BICO Announces Third-Quarter Revenue as Subsidiary Petrol Rem Exceeds Projections
PITTSBURGH, Oct. 16 /PRNewswire/ -- BICO, Inc. (OTC Bulletin Board: BIKO) announced today that its consolidated revenue for the third quarter of 2001 was approximately $1.8 million compared to approximately $60,000 for the same period in 2000.
The revenue for the third quarter of 2001 was primarily generated by BICO subsidiary Petrol Rem, Inc., which exceeded projections of $1.3 million for the quarter by approximately $370,000. Petrol Rem previously reported consolidated revenue of $1.14 million in the first two quarters combined.
"Petrol Rem's performance in the third quarter of 2001 exceeded all of our expectations and is on target to eclipse $4 million total consolidated revenue for 2001," said BICO CEO Fred E. Cooper.
Petrol Rem's revenue is due largely to the acquisition of subsidiary INTCO, Inc. in October 2000 and to new and existing clients for Petrol Rem's oil spill clean up products.
BICO, Incorporated has its corporate offices in Pittsburgh, PA and is involved in the development and manufacture of medical and environmental solutions. Subsidiary, Petrol Rem Inc., with corporate headquarters and manufacturing facilities in Pittsburgh, is focused on environmental solutions.
This press release contains statements of a forward looking nature. Shareholders and potential investors are cautioned that such statements are predictions and actual events or results may vary significantly.
FOR FURTHER INFORMATION, CONTACT:
Investors Media
Diane McQuaide Susan Taylor
1.412.429.0673 phone 1.412.429.0673 phone
1.412.279.9690 fax 1.412.279.5041 fax
INVESTOR RELATIONS NEWSLINE NUMBER: 1.800.357.6204
www.bico.com www.petrolrem.com
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SOURCE BICO, Incorporated
CO: BICO, Incorporated; Petrol Rem Inc.
ST: Pennsylvania
IN: MTC OTC ENV
SU: ERN
10/16/2001 10:24 EDT |
