CET Environmental Services, Inc. Announces Financial Results for Third QuarterAnd Nine Months
Net Income for Nine Months - $982 Thousand in 2000 Compared to a Loss Of
3.3 Million in 1999
ENGLEWOOD, Colo., Nov. 9 /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, 2000.
Net revenues for the third quarter ended September 30, 2000, were $7,732,000 as compared to $13,939,000 for the same period in 1999. Net revenues for the nine months ended September 30, 2000, were $17,867,000, as compared to $35,387,000 for the same period in 1999. Net income for the third quarter ended September 30, 2000, was $262,000 or $.04 per share, as compared to net loss of $2,374,000 ($.38 per share) for the same period in 1999. Net income for the nine months ended September 30, 2000, was $982,000 or $.16 per share, as compared to a net loss of $3,301,000 ($.53 per share) for the same period in 1999.
Steven H. Davis, CEO and President, said, "Noting that while the revenue progress for the first nine months was encouraging, the Company experienced collection problems with Remediation Financial, Inc. (RFI), the parent company of our Brownfields projects in California. The severity of the problems was of such sufficiency to cause CET to suspend work on the Porta Bella project in Santa Clarita, California. Subsequently, RFI presented CET with termination notices for both the Porta Bella and Hercules, CA. contracts. This action will produce fourth quarter revenues lower than we had anticipated and will result in a revenue level lower than the third quarter of 2000."
Mr. Davis concluded, "I am pleased with our net revenue performance for year-to-date. And, while the situation with the Brownfields projects was unfortunate, I want to assure our investors that we plan to minimize the negative impact associated with the cancellation of these projects by continuing our emphasis on the control of company operating expenses. We are aggressively pursuing additional business which will hopefully allow our return to the revenue levels we experienced earlier this year."
CET conducts business in three primary areas: engineering and construction, environmental remediation, and water/wastewater treatment. The Company provides a broad range of expertise in technology-based services for both the public and private sectors throughout the United States.
CET Environmental Services, Inc.
(In thousands, except per share data)
Three Months Nine Months
Ended 9/30 Ended 9/30
2000 1999 2000 1999
Net Revenues $7,732 $13,939 17,867 $35,387
Net Income (Loss) $262 $(2,374) $982 $(3,301)
Earnings (Loss)
Per Share
Basic & Diluted $.04 $(.38) $.16 $(.53)
Weighted Average
Shares Outstanding
Basic & Diluted 6,266,202 6,284,288 6,278,193 6,281,692
For more Company information, visit their web site at www.cetenvironmental.com. |
