1st qtr--anyone else out there?
Englewood, Colo., May 15 /PRNewswire/ -- CET Environmental Services, Inc.
(AMEX: ENV), today announced financial results for the quarter ended March 31,
1997. Revenues for the quarter totaled $7,715,000, vs. $8,514,000 for the
same period in fiscal 1996, resulting in a loss of ($1,460,000), vs. a profit
of $248,000 for first quarter 1996.
CET's President Steven H. Davis stated "these results reflect typical
seasonality slowdown of first quarter operations in addition to the completion
of work under our previous EPA contract. We are enthused by the amount of
work which has been initiated under our new five year $290mm contract awarded
by the EPA in December in addition to other work which had been delayed until
March and April for start-up. In addition, we are experiencing the regular
seasonal increase in both commercial and government business and have been
quite busy responding to a high level of emergency responses. We have all
twelve of our offices operating at full capacity and with the efficiencies
instituted during the last nine months, we feel very positive about improved
financial results for the second quarter of 1997 and increasing for the
foreseeable future."
CET conducts business in environmental remediation, water treatment, and
emergency response. The Company has developed a broad range of expertise in
technology-based environmental remediation techniques for both the public and
private sectors throughout the United States and Latin America.
CET ENVIRONMENTAL SERVICES, INC.
3 Months Ended
Year to Date Ended March 31, 1997 March 31, 1996
Revenues $7,517,743 $12,544,880
Net Income ($1,460,693) $228,359
Average Shares Outstanding 5,741,702 5,072,993
Net Income Per Common Share ($.25) $ .05 |
