ONSE - Onsite Energy Corp. Reports Second Consecutive Profitable Quarter
CARLSBAD, Calif., Feb 22, 2001 (BUSINESS WIRE) -- Onsite Energy Corp.
("Onsite")(OTCBB:ONSE) announced today the financial results for its second
fiscal quarter and six months ended Dec. 31, 2000. Since Onsite re-focused its
business on California markets, this is the second consecutive quarter that
Onsite has been profitable.
"The results from our second quarter and six months ended Dec. 31, 2000 continue
to confirm our strategy to return to our focus on California markets," said
Richard T. Sperberg, president and CEO of Onsite.
"The energy crisis in California has caused many customers to examine their
options to reduce current and future energy costs, and that has resulted in many
project development opportunities for Onsite, for both energy efficiency and
on-site power generation projects."
Three-Month Results
Revenues for the three-month period ended Dec. 31, 2000 were $3,525,689,
compared with $3,067,344 for the same period in 1999, an increase of $458,345,
or 14.9 percent. The increase was primarily due to increased project revenues
for projects in California. Revenues in the three-month period ended Dec. 31,
2000 include approximately $175,000 for projects sold to a related party.
Net income for the three months ended Dec. 31, 2000 was $924,958, or $0.04 per
share, after inclusion of an extraordinary gain of $444,577 for the settlement
of certain liabilities. Net loss for the three months ended Dec. 31, 1999 was
$1,202,835, or $0.06 loss per share.
The change from the net loss in the quarter ended Dec. 31, 1999 to net income in
the Dec. 31, 2000 quarter represents an improvement of $2,127,793 in the current
three-month period.
Six Month Results
Revenues for the six-month period ended Dec. 31, 2000 were $6,460,320, compared
with $12,844,817 for the same period in 1999, a decrease of $6,384,497, or 49.7
percent.
The decrease reflects the sale and/or discontinued operations of certain
subsidiaries, the limiting of the operation of another subsidiary to industrial
water purification in Kansas and the June 2000 termination of the Sale and
Noncompetition Agreement with SYCOM Corp.
Revenues in the current year six-month period include approximately $566,000,
with no associated costs, related to the sale of project incentive revenues for
several projects to an unrelated third party and approximately $175,000 of
revenue for projects sold to a related party.
Net income for the six months ended Dec. 31, 2000 was $1,487,073, or $0.07 per
share, after inclusion of an extraordinary gain of $487,319 for the settlement
of certain liabilities. Net loss for the six months ended Dec. 31, 1999 was
$1,742,087, or $0.09 loss per share.
The change from the net loss in the six-month period ended Dec. 31, 1999 to net
income in the Dec. 31, 2000 six-month period represents an improvement of
$3,229,160.
A condensed unaudited Statement of Operations and Balance Sheet are attached.
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 December 31, Six Months Ended December 31,
2000 1999 2000 1999
Revenues $ 3,293,042 $ 2,481,315 $ 5,383,551 $11,942,471
Project
incentive
revenue 232,647 586,029 1,076,769 902,346
Total
revenues 3,525,689 3,067,344 6,460,320 12,844,817
Cost of sales 2,314,292 1,917,008 3,641,778 9,360,966
Gross margin 1,211,397 1,150,336 2,818,542 3,483,851
Selling, general,
and
administrative
expense 638,037 2,167,620 1,642,281 5,146,972
Depreciation and
amortization
expense 59,599 131,248 129,399 274,873
Gain on sale of
Property and
equipment (15,045) - (30,090) -
Recovery of
reserve provided
for sale or
disposal of
subsidiary - - - (358,670)
Operating
income (loss) 528,806 (1,148,532) 1,076,952 (1,579,324)
Other income
(expense):
Interest
expense (51,667) (74,485) (80,440) (184,968)
Interest income - 20,382 - 26,005
Other income 20,242 - 20,242 -
Total other
expense (31,425) (54,103) (60,198) (158,963)
Income (loss)
before provision
for income taxes
and Extraordinary
item 497,381 (1,202,635) 1,016,754 (1,738,287)
Provision for
income taxes 17,000 200 17,000 3,800
Net Income (loss)
from operations 480,381 (1,202,835) 999,754 (1,742,087)
Extraordinary Item:
Gain on Extinguishment
of Liabilities 444,577 - 487,319 -
Net Income
(loss) $ 924,958 $ (1,202,835) $ 1,487,073 $(1,742,087)
Basic earnings
(loss) per
common share
Income (loss)
from
operations $ 0.02 $ (0.06) $ 0.04 $ (0.09)
Extraordinary
item 0.02 - 0.03 -
Net income
(loss) $ 0.04 $ (0.06) $ 0.07 $ (0.09)
Diluted earnings
(loss) per common
share
Income (loss) from
operations $ 0.02 $ (0.06) $ 0.04 $ (0.09)
Extraordinary
item 0.01 - 0.01 -
Net income
(loss) $ 0.03 $ (0.06) $ 0.05 $ (0.09)
Unaudited Condensed Consolidated Balance Sheets
December 31, June 30,
2000 2000
Current assets $ 1,968,497 $ 1,150,600
Property and Equipment, net 346,738 451,726
Other 27,745 30,948
Total assets $ 2,342,980 $ 1,633,274
Current liabilities $ 7,841,107 $ 8,854,229
Long-term liabilities 924,041 1,093,472
Shareholders' equity (6,422,168) (8,314,427)
Total liabilities and shareholders'
equity $ 2,342,980 $ 1,633,274
CONTACT: Onsite Energy Corp., Carlsbad
Richard T. Sperberg, 760/931-2400
E-mail: info@onsitenergy.com
Web site: www.onsitenergy.com
or
Audrey Nelson Stubenberg, 760/931-2400 |
