U.S. Plastic Lumber Corp. Awarded $75 Million in New Contracts for Environmental Division
BOCA RATON, Fla., Jan 25, 2001 (BUSINESS WIRE) -- U.S. Plastic Lumber Corp. (Nasdaq: USPL chart, msgs), announced today that its environmental subsidiary, Clean Earth, Inc., (CEI) has been awarded $75 million in new contracts from various private sector clients and government agencies. These contracts include dredging and the beneficial reuse of ash and dredge wastes to reclaim strip mines and Brownfield sites in Pennsylvania and New Jersey. In addition, CEI was awarded a contract of approximately $12 million from a major utility to remediate and recycle coal tar contaminated soils.
Mark Alsentzer, Chairman, President and CEO of USPL, stated, "We are very pleased with these new contracts and anticipate they will add significant earnings to USPL. When you add this additional work to our existing record backlog of over $120 million, the total backlog approaches $200 million, with approximately 70% projected to be completed in this year." Alsentzer added, "Our management team is highly focused and extremely capable of executing a well conceived business plan, ahead of schedule."
Frank Barbella, President of CEI, said, "By way of comparison, we entered the year 2000 with a backlog of less than $50 million of work to be completed in 2000 and will finish the year with revenues of approximately $100 million. We are beginning 2001 with a backlog near $200 million and anticipate that we will have another year of significant revenue growth." CEI has been an outstanding performer in 2000, both in revenue growth and cash flow. Since 1997, with revenues of approximately $17 million, CEI has grown at a compounded annual growth rate of over 41%, to an estimated $100 million in revenues for 2000. "These are very respectable numbers given the fact that much of our dredging-related activities didn't begin until approximately eight months ago," added Barbella.
About USPL
U.S. Plastic Lumber Corp. develops beneficial re-use options and end-product solutions for distinct types of waste streams. The Company has two main business lines: the manufacture of plastic lumber, packaging and other value added products from recycled plastic, and the operation of interrelated environmental recycling services. USPL is the nation's largest producer of recycled plastic lumber products. Headquartered in Boca Raton, Florida, USPL is a highly integrated, nationwide processor of a wide range of products made from recycled plastic feedstocks. USPL creates high quality, competitive building materials, furnishings, and industrial supplies by processing plastic waste streams into purified, consistent products. USPL's products are environmentally responsible and are both aesthetically pleasing and maintenance friendly. They include such brand names as Carefree(R), SmartDeck(R), RecycleDesign(TM), TriMax(R), Earth Care(TM), and OEM products including Cyclewood(TM). USPL currently operates eight plastic manufacturing centers.
Certain statements and information included in this release constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance, or achievements expressed or implied in such forward-looking statements. Additional discussion of factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations is contained in the Company's SEC filings.
Contact:
U.S. Plastic Lumber Corp., Boca Raton
Mark S. Alsentzer or John W. Poling
561/394-3511 |
