FOCS News: Record Orders
(COMTEX) B: FiberChem Announces Record Orders, Estimated Revenues for
B: FiberChem Announces Record Orders, Estimated Revenues for Fiscal 1999
LAS VEGAS, Oct 5, 1999 (BUSINESS WIRE) -- FiberChem Inc., through its
wholly owned subsidiary FCI Environmental Inc. (FCI), announced that
customer orders reached a record level when additional organizations in
the Florida Aboveground Storage Tank (AST) market committed to its
PetroSense(R) leak detection products.
New customers were represented by orders for the Tampa International,
Orlando International and West Palm Beach airports. Reorders from
existing customers included GATX, Motiva Enterprises (formerly Shell)
and Marathon Ashland Petroleum, which converted a letter of intent into
a firm order. This brought the value of firm orders received in the
fourth fiscal quarter to just over $1 million.
Geoff Hewitt, Chairman and CEO of FiberChem, said, "We were gratified
by the ongoing stream of orders from the Florida market, which we
expect to continue well into fiscal year 2000. At the same time, orders
from sources outside the Florida AST market were strong compared with
recent quarters. We are particularly encouraged by customer input that
AST leak detection is becoming a priority at facilities outside of
Florida."
Full revenue recognition for AST orders requires completion of
installations. Some scheduled installations were delayed by over two
weeks due to the severe weather in Florida during September. In the
case of these new orders, installations are scheduled for October or
November. As a result, unaudited revenues for the fourth fiscal quarter
are estimated to be around $640,000.
Unaudited preliminary results for the fiscal year ended Sept. 30, 1999,
show record revenues of about $2 million, up nearly 50% over the
previous year. The Company will enter the first quarter of fiscal 2000
with an estimated backlog of about $400,000.
As the deadline of Dec. 31, 1999, for compliance with the Florida AST
regulations approaches, prospects for ongoing revenue growth continue
to look bright.
This news release includes forward-looking statements that involve
risks and uncertainties, including weather related delays, the timely
development and acceptance of new products, final promulgation and
enforcement of regulations, the impact of competitive products and
pricing, timely funding of customers' projects, customer payments to
the Company and the other risks detailed from time to time in the
Company's SEC reports.
FiberChem develops, manufactures, markets and licenses fiber optic
chemical sensors (FOCS(R)) that produce continuous, real-time
information on environmental pollutants in the air, water and soil.
Copyright (C) 1999 Business Wire. All rights reserved.
Distributed via COMTEX.
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GEOGRAPHY: NEVADA FLORIDA
INDUSTRY CODE: ENVIRONMENT
CHEMICALS/PLASTICS
ENMED
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