CET Environmental Services, Inc. Announces Financial Results For Second Quarter And Six Months
CET Achieves A Profit For The Second Quarter And For The Six-Months Ended
June 30, 2000
ENGLEWOOD, Colo., Aug. 2 /PRNewswire/ -- CET Environmental Services, Inc.
(Amex: ENV) announces net revenues, net income and earnings per share for the
second quarter and six months ended June 30, 2000.
Revenues for the second quarter ended June 30, 2000 were approximately
$6.7 million, as compared to approximately $8.5 million for the same period in
1999. Revenues for the six months ended June 30, 2000 were approximately
$10.1 million, as compared to approximately $21.4 million for the same period
in 1999. Net income for the second quarter ended June 30, 2000 was
approximately $1.5 million or $.24 per share, as compared to a net loss of
approximately $(1.3 million) or $(.20 per share) for the same period in 1999.
Net income for the six months ended June 30, 2000 was approximately $720,000
or $.11 per share, as compared to a net loss of approximately $(927,000) or
$(.15 per share) for the same period in 1999.
Revenues decreased reflecting the EPA suspension enacted in August 1999
and the discontinued/sold operations. The Company implemented a restructuring
plan at the end of 1999, which included the sale of the Tustin, Mobile, and
Jackson offices and the closure of its New Orleans, Houston and Richmond
offices.
The Company achieved an operating profit of $200,000 in the second quarter
from ongoing operations and realized a $1.3 million gain on the sale of its
Tustin office and Department of Defense business.
Steven Davis, CEO and President, said, "The Company's restructuring plan
is progressing well and our efforts to focus on commercial work have produced
favorable results. Although overall revenues are down, net income has
increased significantly. As a direct result of the Company's new strategic
business plan, the Company has become more efficient and commercially-oriented
and has reduced operating expenses and achieved improved gross margins. We
are very encouraged by the second quarter results and look to carry the
momentum from our restructuring efforts through the rest of the year. We are
excited about our re-entry into the water/wastewater treatment services with
our new subsidiary, Cleanwater Contracting, Inc. This additional channel of
business is expected to provide the Company with new growth opportunities."
Highlights -- Second Quarter 2000:
-- Announced a five-year, multimillion-dollar contract for environmental
and civil infrastructure services for the development of 996 acres.
Continues to perform work on the $16 million remediation and
development activities at former explosives manufacturing site in
Hercules, CA.
-- Commenced operations of its water and wastewater division --
Cleanwater Contracting, Inc.
-- The EPA has released the financial reserve, representing approximately
658,000, which was required as part of the Administrative Agreement.
-- Continues to operate free of any long-term debt.
-- Sale of Department of Defense business.
Mr. Davis concluded, "I appreciate the Company's supporters during our
restructuring efforts and look forward to a profitable remainder of the year.
We will continue to focus on profitable commercial contracts, new
water/wastewater treatment business, and increasing shareholder value."
CET conducts business in three primary areas: engineering and
construction, government programs, and water/wastewater treatment. The
Company provides a broad range of expertise in technology-based services for
both the public and private sectors throughout the United States.
CET Environmental Services, Inc.
(unaudited)
2nd Quarter Six Months
Ended 6/30 Ended 6/30
2000 1999 2000 1999
Revenues $6,681,000 $8,503,000 $10,125,000 $21,448,000
Net Income (Loss) $1,504,000 $(1,278,000) $720,000 $(927,000)
Earnings (Loss)
Per Share
Basic & Diluted $.24 $(.20) $.11 $(.15)
Basic Weighted
Average Shares
Outstanding 6,284,288 $6,276,414 6,284,288 $6,276,414
Diluted Weighted
Average Shares
Outstanding 6,284,288 $6,276,543 6,284,288 $6,276,543
For more Company information, visit their web site at
www.cetenvironmental.com. |
