in the financial statements issued starting in 2012. CWS income should greatly improve the financial position of the company. "
Teresa McWilliams continues, "During 2009 to 2011, had the company chosen bankruptcy over working through known debt issues, shareholder equity would likely have been eliminated. We uphold our decision to retain shareholder equity by settling owed debt, and are proud of this milestone. We are beginning the new year with two active subsidiaries whom, I expect, will contribute significantly to the bottom line in 2012."
About Action Products International, Inc.
Action Products International, Inc. (OTC Pink: APII.PK) is the parent company of North East Expedite Logistics, a Transportation company; and Core Wafer Systems, inc., a technology leader with their propriety parallel measurement schema for physical phenomena of semiconductor structures. Additional company information can be obtained on the company website at. http://www.actionproductsinternational.com.
Please refer all shareholder inquiries to [email protected].
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Safe Harbor Statement
This press release contains forward-looking statements. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company's current plans and expectations, as well as its future results of operations and financial condition. Such risks include, but are not limited to, the effects of competition with existing enterprises and/or new entrants into the company's markets and industries, fluctuations in currency exchange rates, domestic and global economic conditions generally, the company's ability to obtain financing and attract suitable personnel where required to fully implement its business plan, the adoption and acceptance by the marketplace of the company's technologies and product and service offerings, the possibility of new technologies that are competitive with the company's planned product and service offerings and the effects of future political and economic developments both in the United States and abroad, among others. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of information, future events or otherwise.
SOURCE Action Products International, Inc.
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