ONSE:.12x.125 NEWS on earnings
(COMTEX) B: Onsite Energy Corp. Reports First Quarter 2001 Fiscal Yea
B: Onsite Energy Corp. Reports First Quarter 2001 Fiscal Year Results
CARLSBAD, Calif., Nov 20, 2000 (BUSINESS WIRE) -- Onsite Energy Corp.
("Onsite") (OTCBB:ONSE), Monday announced its financial results for its first
fiscal quarter ended Sept. 30, 2000.
Net income for the three-month period ended Sept. 30, 2000 was $562,115, or
$0.02 earnings per share, compared with a net loss of $584,994, or $0.07 loss
per share for the same three-month period in the prior year. Revenues for the
three months ended Sept. 30, 2000 were $2,934,631, compared with $9,740,081 for
the three months ended Sept. 30, 1999, a decrease in revenues of $6,805,450, or
69.9 percent.
Onsite has gone through significant changes over the past year that involved the
divestiture or cessation of operations of substantially all of its subsidiaries
that were formed or acquired over the last three years.
As a result, Onsite had anticipated substantial reductions in revenues and a
corresponding substantial decrease in the cost of sales and selling, general and
administrative expenses in its current fiscal year. Onsite has returned to its
core business of being a focused energy services company with primary emphasis
in California markets.
As a result of the changes, comparison of financial results will be on a
consolidated basis and after excluding the results of divested and/or
discontinued operations, thus comparing Onsite and its subsidiary, Onsite Energy
Services ("OES").
Excluding revenues from operations that were sold, discontinued or terminated,
revenues for the three months ended Sept. 30, 2000 were $1,954,564, compared
with $2,378,392 for the same quarter in the previous year.
The decline of $423,828, or 17.8 percent was primarily due to reduced operations
at OES, a contracting subsidiary in Topeka, Kan. that has reduced operations and
now focuses exclusively on the management of two water purification plants.
After elimination of discontinued and/or divested subsidiaries, net loss for the
three months ended Sept. 30, 2000 was $263,192 compared with a net loss of
$324,768 for the three months ended Sept. 30, 1999, representing an improvement
of $61,576 in the current three-month period.
"The results from our first quarter are starting to confirm our strategy to
return to our core business," said Richard T. Sperberg, president and CEO of
Onsite. "We have a substantial backlog of work in California and anticipate
continued positive financial results that will help the company recover from the
last couple of years."
Onsite Energy is a comprehensive energy service company with primary emphasis in
California. Onsite assists its customers in reducing electricity and fuel costs
by developing, designing, constructing, owning and operating efficient,
environmentally sound energy projects. Onsite also offers a full range of
professional consulting services, which include direct access planning, market
assessments, business strategy and public policy analyses, utility deregulation
and environmental impact/feasibility studies. It is Onsite's mission to help
customers save money through independent energy solutions.
Safe Harbor Statement
Included in this release may be "forward-looking statements." Although Onsite
believes the financial expectations reflected in these forward-looking
statements are reasonable, it can give no assurance that these expectations will
prove to have been correct. Additional information regarding factors that could
potentially affect Onsite's financial results may be found in Onsite's filings
with the Securities and Exchange Commission.
Unaudited Condensed Consolidated Statement of Operations
Three Months Ended September 30,
2000 1999
Revenues $ 2,090,509 $ 9,594,181
Project incentive revenue 844,122 145,900
Total revenues 2,934,631 9,740,081
Cost of sales 1,327,486 7,443,959
Gross margin 1,607,145 2,296,122
Selling, general and administrative
expenses 1,004,244 2,979,350
Depreciation and amortization
expense 69,800 143,625
Recovery of reserve provided for
sale of subsidiary - (358,670)
Operating income (loss) 533,101 (468,183)
Total other expense (13,728) (113,211)
Income (loss) before provision for
income taxes and extraordinary item 519,373 (581,394)
Provision for income taxes - 3,600
Income (loss) from operations 513,373 (584,994)
Extraordinary item:
Gain on extinguishment of
liabilities 42,742 -
Net income (loss) $ 562,115 $ (584,994)
Basic earnings (loss) per common
share $ 0.02 $ (0.07)
Diluted earnings (loss) per
common share $ 0.01 $ (0.07)
Unaudited Condensed Consolidated Balance Sheets
September 30, June 30,
2000 2000
Current assets $ 1,496,768 $ 1,150,600
Property and Equipment, net 387,535 451,726
Other 27,748 30,948
Total assets $ 1,912,051 $ 1,633,274
Current liabilities $ 8,178,324 $ 8,854,229
Long-term liabilities 1,062,214 1,093,472
Shareholders' equity (7,328,487) (8,314,427)
Total liabilities and
shareholders' equity $ 1,912,051 $ 1,633,274
CONTACT: Onsite Energy Corp., Carlsbad
Richard T. Sperberg or J. Bradford Hanson 760/931-2400
E-mail: info@onsitesycom.com
Web site: www.onsitesycom.com |
