QUIP Quipp (MM)

MIAMI, Nov. 16 /PRNewswire-FirstCall/ -- Quipp, Inc. (NASDAQ:QUIP) today announced a correction to its consolidated net income for the third quarter and nine months ended September 30, 2005 previously reported in a November 10, 2005 press release. The corrected results are net income of $442,000 ($0.31 per basic and diluted share) for the three months ended September 30, 2005 rather than $303,000 ($0.21 per basic and fully diluted share) as originally reported. For the nine months ended September 30, 2005, the corrected results are net income of $727,000 ($0.51 per basic and fully diluted share) rather than $587,000 ($0.41 per basic and fully diluted share) as originally reported. The correction in net income results from adjustments to current and deferred income taxes with respect to state income tax settlements. The adjustment reduced income tax expense and increased net income. The adjustment also affected components of the previously reported reconciliation of net income to EBITDA for the quarter and nine months ended September 30, 2005, although EBITDA did not change (except to reflect rounding). There were no other changes to the results reported in Quipp's November 10, 2005 press release. The following table presents the corrected financial results for the three and nine months ended September 30, 2005. Quarter Ended Nine Months Ended September 30, September 30, 2005 2004 2005 2004 (000's omitted, except (unaudited) (unaudited) (unaudited) (unaudited) per share data) Net Sales $ 7,069 $ 5,308 $20,784 $18,394 Net Income (Loss) $ 442 $ (28) $ 727 $ 213 Basic and Diluted earnings (loss) per share $ 0.31 $ (0.02) $ 0.51 $ 0.15 The following table presents a corrected reconciliation of net income to EBITDA for the three-month and nine-month periods ended September 30, 2005 and 2004. Quarter Ended Nine Months Ended September 30, September 30, (000's omitted) 2005 2004 2005 2004 Net Income $ 442 $ (28) $ 727 $ 213 Add (Deduct): Net Interest Income (37) (29) (126) (153) Income Taxes (136) (16) 53 129 Depreciation 60 69 179 205 Amortization 81 41 139 116 EBITDA $ 410 $ 37 $ 972 $ 510 DATASOURCE: Quipp, Inc. CONTACT: Michael Kady, Quipp, Inc., +1-800-345-9680 Web site: http://www.quipp.com/

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