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NESCO Reports Second Quarter and Six Months Financial Results; Second Quarter Revenues Climb 104%, Net Income Up 579%; Six Months Revenues Increase 88%, Net Income Soars 1,227%
Business Wire - July 27, 1999 08:01
TULSA, Oklahoma--(BUSINESS WIRE)--July 27, 1999--National Environmental Service Company (NESCO),(NASDAQ: NESC) a leading provider of services to the fueling systems industry, today announced financial results for the second quarter and six months ended June 30, 1999.
Revenues for the quarter ended June 30, 1999 increased 104% to $5,993,000 from $2,944,000 reported for the same period in the previous year. Net income for the second quarter of 1999 increased 579% to $299,000, or $0.04 per share, from net income of $44,000, or $0.01 per share, for the second quarter ended June 30, 1998.
Revenues for the first six months of 1999 increased 88% to $12,482,000 from $6,632,000 reported for the same year ago period. Net income for the six months ended June 30, 1999 increased to $929,000 or $0.12 per share, from net income of $70,000 or $0.01 per share, for the six months ended June 30, 1998, an increase of $859,000 or 1,227%.
Commenting on the results, Eddy Patterson, Chairman and CEO, stated, "The Company's significant revenue growth in the quarter is due primarily to a strong performance from the divisions conducting fueling systems installations as well as revenues from its new technology division in Arizona. We believe our Internet monitoring of fueling systems in the United States and Europe will continue to show considerable growth. We are quite pleased with our progress with respect to the Company's international operations and believe this segment of our business will have a positive impact on NESCO's revenue growth over the next several years."
Mr. Patterson continued, "We continue to be pleased with the growth of both our gross revenues and net income for the second quarter of 1999 in comparison to the second quarter of 1998. The 30 cents cumulative per share earnings over the past four quarters is confirmation of the success of NESCO's strategic plan of diversification and growth through selected acquisitions within the fueling systems and related industries."
NESCO offers a broad range of services, primarily related to the petroleum industry, including the installation and maintenance of fuel systems, cathodic protection to inhibit corrosion, spill and overfill protection, electronic monitoring, and a broad range of environmental services to the owners and operators of fuel facilities.
This press release includes statements which may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. This information may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors which would cause or contribute to such differences include, but are not limited to factors detailed in the Company's Securities and Exchange Commission filings.
National Environmental Service Co.
Consolidated Statement of Income
For the three months and six months ended June 30, 1999 and 1998
(All numbers in thousands except for share amounts)
Unaudited
Quarter Ended Six Months Ended
June 30 June 30
1999 1998 1999 1998
---- ---- ---- ----
Revenues $ 5,993 $ 2,944 $ 12,482 $ 6,632
Net Income $ 299 $ 44 $ 929 $ 70
Income Per Share $ 0.04 $ 0.01 $ 0.12 $ 0.01
Weighted Average
Shares Outstanding 7,690,424 7,863,767 7,805,120 7,270,764
Select Consolidated Balance Sheet Data
June 30, 1999
(In Thousands)
(Unaudited)
Total Current Assets $13,563 Total Current Liabilities $5,140
Total Assets $18,765 Total Shareholders' Equity $6,400
CONTACT: NATIONAL ENVIRONMENTAL SERVICE CO.
Eddy Patterson, Chairman & CEO
James Howell, President
918-250-2227; 918-250-1418 (Fax)
or
WOLFE AXELROD ASSOCIATES
Donald C. Weinberger
Stephen D. Axelrod, CFA
212-370-4500; 212-370-4505 (Fax)
e-mail: don@wolfeaxelrod.com
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