Advanced Environmental Recycling Technologies (AERT) Reports a Q1 Loss
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Advanced Environmental Recycling Technologies, Inc. (Nasdaq: AERT) reported a Q1 net loss of $1.4 million which included a one time charge of $484,000 for impairment of certain assets at its Junction, Texas facility. This compares to a loss of $1.2 million for the quarter ended March 31, 2007.
Revenues were $29.4 million, up 31% from $22.4 million in the quarter ended March 31, 2007.
Commenting on the results, Joe Brooks, CEO of AERT noted, "A key goal of 2008 was to restore our revenue to the 2006 level of approximately $100 Million and get back to profitability by year-end. I am encouraged that our first quarter results have kept us on track to meet that goal, putting us at a $117 million annual run-rate. We have continued to expand our product lines, made our first sales to China, increased market share, and invested in our future. '' [SM]
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