OKLAHOMA CITY, May 11, 2004 /PRNewswire-FirstCall via COMTEX/ -- Advantage Marketing Systems, Inc., (AMM) , today announced net income for the first quarter 2004 of $54,068, or $0.01 per common (diluted) share, on 7.9 million shares outstanding, compared to a net loss of $270,740, or $(0.06) per common (diluted) share, on 4.4 million shares outstanding in the first quarter of 2003. Sales totaled $4.5 million for the quarter compared to sales of $4.6 million for the quarter ended March 31, 2003 and sales of $4.3 million for the quarter ended December 31,2003.
Cash and Marketable Securities at March 31, 2004 totaled $6.3 million compared to $4.2 million at December 31, 2003. The quick ratio of assets to liabilities was 8:1, compared to 3:1 at December 31, 2003, while shareholders' equity at March 31, 2004 was $12.5 million. In January of 2004, we completed the redemption of all our 1997-A warrants, Redeemable Common Stock Purchase Warrants and Underwriter's Warrants. A portion of the proceeds from our warrant redemption was used to repay all our current and long-term debt, making us a debt-free company.
"We are clearly focused on 2004 sales execution, and are expanding our marketing effort," said AMS President David D'Arcangelo. "We continue to see success with our preferred customer free trial program, as evidenced by 3,414 new auto shipments in March and 3,732 in April, as we work to expand our net new monthly recurring auto ship customers."
Advantage Marketing Systems, Inc. sells more than 60 natural nutritional supplements, weight management products, and natural skincare including the world's number-one all-natural stress reliever, Prime One, through independent distributors across the U.S. and Canada. More information about the Company is available at http://www.amsonline.com
Certain statements in this release may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Certain, but not necessarily all, of such forward-looking statements can be identified by the use of forward-looking terminology such as "anticipates," "believes," "expects," "may," "will," or "should" or other variations thereon, or by discussions of strategies that involve risks and uncertainties. The actual results of the Company or industry results may be materially different from any future results expressed or implied by such forward-looking statements.