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ENVIROGEN Reports Improved Third Quarter Financial Results
LAWRENCEVILLE, N.J., Nov. 11 /PRNewswire/ -- Envirogen, Inc. (ENVIROGEN) (Nasdaq: ENVG - news) reported
that its revenues for the quarter ended September 30, 1997 increased 161% to $7,928,775 compared to revenues of
$3,040,783 in the same period in 1996. Net loss for the quarter decreased 70% to $183,778, or $.01 per share, compared to
a net loss of $609,303, or $.05 per share, in the same period in 1996.
Revenues for the nine months ended September 30, 1997 increased 102% to $18,023,772 compared to revenues of
$8,908,837 in the same period in 1996. Net loss for the period decreased 73% to $605,871, or $.03 per share, compared to
a net loss of $2,258,367, or $.21 per share, for the same period in 1996.
The Company reported that revenues from commercial operations increased 180% for the third quarter of 1997 over the same
period in 1996. The increase in commercial revenues is due primarily to increased remediation activities from the inclusion of
revenues from the Company's FMI Operations Group. The Company acquired FMI, a full-service environmental consulting
and engineering firm, on April 10, 1997.
The Company also reported that the improvement in its net loss per share is due primarily to improved performance related to
the FMI acquisition as well as an increase in the number of shares outstanding. Net loss improved despite the Company's
posting a $200,000 charge to its reserve for bad debts to cover the write-off of certain uncollectible receivables.
Third Qtr. Third Qtr. Nine Months Nine Months
Ended Ended Ended Ended
9/30/97 9/30/96 9/30/97 9/30/96
(unaudited) (unaudited) (unaudited) (unaudited)
Revenues $7,928,775 $3,040,783 $18,023,772 $8,908,837
Net loss applicable
to common stock $(183,778) $(609,303) $(605,871) $(2,258,367)
Net loss per share applicable
to common stock $(.01) $(.05) $(.03) $(.21)
Weighted average number
of shares of common stock
outstanding 23,211,635 12,869,165 19,066,095 10,926,226 |
