Time to look closer at this one. Stock price of only 4and13/16, even after a run, with 1999 EPS of .32!! This company appears top be a true undiscovered way undervalued gem.
NESCO, Inc. Reports Fourth-Quarter and Year-End Financial Results for 1999
Revenues Up 22% for the Quarter; 45% for the Year
TULSA, Okla.--(BUSINESS WIRE)--Feb. 9, 2000--NESCO Inc., (Nasdaq: NESC), today announced its unaudited results reflecting record increases in revenues for the fourth quarter and year ending December 31, 1999.
For the twelve months, revenues increased 45% to $31,854,000 from $22,000,000 for the year ending December 31, 1998. Net income for the year increased 1% to $2,931,000 or $.32 per share from $2,898,000 or $.31 per share last year.
NESCO Chairman and CEO Eddy Patterson commented: "We have continued to grow dramatically, thanks to strategic acquisitions made during the year and increased market acceptance of our new SiteTrac(R) computerized fuel management and environmental compliance system. We believe that the investments made this year will provide the basis for continued accelerated growth during the next year."
For the quarter, revenues increased 22% to $9,737,700 from $8,003,000 from the same period a year ago. Net income for the period decreased 19% from $713,000 or $.12 per share to $576,000 or $.10 per share for the fourth quarter of 1998.
"The decrease in quarterly net income was primarily attributable to nonrecurring expenses, including expenses associated with acquisitions," Patterson continued. "In addition, we invested in adding sales and marketing personnel to take advantage of new business opportunities. Also, during the quarter, we formed NESCO Acceptance Corporation to finance, design and build projects; the last tool we needed to provide full turnkey services for our customers. I'm pleased that despite these expenses we posted record results for the year."
"Over the past five years, our earnings per share have increased 1600%, from $.02 per share to $.32 per share for 1999 on a revenue increase of 358% from $9,029,000 for the year ending December 31, 1995 to $31,852,700 for 1999," Patterson concluded.
NESCO's financial results for 1999 and all comparative periods of 1998 have been adjusted to reflect the effect of an acquisition during 1999 that has been accounted for as a pooling of interest.
NESCO (formerly National Environmental Service Company) offers a broad range of services, primarily related to the petroleum industry, including the turnkey 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.
Headquartered in Tulsa, NESCO also has divisional offices in Oklahoma City, Enid and Edmond, Okla.; Dallas and San Antonio, Texas; Macon, Ga.; Columbia, S.C.; Pittsburgh, Pa.; Greenville, N.C.; South Charleston, W.Va.; Clearwater, Fla.; and Phoenix, Ariz.
NESCO currently trades on the NASDAQ Small Cap market under the symbol, "NESC." It has applied for a listing on the NASDAQ National Board. For additional information, please visit NESCO's web site at www.nesco-usa.com.
This press release includes forward-looking statements made in reliance upon the safe harbor provision of the Private Securities Litigation Reform Act of 1995. This information involves risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, factors detailed in the Company's Securities and Exchange Commission filings.
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Contact:
NESCO Inc.
Eddy Patterson, Chairman and CEO
James Howell, President and COO
918/250-2227
or
Hartman Communications Inc.
John Hartman, 918/592-5200 |
