CET Announces 1st Quarter Earnings and a Refocusing of Its Operations; 400 Million Backlog
ENGLEWOOD, Colo., May 13 /PRNewswire/ -- CET Environmental Services, Inc.
(Amex: ENV) announced improved results for its first quarter ended March 28,
1999. The Company posted Net Income of $351,178 or $.06 per share for the
first quarter, as compared to a Net Loss of ($665,203) or ($0.11) per share
for the first quarter of 1998. For this year's first quarter, the Company
reported Project Revenue of $12,944,961, an increase of 13 percent as compared
to $11,455,258 million for the first quarter of 1998. The increase in
earnings per share was driven by improved Gross Margin attributable to better
focus on project profitability and tight cost controls in Selling and General
and Administrative Expenses.
CEO Steven H. Davis commented, "The positive first quarter Net Income
reflects our ability to profitably manage our existing backlog.
Simultaneously, CET has upgraded its financial management, health and safety,
and project manager infrastructure to successfully expand its operations."
CET currently has a combined $370 million backlog with the Environmental
Protection Agency and Department of Defense. There are several large
proposals pending that are scheduled to be awarded in the near future. The
commercial backlog is $30 million.
Since the sale of Water Quality Management Corporation last year, CET has
refocused its efforts on its leading position as an environmental remediation
firm. CET has continued to perform water treatment work and is pursuing
alternatives to expand this business. Currently, CET is operating a
750-gallons-per-minute industrial wastewater treatment plant for the Army
Corps of Engineers in Grand Island, Nebraska as well as numerous other
industrial water treatment systems. |
