Catalytica Energy Systems, Inc. (CESI) Message Board

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Biotech / Medical : Catalytica Energy Systems, Inc. (CESI)

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To: Erik T who wrote (1398)	10/4/1999 7:19:00 PM
From: WTMHouston	Read Replies (1) of 1514

Here is the fallout from the flood. Mountain View, California, Oct. 4 (Bloomberg) -- Catalytica Inc. . . said third-quarter profit would be well below analysts' estimates because hurricane floods forced it to close its North Carolina plant. Catalytica said it would earn 1 cent to 3 cents a share. The company was expected to earn 11 cents, the average estimate of analysts polled by First Call Corp. Catalytica's Greenville, North Carolina, facility, which contributed 98 percent of Catalytica's $375 million in sales last year, was shut following Hurricane Floyd last month because flooding made it unsafe for workers to commute and power and water sources were unstable. The plant wasn't damaged by the storm and resumed full operations today, the company said. The company doesn't expect the shutdown to hurt fourth- quarter earnings, said Jackie Cossmon, a Catalytica spokeswoman. Catalytica said it carries business-interruption insurance. The company doesn't know the amount of reimbursement it will receive and doesn't expect the compensation to be recognized as revenue this year.

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