CET Environmental Services, Inc. Announces Financial Results for Third Quarter And Nine Months
EPA Suspension and Repositioning of Company Negatively Impacts Revenues
ENGLEWOOD, Colo., Nov. 19 /PRNewswire/ -- CET Environmental Services, Inc.
(Amex: ENV) announces net revenues, net income and earnings per share for
third quarter and nine months ended September 30, 1999.
Net revenues for the third quarter ended September 30, 1999, were
approximately $13,939,000 as compared to approximately $17,125,000 for the
same period in 1998. Net revenues for the nine months ended
September 30, 1999, were approximately $35,387,000 as compared to
approximately $44,585,000 for the same period in 1998. Net loss for the third
quarter ended September 30, 1999, was approximately $2,374,000
($.38 per share), as compared to approximately $2,603,000 ($.45 per share) for
the same period in 1998. Net loss for the nine months ended
September 30, 1999, was approximately $3,301,000 ($.53 per share) as compared
to approximately $3,865,000 ($.67 per share) for the same period in 1998.
Steve Davis, CEO and President, said, "As a direct result from the EPA
suspension, CET has seen a decline in revenues and has been faced with
repositioning the Company. With the sale of the Mobile and Jackson offices
and the closure/downsizing of the New Orleans and Houston offices, we have
taken some of the necessary steps to return to profitability. Additionally,
the Company will attempt to novate the current EPA contract, as well as sell
the Seattle office." Mr. Davis concluded, "We will continue to control costs
during this transition period as we look forward to current and future work
with Federal and Commercial clients."
In other Company business, Dr. Robert Taylor, D.V.M., M.S., has resigned
from the Board of Directors as of November 17, 1999. In announcing
Dr. Taylor's departure, Mr. Davis said, "Robert has served CET with
exceptional service and commitment. He has always been a valued colleague and
we wish him the best in his future endeavors." |
