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He he he - we threw a party.. and no one came! Their loss!
Wow, not one post...Stock skyrockets! Guess the insiders friends grabbed all the cheapies... The 10Q must have really been good!
NEWS August 12, 2009
FOR MORE INFORMATION:
954-917-4114
HOWARD L. EHLER, JR.
CHIEF OPERATING OFFICER
IMPERIAL INDUSTRIES, INC. REPORTS
AMENDMENT TO IT’S FORBEARANCE AGREEMENT
AND CREDIT FACILITY WITH ITS COMMERCIAL LENDER
Pompano Beach, FL………Imperial Industries, Inc. (Nasdaq CM: “IPII”) announced today that the Company and the assignee for the benefit of creditors of its former subsidiary, Just-Rite Supply, Inc., had entered into an Amendment to its Forbearance Agreement with its commercial lender to revise certain terms of the credit facility which ends on August 31, 2009, including borrowing formulas and the amounts of collateral deemed eligible for borrowing purposes. The Amendment provides for the lender’s continued funding under the credit facility, notwithstanding the Company’s and assignee’s recent non-compliance of certain terms set forth in the Forbearance Agreement.
There can be no assurance that the Company will be in compliance with the terms of its amended credit facility upon termination of the Forbearance Agreement, or obtain continued forbearance and funding from the Lender on terms acceptable to the Company, or that such financing will be available at all at the end of the Forbearance period.
For further information and a more complete description of the terms of the Assignment for the Benefit of Creditors and Forbearance Agreement, please refer to the Company’s Current Report on Form 8-K to be filed with the Securities Exchange Commission.
Imperial Industries, Inc., a building products company, sells products throughout the Southeastern United States with facilities in the State of Florida. The Company is engaged in the manufacturing and distribution of stucco, plaster and roofing products to building materials dealers, contractors and others through its subsidiary, Premix-Marbletite Manufacturing Co. See our website at www.imperialindustries.com for more information about the Company.
The statements in this press release contain certain forward-looking statements, which are subject to risks and uncertainties. Such statements, including those regarding, among other things, the
success of the Company’s sales and marketing efforts, improvements in productivity, the Company’s strategy and future prospects, are dependent on a number of factors, including changes in economic, business, and competitive market conditions, and availability of financing, only some of which are within the Company’s control. Actual results could differ materially from those currently anticipated due to a number of factors, including those set forth in the Company’s Securities and Exchange Commission filings under “Risk Factors.” The Company assumes no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information. A more detailed discussion of risks attendant to the forward-looking statements included in this press release are set forth in the “Forward-Looking Statements” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2008, filed with the Securities and Exchange Commission (“SEC”), and in other reports already filed with the SEC.
I had been closing out my position here for the past few days, and finished near the end of the day Friday....
I'm not yet sure exactly what the liquidation of the Just Rite subsidary means for the whole company... but I don't ever like the BK word.... The stock held up well today, but still took a large hit on high volume... so I'm out and watching for a new bottom... However, it could be that they unloaded an unprofitable operation, and the remaining company will be better off..
Anyway... still trying to make sense of IPII's position right now...
GLTA
You should have bought that drop?
Yep.... Hurricane stocks should start moving... anytime!
Hurricane season right around the corner should help things
clearly someone didnt want the shares yesterday....20% drop
Yep... ya want shares... put it .01 above the bid and sit awhile.... Why? There aren't any available shares...
Indicate the number of shares of Imperial Industries, Inc. Common Stock ($.01 par value) outstanding as of May 18, 2009: 2,533,085.
http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0001116502%2D09%2D000850%2Etxt&FilePath=%5C2009%5C05%5C20%5C&CoName=IMPERIAL+INDUSTRIES+INC&FormType=10%2DQ&RcvdDate=5%2F20%2F2009&pdf=
what the HELL is with the bid/ask here????76/89?????
We have a nice lot at about an .81 average. Take care
And that's the way to do it with this one... Take your time and buy in closer to the bid than ask if possible!
Nice. Our group has quietly been taking a position for a couple of weeks. GL
.945 - dollar land just around the corner!
Nice volume too!
Up .14 on a Friday afternoon is pretty good.
New construction is starting an upward trend the last month here in Florida. Maybe IPII will start seeing a little GREEN again.
IPII all over the place the past 3 days... with only 2.5 million shares in the float... buyers need to be patient with their bids and try to buy on a dip.... and if you sell, try to be patient with your ask... It's a great trading stock for smaller players, but you have to realize you won't get filled every trade at your price...
GLTA
This is probably accurate short interest... Looks like most of the shorts covered at year end.... and smart money wouldn't short this stock with only 2.5 million shares outstanding... I've seen the stock jump over $1 per day many days...
It's hard to trade, and you have to be patient to buy the shares... But there is always a high volume rally to sell into several times a year.... This is one to buy and hold and trade... not usually a good swing trade...
http://www.nasdaq.com/aspxcontent/shortinterests.aspx?symbol=IPII&selected=IPII
Any idea of the short position here?
Imperial Announces Operating Results for Year 2008 and Fourth Quarter 2008
Tuesday March 31, 2009, 4:15 pm EDT
Buzz up! Print Related:Imperial Industries Inc.
POMPANO BEACH, Fla., March 31, 2009 (GLOBE NEWSWIRE) -- Imperial Industries, Inc. (NasdaqCM:IPII - News) announced today the results of operations for the year and fourth quarter ended December 31, 2008.
Related Quotes
Symbol Price Change
IPII 0.51 0.00
{"s" : "ipii","k" : "c10,l10,p20,t10","o" : "","j" : ""} Net sales for the year ended December 31, 2008, were $32,966,000, compared to $41,685,000 in 2007, a decrease of 20.9%. For the year ended December 31, 2008, the Company had a net loss, including discontinued operations, of $6,689,000, or $2.66 per diluted share, compared to a net loss, including discontinued operations, of $1,321,000, or $.53 per diluted share, for 2007. Results for 2008 and 2007 include an after-tax charge of $2,194,000, or $.87 per diluted share, and $375,000, or $.15 per diluted share, respectively, for discontinued operations related to the closure of five under-performing distribution facilities in 2008.
Net sales for the fourth quarter of 2008 were $8,046,000, compared to $7,459,000 for the same period in 2007, an increase of 7.9%. For the fourth quarter ended December 31, 2008 the Company had a net loss, including discontinued operations, of $2,094,000 or $.83 per diluted share, compared to a net loss of $1,478,000, or $.59 per diluted share, for the prior year period. Discontinued operations in 2008 accounted for losses of $582,000, or $.23 per diluted share, and $306,000, or $.12 per diluted share, in 2008 and 2007, respectively.
The year and fourth quarter 2008 results reflect an on-going reduction in industry demand for the Company's products principally because of the adverse general economic conditions prevalent in the United States economy over the last two years. The reduction in residential building activity in Florida since the second quarter of 2006 continued to decline through the fourth quarter of 2008 and caused further decreases in sales. Because a significant portion of the Company's costs are fixed in nature, the decline in sales had a more severe adverse effect on the results of operations. Based upon these and other factors, the Company's independent registered public accounting firm has added an explanatory paragraph in its audit opinion for the Company's financial statements for the year ended December 31, 2008 raising substantial doubt about the Company's ability to continue as a going concern.
S. Daniel Ponce, Imperial's Chairman of the Board, stated: ``The Company's management has and is continuing to take action to adjust operations to maintain liquidity and improve its operating results.'' These steps included:
-- Closure in 2008 of five under-performing distribution
facilities to reduce on-going losses principally because
of a lack of sufficient demand for the Company products;
-- Implementation of cost reduction initiatives to reduce the
size of our workforce and eliminate unproductive costs in our
operations;
-- Implementation of more stringent credit and collection
procedures and controls in an attempt to reduce days
outstanding of trade accounts receivable and improve working
capital;
-- Introduction of a broader range of products to both the
residential and commercial markets in early 2008 with the
objective to generate increased sales from existing customers
and to attract new customers;
-- Investments in new product inventory and new sales personnel
in early 2008 to improve sales;
-- Obtained additional financing in 2008 of approximately $935,000
from the sale-leaseback of a Company-owned facility and the
refinancing of existing mortgage indebtedness on a parcel of
real property to take advantage of the significant equity in
those properties;
-- Eliminated cash bonuses for all senior management in 2008 and
reduced pay to both senior management and the majority of
Company employees in 2009; and
-- Retained an investment banker in February 2009 with the
primary purpose to obtain new financing from other sources,
including the possibility of additional debt facilities, or
the sale of equity, to generate additional funds for
operations and improve working capital.
In addition, the Company recently received net proceeds of $2,405,000 from the sale of its Gulfport, Mississippi real estate to the Mississippi Department of Transportation pursuant to an eminent domain proceeding. Notwithstanding the sale of such real property, the Company will continue to operate a distribution facility in that region. The MDOT will pay for all costs of relocation.
Mr. Ponce further stated: ``The continuing decline in construction activity experienced in our markets has caused a sharp contraction in product demand and has had a negative impact on our financial results for the year and fourth quarter ended December 31, 2008. We believe the actions being taken in response to the sharp decline in business will begin to become apparent in 2009. We anticipate another challenging year in 2009 and expect to take further steps as necessary to adjust our operations to preserve liquidity and position the Company to take advantage as conditions in the construction industry improve.''
For more information, please refer to the Company's Form 10-K for the year ended December 31, 2008 which was filed with the Securities and Exchange Commission on March 31, 2009 and which will be available on the Company's website http://www.imperialindustries.com shortly. In addition, the Company will provide any shareholder who requests a hard copy of the Annual Report on Form 10-K free of charge upon request. Requests should be made to the Company at its principal executive offices at 3790 Park Central Blvd. North, Pompano Beach, FL 33064, Attention: Corporate Secretary.
Imperial Industries, Inc., a building products company, sells products throughout the Southeastern United States with facilities in the States of Florida, Mississippi and Louisiana. The Company is engaged in the manufacturing and distribution of stucco, plaster and roofing products to building materials dealers, contractors and others through its subsidiary, Premix-Marbletite Manufacturing Co. The Company's subsidiary, Just-Rite Supply, Inc., is engaged in the distribution of gypsum, roofing, stucco, insulation, doors, windows, lumber and other related products manufactured by other companies as well as the Company's manufactured products. See our website at http://www.imperialindustries.com for more information about the Company.
The Imperial Industries, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3041
The statements in this press release contain certain forward-looking statements, which are subject to risks and uncertainties. Such statements, including those regarding, among other things, the success of the Company's sales and marketing efforts, improvements in productivity, the Company's strategy and future prospects, are dependent on a number of factors, including changes in economic, business, and competitive market conditions, and availability of financing, only some of which are within the Company's control. Actual results could differ materially from those currently anticipated due to a number of factors, including those set forth in the Company's Securities and Exchange Commission filings under ``Risk Factors.'' The Company assumes no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information. A more detailed discussion of risks attendant to the forward-looking statements included in this press release are set forth in the ``Forward-Looking Statements'' section of the Company's Annual Report on Form 10-K for the year ended December 31, 2008, filed with the Securities and Exchange Commission (``SEC''), and in other reports already filed with the SEC.
IMPERIAL INDUSTRIES, INC.
Financial Highlights
(Unaudited)
Year Ended Three Months Ended
December 31, December 31,
------------------------ ------------------------
2008 2007* 2008 2007*
----------- ----------- ----------- -----------
Net Sales $32,966,000 $41,685,000 $ 8,406,000 $ 7,459,000
=========== =========== =========== ===========
Loss from
continuing
operations,
net of taxes $(4,495,000) $ (946,000) $(1,512,000) $(1,172,000)
Loss from
discontinued
operations,
net of taxes $(2,194,000) $ (375,000) $ (582,000) $ (306,000)
----------- ----------- ----------- -----------
Net loss $(6,689,000) $(1,321,000) $(2,094,000) $(1,478,000)
=========== =========== =========== ===========
Earnings per
Common Share:
Loss from
continuing
operations
- basic and
diluted $ (1.79) $ (0.38) $ (0.60) $ (0.47)
Loss from
discontinued
operations
- basic and
diluted (0.87) (0.15) (0.23) (0.12)
----------- ----------- ----------- -----------
Net loss per
share -
basic and
diluted $ (2.66) $ (0.53) $ (0.83) $ (0.59)
=========== =========== =========== ===========
Weighted
average
shares
outstanding
- basic and
diluted 2,516,363 2,510,002 2,521,957 2,514,002
=========== =========== =========== ===========
* The 2007 results of operations contain certain amounts that have
been reclassified to conform with the current year discontinued
operations presentation.
Contact:
Imperial Industries, Inc.
Howard L. Ehler, Jr., Chief Operating Officer
954-917-4114
http://finance.yahoo.com/news/Imperial-Announces-Operating-pz-14803613.html
Interesting how IPII is slowly climbing up out of the abyss...
Housing downturn slams Imperial Industries South Florida Business Journal - by Ed Duggan
Imperial Industries posts Q1 loss
Q2 earnings, revenue decline at Imperial
With housing market in turmoil, TOUSA, Levitt Corp. lead losses
Imperial Industries post loss on low demand
Construction supply firm Imperial Industries has seen its once-strong materials business continue to spiral into the red this year, mirroring the real estate downturn and the construction industry’s woes.
The Pompano Beach-based company (NASDAQ: IPII) had revenue of $11.2 million and a loss of $1.8 million, or 72 cents a share, for the third quarter ended Sept. 30. For the prior-year period, it reported $13.8 million in revenue and a loss of $72,000, or 3 cents a share.
For the first nine months of the year, the Pompano Beach-based firm had revenue of $32.2 million and a loss of $4.6 million or $1.83 a share. That’s down from revenue of $43.9 million and a profit of $157,000, or 6 cents a share, for the same period in 2007.
Imperial Industries operates throughout the Southeast, with distribution facilities in Florida, Mississippi, Alabama and Louisiana.
Declining sales, growing losses and slow-paying customers have cut working capital from $9.1 million to $2.5 million, and stockholder equity from $12 million to $7.5 million in less than a year, as management scrambled to close unprofitable operations, lay off staff and sell or re-mortgage its real estate holdings to squeeze out more cash.
Chairman S. Daniel Ponce does not promise a quick turnaround. During a Monday morning conference call, he said eroded profit margins from intense competition are the legacy from the construction downturn.
Shares closed Friday at 87 cents. The 52-week high was $6.30 on March 4. The 52-week low was 36 cents on Oct 10.
http://southflorida.bizjournals.com/southflorida/stories/2008/11/17/daily2.html?ana=yfcpc
Extremely fast recovery back over $1 is great sign for IPII, no delisting notice now!
Charts now showing bottom seems to be in... a great buy for anyone betting on the housing turnaround next year, and IPII's survival.... I think they will make it and am long again! Good luck everyone!
IPII a penny stock now... I wouldn't have figured it would go so low, and it rarely does a PR, so I doubt there is much that will save it from being delisted in the next few months..
IPII.ob anyone?
This bad boy is poised for some serious bounce, imo. I'm thinking we still go a little lower, maybe around .70, then serious bounce time.
Rhino
Obviously it's a bad market and a bad sector at this time, lol
Could some one please tell me what #*LL is going on with this P.O.S. I have had it!!!!~!~!
IPII - with flooding from Faye, and damage from Gustav, and now massive destruction from IKE, should get a boost in the 4th quarter of this year, as the rebuilding starts, and building supplies should really start moving faster again.
Looking like IPII getting some buys from IKE fallout
If Ike doesn't start making a big turn North-East, I don't think we will see much of a price-hike in IPII. Only Time Will Tell!
Yea, the majority of IPII's distributors are in Florida though, so a strike in Texas will do very little to improve IPII's prospects, imo...
Just need the homebuilding market to improve in general, imo.
IPII Distributor from the List that I posted:
TEXAS
Eagle Supply, Inc. P.O. Box 463 Mansfield, TX 76063 817-572-3260
Cargo:
I got this from the Yahoo board from another poster..
IPII has a distributorship in Mansfield Texas..
They have a Home Depot that they export to in the Cayman Islands..plus a lot of others companies located in florida that also sell and ship products to the Caribbean.
Here is the complete list below:
http://www.premixmarbletite.com/distributors.htm
I have never heard of Key West taking a direct hit,but there is a first for everything,Huh?
http://news.yahoo.com/s/ap/20080908/ap_on_re_us/ike_gulf
Will New Orleans evacuate again,Already?
http://www.nhc.noaa.gov/storm_graphics/AT09/refresh/AL0908W5+gif/144313W_sm.gif
Thanks Cargo..
I like this board much better than the Yahoo board..
If you answer the shorts on the Yahoo Board,Yahoo will not let you post anymore..
They just cut me off..
I was posting over there,but I will have to give up..
I believe the Yahoo board supports the shorts completely..
It's great to be here and making money again..
Go IPII
Latest update:
This is bad news for the Florida Keys.
The Keys may finally become inhabitable by a full blown category 3 Hurricane..
http://www.wunderground.com/blog/JeffMasters/show.html
Welcome to the IPII board Goodbuddy4863... IPII should have much better prospects already, as a result of Fay and Gustav, and with IKE coming... IPII will run with the cane stocks, imo.
Link to noaa.gov
http://www.noaa.gov/
From Jeff Master's weather Blog:
http://www.wunderground.com/blog/JeffMasters/show.html
.....and will some-one welcome me to this board..
Bahama Butt Kicking Time..
http://www.cnn.com/2008/WORLD/weather/09/03/hurricane.hanna/index.html?section=cnn_latest
Go IPII.......
IPII making a lttle move this morning. As IKE gets closer we should do better than the last run.
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Imperial Industries, Inc., through its subsidiaries, engages in the manufacture and distribution of building materials to building materials dealers and others in the southeast United States. It produces and distributes pool finish coatings, roof tile mortar, stucco, and plaster products, as well as gypsum wallboard, roofing, and insulation products. The company?s pool finish products are used as coatings for below ground swimming pools; roof tile mortar is used to adhere cement roof tiles to the roof; stucco products are used as a finishing coat to exterior surfaces; and plaster is used to finish interiors of structures. It sells its products to contractors, subcontractors, and building materials dealers that provide building materials for the construction of residential, commercial, and industrial buildings and swimming pools. The company was founded in 1937 and is based in Pompano Beach, Florida.
WEBSITE
http://www.imperialindustries.com/history.htm
Indicate the number of shares of Imperial Industries, Inc. Common Stock ($.01 par value) outstanding as of August 13, 2008: 2,517,335.
http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0001116502%2D07%2D002178%2Etxt&FilePath=%5C2007%5C11%5C20%5C&CoName=IMPERIAL+INDUSTRIES+INC&FormType=8%2DK&RcvdDate=11%2F20%2F2007&pdf=
IMPERIAL INDUSTRIES, Inc.
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Just-Rite Supply, Inc., a subsidiary of Imperial Industries, Inc. established in January 2000 as a separate business unit to own and operate the Company's existing distribution facilities and to acquire other building material distributors. As a result of the acquisitions subsequent to January 1, 2000, the Company now distributes gypsum, roofing, masonry, millwork, insulation and other building products, as well as those products manufactured by the Company.
Products are sold and distributed throughout the Southeastern United States and the Caribbean Islands
Premix-Marbletite Mfg. Co., established in the mid-1950's and is the oldest manufacturer of stucco, plaster, and pool products in the State of Florida. With two manufacturing plants, one in Pompano Beach and the other in Winter Springs, Florida, the Company is set up with specialized manufacturing sites to take advantage of production efficiencies to produce a broad product mix in each of the market segments that it services. A special emphasis is placed on the development of products that provide installed per square foot value benefits and are user friendly to advance installation compliance practices. Leading the way in the pool and stucco market, Premix continues to produce products that are used extensively in both the commercial and residential markets, for both new and renovation applications
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